Behringer Harvard announces plans for luxury townhomes on Lovers and Skillman

by PegNews wire

DALLAS — Real estate company Behringer Harvard announced today that it is partnering with Greystar Development and Construction for the development of The Plaza on Lovers Lane, a 155-unit, Class A apartment community in Dallas. Behringer Harvard is providing mezzanine financing and has secured an opportunity to purchase the development after completion.

"The project at Lovers Lane is part of a major residential redevelopment push in East Dallas, and is particularly attractive because of its proximity to downtown, uptown and the Park Cities areas," said Mark Alfieri, senior vice president-real estate for Behringer Harvard.

The mezzanine loan will fund the acquisition of the existing complex on the site and the future construction of a new 155-unit apartment community, currently planned to start in early 2008.

"The east side of Central Expressway between Mockingbird and Northwest Highway is seeing a number of revitalization initiatives that include successful mixed use development and the opening of a Central Market at Lovers Lane and Greenville Avenue," said Alfieri. "Our location at the intersection of Lovers Lane and Skillman Avenue is ideally positioned for future residents to take full advantage of the area's dramatic change." At completion, the fully gated project intends to offer townhomes with individual front entrances with walk-up front stoops, providing a Georgetown-style traditional neighborhood feel.

Current plans call for The Plaza on Lovers Lane to have an average rental unit size of approximately 1,350 square feet. Planned unit finishes include wood floors, granite counter-tops, 42-inch upper cabinets, and stainless steel front appliances. Amenities such as a resort-style swimming pool, outdoor living area with a fire pit and California kitchen, and a resident fitness center are also anticipated.

Source: Behringer Harvard