Larkspur Capital to Build Mixed-Income Apartment Tower on Ash Lane Near Fair Park 

With mixed-income housing on the rise, a future land use area plan being crafted, and an anticipated $300 million to spend, there’s a lot going on at Fair Park. 

The Dallas landmark got a shot in the arm last year when voters approved a 2 percent increase in hotel occupancy taxes that will fund $300 million in upgrades to several Fair Park buildings, including the Cotton Bowl. 

A Fair Park master plan, area plan, and economic development plan either exist already or are in the works. 

And as if the District 7 area needed another feather in its cap, developers recently announced a $60 million apartment complex slated to open in 2025 on Ash Lane. 

Larkspur at Fair Park 

Larkspur Capital LP develops projects throughout Dallas, including multifamily, townhomes, industrial, office, and retail. 

The developers say that Larkspur at Fair Park, planned for 3500 Ash Lane, will include 293 units in a five-story tower with a parking garage, fitness center, pool, and street retail. 

Construction is set to begin in November. The 415,000-square-foot housing development is within walking distance from the Fair Park Dallas Area Rapid Transit Station. 

“Larkspur seeks to exploit niche spaces that are generally overlooked by the broader market, often as a result of herd mentality,” the Larkspur website states. “With a focus on institutional development in urban core submarkets within the Dallas-Fort Worth [Metropolitan Statistical Area], Larkspur seeks to activate urban renewal in transitional neighborhoods by building innovative projects that disrupt existing development standards.” 

The housing project, designed by Dallas-based Corgan, will include a mix of 108 studio apartments, 123 one-bedroom units, and 59 two-bedroom units, according to the Dallas Business Journal. More than half the units are designated for those earning at or below 80 percent of the Area Median Income. About 144 units will be market rate.

Officials with Larkspur Capital LP did not immediately respond to a request for an interview. 

Fair Park First board member Jason Brown, a broker with Brownstone Real Estate Group, told CandysDirt.com in September that the revitalization of South Dallas and Fair Park would be a boon for housing and tourism. 

“People get excited about what’s happening with Fair Park,” he said. “It gives people in the area a sense of hope. It reaffirms that Fair Park is a great area … They’ve already had their eye on this neighborhood and they believe this is a good investment. The overall perspective of positive growth and revitalization in the park gives people some pride in Fair Park. It reassures buyers and stakeholders.” 

Planning For The Future at Fair Park 

The Fair Park Master Plan Update, adopted in 2020, covers a lot of ground and it’s clear that Fair Park First CEO Brian Luallen and the board have big dreams for the community gathering place.  

“The fundamental goal of this master plan update is to identify ways in which Fair Park can realize its untapped potential as a center for culture, a driver of economic development, and an asset for the community while creating a framework for future projects and enhancements to ensure sustainability for future generations,” an executive summary of the master plan states. “The master plan update considers the historic, recreational, and environmental resources of the park while responding to the needs of users and visitors, protecting the cultural and historic resources, and ensuring sustainability.”

The South Dallas/Fair Park Economic Development Plan, adopted in 2001, “aims to address the impacts of high-intensity land uses on commercial corridors on adjacent neighborhoods,” according to the plan. “It also aims to create economic development strategies to encourage desirable development along the area’s business corridors.” 

An area plan also is on the horizon. A committee formed in 2020, initiated by District 7 Councilman Adam Bazaldua and the Planning and Urban Design Department. Area plans establish a detailed land use and development vision to guide growth and investment in the identified planning area. 

About 35 area plans exist within Dallas. 

The South Dallas/Fair Park Area Plan hones in on zoning, housing investment, business corridors, transit-oriented development, and other catalytic projects.