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Prudential Texas Properties reports the Uptown neighborhood of Dallas is becoming one of the hottest to find a home, and developers are taking notice to bring more inventory into the market.
Dallas, TX (PRWEB) July 02, 2014
The Uptown neighborhood in Dallas is nearly bursting at its seams. Prudential Texas Properties reports that the trendy area of Dallas continues to see high demand for homes in the area and new construction is just trying to keep pace.
A recent report by Dallas-Fort Worth CBS Affiliate found that homes are being purchased within days of being listed in Uptown. After coming to a near halt during the recession, home and high-rise construction in the neighborhood will take some time to meet the growing demand.
Market experts are seeing an even higher demand for urban dwellings, as the population of people wanting to move closer to an urban center are far outweighing those who are opting to move out into the suburbs. Shorter commute times and walkability in mind, the American Dream is surely shifting to urban centers, and developers are taking note.
Its an interesting shift to see more people investing in urban lifestyles, and its really helping to encourage developers to focus on building a liveable city center in Dallas, says DD Flynn, VP of Marketing at Prudential Texas Properties.
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According to a recent report by The Dallas Morning News, a $225 million office and retail project at McKinney Avenue and Olive Street has broken ground in what is the most expensive development in the area in more than a decade. The 530,000-square-foot, 20-story building will embrace the best aspects of the community, such as its pedestrian-friendly layout.
The lower floor will feature retail and restaurant space, a one-acre outdoor area and more. Because of the increasing desirability of the area, tenants will pay a premium price for the space, and developers are excited to bring the beautiful glass tower to one of the most burgeoning regions of Dallas.
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