A new North Texas developer has been quietly buying up Fairmount Street in Uptown Dallas.
Selene Capital Development now owns more than an acre of property on Fairmount, including two adjoining sites it bought in May. The entity, which was established in March of this year, represents a Plano family investment trust, the Dallas Morning News reports.
The latest purchase by the Plano-based investor is the 8,400-square-foot building at Cedar Springs Road and Fairmount Street. Though it’s recently hosted art galleries and various offices, the corner building dates back to the 1960s and was once an upscale fur shop. According to Google Maps, the most recent use for the space was a real estate office.
The previous owner, prominent Dallas attorney Jesse Ferrer, had owned the site since 2016. Prior to the pandemic, Ferrer was planning an ambitious 13-story tower that included 129,000 square feet of office space, a restaurant, event space and a residential unit on the top floor, according to plans presented to the Oak Lawn Committee.
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The area is surrounded by old homes that have been converted for business use, but that might not be the case for long. Several developers are planning high-rise developments around the Selene Capital assemblage.
Just across Cedar Springs Road, developer Lincoln Property Commercial is seeking approvals to build three new towers with offices and residences. The development would be one of the largest in the area between McKinney Avenue and Turtle Creek.
Down the street, developer Alamo Manhattan is working on plans for a 25-story, 268-unit apartment tower at Fairmount and Carlisle Street. The company, headquartered in Dallas, targets urban markets for multifamily development across the Sun Belt and the West Coast
And around the corner of Maple Avenue, construction just started on 23Springs, a 26-story office tower being built by Granite Properties. Also on Maple, Crescent Real Estate is ready to begin work on a 30-story residential tower.
— Maddy Sperling