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An affiliate of Cypress Real Estate Advisors just snagged a 3.8-acre site on Ross Avenue it intends to turn into a multifamily development. Transwestern Senior Vice President Steve Williamson represented both the buyer and the seller, an unnamed local investment partnership.
“Large infill sites are difficult to find in this area, so being able to buy and rezone a site along Ross Avenue was a real coup for Cypress,” Williamson said in a statement.
The site was once the headquarters of the Dallas Teachers Credit Union and the Credit Union of Texas. This redevelopment is the latest in a spate of infill remodels mainly in multifamily and hospitality.
Experts say residential communities popping up around the southern part of Downtown are a key component in the revitalization of the area south of Ross Avenue and the rise of Dallas on the global stage.
The as-of-yet unnamed community is supposed to get underway in this quarter and wrap up construction in 2020. JHP Architects is handling the design, and Oden Hughes Taylor Construction will serve as the contractor.
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