Waller Group is proud to present this premier Class-A multifamily development opportunity located in the heart of Uptown Dallas. The Central Park Condos (4011 Cole Ave) and the adjoining sites comprise an assemblage of the premier high-rise residential development sites in Dallas. The site is approximately 175’ deep and features up to 520’ of Cole avenue frontage, facing Cole Park. There is a total of 64,750 SF with the potential to add the adjoining site of another 26,250 SF (highlighted below), totaling 91,000 SF.
The existing zoning is MF-2, however multiple comparable sites in the area have successfully rezoned for planned development zoning. This would allow a developer to achieve the highest and best usage for the land and optimize the site with a 20+ story luxury multifamily or luxury condo development. The city of Dallas will likely grant this zoning change with 10% of developed units set aside for affordable housing (80% of area median income). The city would also likely grant the zoning change with parking variances as well due to proximity (0.6 miles) to City Place DART station (Dallas Area Rapid transportation).
Precedent has been set for these zoning changes north and south of the site, most recently and notably the Broadstone Cole on 4444 Cole Ave (0.5 miles from subject site). Previously MF-2 zoning, developer achieved full entitlements within 12 months. This 333-unit luxury multifamily project is scheduled for completion in early 2022. Ownership is selling collectively and will provide developer approximately 12 months for entitlements and closing. The Average Home Value based on properties sold within a 0.5-mile radius from the site over the last year is $592,960.