Switzerland-based institutional real estate investment firm Empira Group has bought a development site strategically located steps from the vibrant Dallas Arts District and right in the heart of the central business district.
Empira acquired a 1.1-acre site to build a market-rate multifamily development consisting of 375 apartments. The ground floor will offer 7,300 square feet of restaurant space and 2,500 square feet of outdoor seating overlooking the Celebration of Life park.
The high-rise will be located at 711 N. Pearl Street, three blocks from the largest contiguous urban arts district in the nation.
“Dallas has been on our radar for several years as the city has rapidly transformed into a national powerhouse, attracting new residents, professional talent and businesses,” said Lahcen Knapp, Empira´s Chairman.
“From highly-educated young professionals to empty nesters looking for a vibrant lifestyle, everyone wants to live in Dallas. Billions of dollars in private capital and public funds have been invested in Dallas’ urban core over the last few years to accommodate for the metro´s remarkable population growth. Our state-of-the-art development will provide new housing options to individuals and families who want to live within walking distance of the Dallas Arts District, shops, restaurants, parks and their workplace,” he added.
The development site is within walking distance of St. Paul and Pearl/Arts District DART stations and only a few blocks away from the M-Line Trolly, which offers free daily travel to uptown and downtown Dallas. Klyde Warren Park, a spectacular 5.2-acre outdoor park, which cost $110 million to build, is also within walking distance. All of this will allow residents to experience an attractive urban lifestyle with superior walkability and be surrounded by countless attractive indoor and outdoor amenities.
“Dallas has absolutely everything our future residents need to enjoy a true ‘live, work and play’ environment,“ said Rafael Aregger, Empira´s Head of Investments US. “This is such a vibrant city and we are looking forward to continuing to grow our footprint in this community building developments that will make the city proud.”
The Dallas transaction follows Empira’s acquisitions of two high-profile development sites in downtown Miami near Brickell Avenue, known as the “Wall Street of the South.” Brickell’s Financial District is the second-largest international banking centre in the country.
Empira plans to develop market-rate multifamily projects to cater to Miami’s growing workforce. Since the onset of the pandemic, downtown Miami has attracted several major tech, private equity, finance firms and big law firms New York, Chicago and San Francisco. The Brickell area is one of Miami’s most sought-after neighbourhoods, with world-class dining, shopping, and entertainment options.
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