4011 Cole Ave
Dallas, TX 75204
Land For Sale · 2.09 AC

INVESTMENT SUMMARY Waller Group Properties 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. Call for offers will be made February 4th and all offers will be due February 11th. Ownership will consider offers prior to February 4th contingent on developer credentials and offer terms. The Average Home Value based on properties sold within a 0.5-mile radius from the site over the last year is $592,960. All surveys can be found on the “Documents” tab on the Waller Group website property link. LOCATION SUMMARY With a population of over 7.57 million residents, the Dallas-Fort Worth Metropolitan area is currently the 4th largest MSA in the United States and has been the fastest growing Metropolitan over the last decade. DFW led the nation in employment growth in 2019, adding over 81,000 jobs with about 31,000 being considered office jobs. Annualized growth in recent years was near 3%. These high-paying jobs have increased the median household income by about 3% annually, currently sitting just above $70,000/year. Employment growth is expected to continue to outperform the national average over the next half decade. The low cost of living and doing business in DFW is one of the main attractions for corporate expansion and relocation. Dallas is home to the 3rd largest concentration of Fortune 500 companies in the country. Among these is Uber, which announced that it will open a new office, currently under construction in Deep Ellum, with over 3,000 employees. Uber has shared plans of turning Dallas into their largest hub outside of San Francisco. With an average age of around 31-35, the Uptown submarket continues to attract young renters looking for a live/work/play atmosphere in a premier location. Local residents do not need to go far to find dynamic nightlife, retail, and entertainment options. Multiple new high-end office developments in the area also give residents the opportunity to work close to home. The location of this submarket and proximity to major highways offers quick and easy access to major employment nodes in the area such as Downtown Dallas, Turtle Creek, and Deep Ellum. Premier retail and entertainment options include Retail and entertainment options include West Village, Oak Lawn, Highland Park Village, and Klyde Warren Park, and the Katy Trail. Approximately 55% of households in the Uptown/Park Cities submarket are renters, well above the metro-wide average, largely due to the condensed population of millennial renters looking for amenity-rich options. The median household income within 1 mile is $82,976. Email offers to Logan@loganwaller.com. ***Ownership is selling collectively and will provide developer approximately 12 months after closing for purchaser to obtain entitlements and zoning. Call Logan: 214-736-1502 Full details here: https://wallergrouphomes.com/properties/?propertyId=830501-sale #dallasapartmentsforsale #dallasinvestmentrealestate #dallasinvestmentsales