DALLAS — Read this story and more North Texas business news from our partners at the Dallas Business Journal
Another soaring apartment tower is slated to rise above Dallas' Victory Park neighborhood.
Construction will begin in July 2024 on a 569,133-square-foot high-rise residential project at 2371 Victory Ave., a Dec. 7 filing with the state indicates. The project is expected to be complete by the end of 2026. Construction has been estimated to cost $150 million.
A limited partnership tied to commercial real estate developer Hines' headquarters in Houston is listed as the owner. Hines, which has developed similar projects close by in Victory Park, has been a player in the Dallas real estate market for decades.
A Hines representative said it is too early to comment. It's worth noting that such filings are often preliminary and details may change, but they provide an early look at real estate plans.
The project site is a parking lot next to the 17-story One Victory Park office tower developed by Hines. It's just steps away from the developer's 39-story, 344-unit Victor apartment tower it opened in 2021.
Munoz + Albin, the architectural firm that designed Hines' Victor apartments, recently posted plans for a 23-story apartment project called "Aire" it said it was designing for Hines but has since removed them from its website, the Dallas Morning News reported in November.
The new tower appears to replace another major project previously pegged for the site. In 2014, Hines proposed a 23-story office tower on the site that would have brought 470,000 square feet of office space to the market.
Hines developed the Galleria shopping center and many single-family subdivisions throughout North Texas. The company is also working to transform Uptown's historic Maple Terrace property into offices and residences.
