Kairoi Residential, developer of Texas’ second tallest tower, is returning to the North Texas luxury market with plans to build $1 million-per-unit multifamily rentals.
The San Antonio-based company is developing a rental community in the Southlake Town Square. The 55-unit development costing $55 million is set to go up on Central Avenue near State Highway 114, the Dallas Morning News reports.
The five-story project is the latest luxury rental community the firm has developed in the area. Kairoi Residential expanded to the North Texas market in 2017 when it built the 297-unit Amelia at Farmers Market rental community in downtown Dallas. Another of its projects recently opened in Uptown Dallas, along with one on Zang Boulevard in Oak Cliff. The developer has apartment projects under construction in Dallas near Highland Park and in the historic Fort Worth Stockyards.
Karoi moved up its groundbreaking for the stockyards project in November to sidestep a zoning change it saw coming from the Fort Worth City Council.
The developer also announced plans for a rental project on Travis Street just south of Knox near Highland Park. However, there has not been an update since the summer.
Meanwhile in Austin, the 74-floor skyscraper the Waterline broke ground in September. It was set to be the tallest building in Texas until Wilson Capital announced its 80-story supertall, which will not only be the tallest building in Texas but the tallest residential building in the United States outside of New York City.
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— Maddy Sperling