Richardson-Based Genesis Real Estate Plans New 28-Story Victory Park Residential Project

Victory Park is poised for a renaissance, and a new residential tower could help fuel new growth. (Photo: Victory Park)

Victory Park is poised for a renaissance, and a new residential tower could help fuel new growth.

Our appetite for high-rise residential evidently knows no bounds, as Richardson-based Genesis Real Estate Group has announced yet another high-rise project planned for the urban core. This project, a 28-story high-rise at Hi Line Drive and Houston Street inside Victory Park, was designed by Houston-based architecture firm EDI, according to Dallas Morning News reporter Steve Brown. Genesis is the 30-year-old firm that brought the 603-unit 3225 Turtle Creek, AKA The Renaissance, online.

Brown says that there are other high-rise projects in the works by Greystar, Novare Group and Lennar Multifamily. One has to wonder if we are perhaps biting off more than we can chew with all these new high-rise condo developments. Still, I’m optimistic that this project could usher in more foot traffic to Victory Park, which has so much potential but lacks the critical mass of residents to support a lot of retail and restaurants.

What do you think?

 

 

18 Comment

  • 3225 Turtle Creek is otherwise known as The Renaissance…:-)

  • Do I remember correctly that The Renaissance is still dealing with legal issues? If so that doesn’t bode well for this development.

  • mm

    I wonder what the price point will be, Steve did not ask, and how this will affect sales at The House (which is going great guns)… dialing up my peeps!

  • I’m with Jon, I’m all for more high-rises, but how about something that’s less than $700 per square foot? I think a lot of people are intrigued by the lifestyle and would get into it if there were buildings out there at $250-300 per foot. Maybe with land costs and construction costs it’s just not possible anymore.

    • The Terrace in Victory Park is sitting around $300/sq ft. Nice building, and really good value right now given where the neighborhood is going.

  • I am all for the high-rises – however – we need affordable buildings. When you add in the HOA fees, as well has property tax…most of us cannot afford to live in these. I looked at The Travis on Katy – and it would cost an additional $20,000.00 per year in HOA/Property tax…not even thinking about the mortgage. No Thank You.

    • There are relative bargains for those who don’t mind some work in older buildings. For example, there are four units for sale at 3701 Turtle Creek that range from $211-259 per square foot and range from 1,141 to 2,120 square feet. HOAs are ~76¢ per square foot and include all utilities. Assuming 20% down and full-list price, with (unavoidable) property taxes, that’s $2,936.75 per month with a 15 year mortgage — $2,442.75 with a 30-year. The cheapest unit has a renovated kitchen and baths with mostly hardwoods — even bedroom carpet looks good. All I’d do it paint and remove the walls of mirrors.

  • how do we know this is a condo building? The DMN article simply referred to it as residential.

    • David, you’re right, we don’t. Genesis has built both condo and apartment high-rises. It appears there will also be some low-rise projects part of a larger Katy Station development that seems to be spearheaded by Lennar.

  • Are we sure this is a condo building? Steve Brown reported in February that it was an apartment tower. http://www.dallasnews.com/business/commercial-real-estate/20150211-1.ece