Cover2 Capital Plans 20-Story Luxury Tower Near Knox Street
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Another luxury multifamily project could be heading to one of Dallas’ hottest areas, with developer Cover2 Capital planning a 20-story tower called The Savannah in the northernmost pocket of Knox/Henderson, just outside Highland Park.
The Carrollton-based firm founded by former SMU defensive back Blake Poston has reportedly gone under contract to buy approximately 26,500 square feet of land between McKinney Avenue and North Central Expressway. The site is located in a light commercial portion of the Oak Lawn Special Purpose District (PD 193), where zoning allows a maximum height of 240 feet and 60% lot coverage.
Still in the pre-development design phase, plans for The Savannah call for a 100-unit apartment building with “large-format residences, elevated amenities, below-grade parking, a rooftop amenity deck, and timeless architecture in one of Dallas’ most walkable and supply-constrained urban infill submarkets.”
Units would range from one to three bedrooms, along with three penthouse units.
Poston told The Dallas Morning News the project would cost over $100 million to build and could take upwards of 30 months to deliver. He said Dallas-based architecture firm ZDS is the architect of record. Additional development partners are expected to be announced as plans progress.
The site is currently owned by Austin-based Halebian Investments. Bennett Sikes and Jake Milner of Davidson Bogel Real Estate are handling the transaction.
The property includes parcels at 5220 McKinney Ave. and 5215 N Central Expy. The land is just down the street from upcoming projects by Woods Capital, including a high-end apartment tower and Class A office development. A little further down McKinney is the recently completed StreetLights Residential luxe community The Galatyn and its sister property The McKenzie.
The Savannah would add another high-end residential option to the highly sought-after area that is already attracting substantial luxury development.
According to Davidson Bogel marketing materials, the average household income within one mile of the site in 2024 was $182,858.
“Our goal is to deliver a timeless residential building that complements the character of the Knox Street neighborhood,” Poston told DMN, noting that units would average 1,800 square feet and rents would be similar to nearby luxury residential offerings.
Dallas Business Journal reported earlier this year that rents at The Galatyn start at $11,500 per month.
Poston launched Cover2 Capital in 2022 after working in the multifamily industry with Dallas-based S2 Capital and Transwestern Development Company. A Highland Park High School graduate, Poston spent three seasons as a defensive back for SMU and earned a degree in economics before getting into commercial real estate.
