Stoneleigh Companies Announces the Acquisition of Land for One Dallas – Dallas, Texas
BARRINGTON, IL – July 26, 2013 – Stoneleigh Companies, LLC, development partner of SC One Dallas LLC, announces the acquisition of a site in Uptown Dallas for the future development of One Dallas, a to-be-built high rise mixed use tower at the NE corner of McKinney and Routh Streets in Dallas, TX. One Dallas will include up to 30,000 square feet of premium restaurant/retail space and 200 units of Class A+ apartments in a 20 story tower.
Rick Cavenaugh, President of Stoneleigh, stated “The acquisition of the site for One Dallas is an opportunity to develop the premiere multi-family property in the rapidly expanding Uptown market. The former Hard Rock Café site has been sought after as the best development location in Texas and we are fortunate to have the privilege to work with Architect Phil Shepherd to design an iconic tower that will include two or three world class restaurants and 200 units of super luxury apartments. We expect to break ground on the tower in 1Q14.”
Stoneleigh is partnering on the project with Cheng Investments, a Dallas developer/investor. Stoneleigh/Cheng have co-invested on two other projects in Texas in the past three years including the 80-unit Silver Spring Senior Housing property in Forney along with Waterford Springs, a 308-unit new construction project near the Woodlands.
Stoneleigh Companies is a private real estate investment and development company with a team track record of over 38,000 units since 1984. Stoneleigh has acquired over 3,600 units in the past three years and is building over 1,000 units including M2 Apartments in Denver, One Arlington in Chicago and Waterford Springs in Houston. Waterford Residential is Stoneleigh’s private label management company for all of its communities.