Transit-oriented apartment project to be built in downtown Carrollton
The Dallas Morning News | Steve Brown | June 3, 2016
A developer building one of Uptown’s newest apartment towers is headed to the ‘burbs with a transit-oriented development.
Stoneleigh Cos. is just months away from finishing its 20-story One Uptown apartment high-rise on McKinney Avenue in Uptown.
Now Stoneleigh has tied up a building site next to downtown Carrollton’s DART commuter rail station for another apartment development.
“It’s going to be 230 apartments right at the corner of Belt Line and Interstate 35,” Stoneleigh CEO Rick Cavenaugh said. “It’s a no-brainer – you step out the front door and you walk right next door to the DART station.”
The 4-acre site is vacant and controlled by Realty Capital of Arlington. Cavenaugh said Stoneleigh has formed a partnership with the owner to build a 4-story rental community on the land.
“We are going to try and start construction by the first of the year,” he said.
Stoneleigh’s project will be the second urban-style apartment community developed adjacent to the downtown Carrollton DART stop.
Developer High Street Residential built the 311-unit Union at Carrollton Square starting in 2012. That project was purchased in 2014 by Fort Worth-based Olympus Property.
The Carrollton apartment project is one of a handful of developments Stoneleigh is working on in North Texas.
The firm is also about to start a rental community in the Frisco Fresh Market development on Main Street in Frisco.
“We are going to break ground in July on the first 380 units,” Cavenaugh said.
Stoneleigh also has a development site on Chisholm Trial Parkway in southwest Fort Worth.