The yet-to-be-named luxury apartment tower at the southeast corner of Park Lane and North Central Expressway — next to The Shops at Park Lane and near NorthPark Center — is scheduled to get underway this month by the Dallas-based apartment developer in partnership with Mitsui Fudosan America, the U.S. affiliate of Mitsui Fudosan Co. The 365-unit tower is expected to include studios and one-, two- and three-bedroom apartments ranging in size from about 505 square feet to 1,707 square feet.
The planned apartment tower is expected to redefine luxury living and bring "a new standard for urban living in Dallas," Senior Vice President Greg Coutant said in a statement.
"Located within walking distance of The Shops at Park Lane and near NorthPark Center, Whole Foods, Ikea and a variety of restaurants and cafés, the building will offer a seamless live–work–play experience while providing immediate access to shopping, dining and everyday conveniences," Coutant added. "It will also advance the revitalization of the Park Lane corridor as one of Dallas’ most dynamic mixed-use districts.”
This is StreetLights Residential and Mitsui Fudosan America's second joint venture together in Dallas, with the first being The Oliver, an 18-story, 351-unit apartment tower along Haskell Avenue on the east side of North Central Expressway.
Construction of the new apartment tower, with hospitality-style amenities, is expected to be completed in early 2029. The project includes a structured parking garage and ground-floor retail space.
The new project comes as StreetLights has been pushing apartment pricing higher along North Central Expressway corridor, underpinned by a robust retail trade area with NorthPark and The Shops at Park Lane nearby, said Bill Kitchens, CoStar's director of market analytics for the Dallas-Fort Worth region.
The average asking rent per square foot for a StreetLights-developed apartment tower within Dallas is roughly $3 per square foot, Kitchens said. That's well above the $1.80 per square foot for apartment properties within a half mile of the proposed project site, he added.
Recently, StreetLights revealed pricing of The Galatyn, another luxury apartment tower in Dallas at 3030 Monticello Ave. in the Knox-Henderson neighborhood. The rents will range from $11,500 per month to $24,000 per month, the Dallas Business Journal reported.
StreetLights declined to comment on The Galatyn's pricing to CoStar News. The new tower, a firm spokesperson said, has yet to be priced by the partnership.
The new project's apartments are designed with high-end finishes from Nest thermostats to custom cabinets to stainless steel GE appliances to wine fridges to designer finishes. The tower will also have amenities including a resort-style pool, a fitness center with sauna and cold plunge, billiards room, private dining room, expresso bar and coworking spaces with private offices.
The H-shaped design of the apartment tower is expected to maximize natural light and offer extensive views for residents. The exterior's brick details, glass railings and metal panels are meant to echo the architecture seen at NorthPark. The property will also feature two ceremonial staircases — one for the lobby and the other to connect residents to the property's indoor and outdoor amenities.
The 20th floor of the tower is earmarked for penthouse units with taller ceilings.
