AMLI Residential to Demolish Shopping Center in Dallas Suburb

AMLI Residential Properties is expanding its presence in Addison, where it purchased a retail center next to an apartment complex it’s developing.

The Chicago-based developer plans to demolish the aging Midway Square Shopping Center in the suburb, about 25 minutes from downtown Dallas, and incorporate the 8-acre site into its AMLI Treehouse apartment complex, which is under construction next door, the Dallas Business Journal reported.

Rendering of AMLI Treehouse apartment complex (AMLI Residential)

The firm, led by chairman and CEO Greg Mutz, acquired the shopping center, at 14833 Midway Road, in August. Younger Partners’ Ben McCutchin and Sam Kartalis represented both AMLI and the seller, an entity tied to the late real estate investor Gene McCutchin, public records show. Financial details of the deal were not disclosed. The Dallas Central Appraisal District valued the property this year at $993,600.

AMLI plans to begin demolition on the shopping center early next year. The project will feature 26 for-sale townhomes, 165 apartments, 16 rental townhomes, 12,500 square feet of retail and 3.7 acres of open green space.

Midway Square, built in the 1980s, once hosted popular dining spots like Jaxx Steakhouse and Midway Point but has struggled with maintenance in recent years.

AMLI recently sold a 352-unit apartment property in Chicago, known as Point at Lakeside, to New York-based Pantzer for approximately $395,600 per unit. Pantzer took out an $87.7 million Freddie Mac loan to facilitate the purchase

AMLI Residential, owned by the Morgan Stanley-managed PRIME Property Fund, owns and operates 78 apartment communities nationwide. The developer has steadily expanded its footprint in Dallas-Fort Worth, including doubling its office space at Addison’s Liberty Plaza earlier this year.

— Andrew Terrell