A recent rendering of Clover Tower, which will now be a shorter 15 stories.
Courtesy of GFF
A Dallas developer will soon start on an $85 million Turtle Creek tower that’s about half as tall as originally planned.
Luis Gonzalez of Validus Development Group told The Dallas Morning News that Clover Tower will now be a 15-story structure with 52 apartments at 2701 Hood St.
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The News wrote in 2023 that the project at Hood and Brown streets near Fairmount would rise 29 stories and include 104 luxury residential units.
The change, Gonzalez said, allows his firm to target a “more defined” segment of the market and increase the size of units slightly — from 2,200 square feet to an average of 2,300 square feet.
“As capital became more expensive, we made a strategic decision to reduce the scale and focus on larger-format units,” Gonzalez said. In many ways, the interest rate environment helped us sharpen the fundamentals and create a more resilient project. Instead of building bigger, we focused on building better — larger homes, fewer units and a stronger sense of community.”
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Gonzalez said he hopes to begin the city permitting process this summer and break ground later this year. He estimates the total cost for the project — from construction to fees and other soft costs — at $85 million.
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Construction is expected to take 26 to 28 months. He hopes the project will open in early 2029.
Celina land exchanges
The Lazy River overlooks the community lake inside Mosaic in Celina.
Mosaic
An exchange of three plots of land in northern Dallas-Fort Worth could lead to the creation of more single-family homes, a park and a new high school.
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Celina authorized the city to proceed with a potential land agreement in April. The exchanges could result in the Tellus Group acquiring land to be used in its Mosaic development, a master-planned community with 1,700 homes.
Under the potential exchanges, Tellus Group would receive about 113 acres of land from Prosper ISD south of the Mosaic development and Parvin Road, said Celina City Manager Robert Ranc during the council meeting.
Tellus Group — which is responsible for other developments like Meraki in Forney — declined to comment for this story.
Celina would receive about 108 acres of land east of Smiley Road referred to as the Merritt property in council documents. That land is adjacent to an existing space owned by Celina.
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“What we find compelling about this trade is that we are able to trade 113 acres of parkland for what essentially becomes 296 acres of parkland,” Ranc said.
Prosper ISD would receive Earthman Park, an approximately 114-acre plot west of Smiley Road owned by Celina. The land would be a future high school site.
Celina’s City Council supported the measure in a 6-0 vote, clearing a hurdle to transfer the Earthman Park property to Prosper ISD for the Meritt property and $2 million. Subsequent measures to complete the trades are subject to other approvals.
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Knox District site trades hands
A 1.74-acre site in Dallas’ Knox-Henderson neighborhood has traded hands.
Lakemore LCS Leasing MW LLC sold the property at 5114 McKinney Ave. to McKinney Webb Holdings LLC. The site was previously home to Monticello West, an assisted living facility.
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The sales price was not disclosed. The Dallas Central Appraisal District values the property at $9.3 million for tax purposes.
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Current zoning allows for multiple uses, including multifamily, office and hotel. Maximum height allowed at the site is 240 feet.
Real estate firm JLL Capital Markets represented the seller in the transaction. The team was led by managing director Jonathan Carrier, senior managing director Michael Swaldi and associate Adam McDaniel.