Developers completed the 41-story Atelier in the Dallas Arts District last year, adding one of the tallest apartment towers to the city's skyline after three years of construction hurdles.
The property: Atelier has a range of apartment units from 500 square feet to 2,300 square feet at 1801 N. Pearl St. with views of Klyde Warren Park, as well as downtown and Uptown Dallas. The property includes 53 loft-style apartments and 364 high-rise apartment units. It incorporates modern architecture and interior design elements to integrate into the Dallas Arts District, including an art gallery within the ground-floor leasing center.
Why it matters: With a citywide push to bring more residents to downtown Dallas, developer ZOM Living's project offers a luxury option for residents wanting to be near the artsy district as well as the city's urban core. In 1996, only 200 residents were estimated to live in downtown Dallas, according to advocacy group Downtown Dallas Inc., with that number growing to about 13,000 residents today.
The developers: Orlando, Florida-based ZOM Living, in partnership with affiliates of Daiwa House Texas and Itochu Corp., had to overcome challenges that included a narrow development site overlooking a major freeway exit ramp and delays from various lockdowns during the pandemic.
What they're saying: "Dallas is one of the most competitive and innovative development markets in the country," said Greg West, CEO of ZOM Living. "It was our mandate in designing this tower that we craft a level of style and design that would stand out among some very high-quality buildings existing in the marketplace." Building in the pandemic was awful, West said, but even with unexpected complications during construction, "we never lost confidence in our project."
Brokers: ZRS Management is providing leasing and property management services.
Capital lenders: Fifth Third Bank and SunTrust Bank
Architect: Stantec
General contractor: Balfour Beatty
CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. A list of judges can be found here and the criteria for selecting winners can be found here.