{"id":1004080766,"date":"2013-07-25T06:19:14","date_gmt":"2013-07-25T14:19:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004080766"},"modified":"2022-12-08T15:49:22","modified_gmt":"2022-12-08T23:49:22","slug":"compatriot-capital-jlb-to-develop-katy-trail-high-rise-in-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/compatriot-capital-jlb-to-develop-katy-trail-high-rise-in-dallas\/","title":{"rendered":"Compatriot Capital, JLB to Develop Katy Trail High-Rise in Dallas"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004080768\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/compatriot-capital-jlb-to-develop-katy-trail-high-rise-in-dallas\/compatriot\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg\" data-orig-size=\"2000,1254\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Compatriot\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004080768\" alt=\"Compatriot\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg\" width=\"300\" height=\"188\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg 2000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg?resize=300,188 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg?resize=768,482 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg?resize=1024,642 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/07\/Compatriot.jpg?resize=1536,963 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Compatriot Capital, a subsidiary of Sammons Enterprises, and JLB Partners, both of Dallas, have begun construction on an 18-story, 299-unit luxury residential high-rise in the Uptown area of Dallas, the companies announced Wednesday. The project\u2019s cost was not disclosed.<\/p>\n<p>Construction staking, fencing and erosion control are under way, and excavation will begin next, a spokesperson for the developer told <i>Commercial Property Executive<\/i>. Completion is scheduled for spring 2015.<\/p>\n<p>\u201cThis project fits perfectly into JLB\u2019s and Compatriot\u2019s strategy of building a portfolio of the highest quality assets to be held for the long term,\u201d Compatriot president &amp; CEO Paul Rowsey said in a press release.<\/p>\n<p>The tower\u2019s 2.3-acre site is at the intersection of Cedar Springs and Carlisle and has more than 250 feet of frontage along the Katy Trail. The trail is an approximately 3.5-mile jogging, walking, inline skating and bicycling path that runs through the Uptown and Oak Lawn areas of Dallas. It was developed on the right-of-way of the former Missouri-Kansas-Texas Railroad, known as MKT or the Katy.<\/p>\n<p>\u201cJLB worked closely with the Friends of Katy Trail to develop a prominent public access point to the Katy Trail, further increasing the accessibility of the trail to the surrounding community,\u201d said Bay Miltenberger, CEO of JLB Partners, in the release.<\/p>\n<p>The spokesperson said that direct access to the highly popular trail will be \u201ca huge draw for residents.\u201d<\/p>\n<p>The high-rise will feature one-, two- and three-bedroom apartments ranging from 622 to 3,717 square feet. They will feature 10-foot-plus ceilings and high-end finishes such as granite counter tops, stainless-steel appliances, wood floors, high-speed wiring and large balconies.<\/p>\n<p>The building\u2019s amenities will include three levels of underground parking, a private penthouse lounge, a roof deck pool overlooking downtown Dallas, a private dog park and pet spa, and a wellness center with a \u201cyoga lawn,\u201d an outdoor yoga studio surfaced with artificial turf.<\/p>\n<p>Pacific Life Insurance Co. will provide the development\u2019s construction and permanent financing. The project architect is GDA Architects (Gromatzky Dupree and Associates), of Dallas.<\/p>\n<p>The tower is beginning construction at a time when the Dallas market is experiencing a \u201cdramatic uptick in inventory\u201d in Class A multi-family space, yet vacancies are expected to remain stable, because of the metroplex\u2019s strong employment growth, according to a third-quarter report from Marcus &amp; Millichap.<\/p>\n<p>The average vacancy rate in the Oak Lawn\/Park Cities submarket is 5.8 percent, according to the report, and the average effective rent of $1,307 is far and away the highest in the metroplex.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compatriot Capital, a subsidiary of Sammons Enterprises, and JLB Partners have begun construction on an 18-story, 299-unit luxury residential high-rise in the uptown area of Dallas.<\/p>\n","protected":false},"author":882,"featured_media":1004080768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21782,21742],"tags":[],"class_list":["post-1004080766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-development","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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