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Senior-housing developer snaps up Oak Lawn tract
09:42 PM CST on Friday, January 25, 2008
A Houston senior housing developer has purchased a prime Oak Lawn neighborhood tract.
Belmont Village Senior Living bought 1.6 acres across from Lee Park from another developer who canceled a high-rise.
The property at Hood and Hall streets is the last undeveloped tract fronting on Lee Park.
It is a block from Turtle Creek.
"In a city as built-out as Dallas, especially in its urban core, an undeveloped tract this size in such a wonderful location is a rarity," said broker David Glasscock of Colliers International.
Mr. Glasscock and Dustin Schilling of Colliers' Urban Advisory Group negotiated the sale by Sunrise Senior Living.
Sunrise had planned to build a 23-story condominium tower with 140 units on the property.
But the Virginia-based developer canceled those plans last year and put the property on the market.
The new owners closed the purchase within 60 days of the property's coming on the market.
"There was a ton of interest in this property, including some high-rise office interest," Mr. Schilling said.
Belmont Village is a subsidiary of GE Capital.
It has properties in more than a dozen cities in California, Illinois, Tennessee, Kentucky, Georgia and Texas.
The company operates both independent and assisted-living facilities as well as housing for patients who have Alzheimer's.
Belmont Village spokesman Jeff DeBevec said Friday that it's too early to provide details of the project.
"We are just now starting our design work and expect to break ground this fall," Mr. DeBevec said.
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