Daiwa House and Itochu Corporation jointly launch high-rise rental housing development project in Dallas city, Texas
Daiwa House Industry Starts High-Rise Rental Housing Development Project in Dallas, Texas in U.S.
Date: Jul 03, 2018
Source: Daiwa House Industry Co., Ltd.
Daiwa House Industry Co., Ltd., together with ITOCHU Corporation held a groundbreaking ceremony for the Atelier Project — a high-rise rental housing development project — on June 29, 2018, in Dallas in the U.S. state of Texas.
The 41-story rental housing complex, approximately 540 feet tall, will have retail facilities on the 1st floor. It will be located in the Dallas “Arts District,” which is lined with art galleries and concert halls in the center of Dallas. (http://www.atelierdallas.com)
Atelier Project (Images for illustration purposes)
Atelier Apartments LLC, which is comprised of three companies — Daiwa’s U.S. subsidiary Daiwa House Texas Inc., ITOCHU and Orlando, Florida-based rental housing developer ZOM Living, owns a section of this project and will operate both the rental housing portion (the total number of units: 364) and the retail facilities (space for up to four tenants).
Key Points
- High-rise rental housing with 41 stories above ground and a variety of amenities
- Development in the “Arts District,” located in the center of Dallas
- Targeting high-income earners in the millennial generation and the empty-nest generation
1. High-rise rental housing with 41 stories above ground and a variety of amenities
Atelier Apartments LLC owns the section for retail facilities on the 1st floor (14,774 square feet able to accommodate up to four retail tenants), amenity deck for tenants on the 11th floor and rental housing from the 12th to 41st floors (the total number of units: 364).
The 11th floor amenity deck will feature an entertainment lounge*2, business center, outdoor pool, fitness center and golf simulation room.
There will be a diverse lineup of floor plans– from one bedroom to three bedrooms, ranging from 702 to 2,266 square feet – so that we can satisfy a wide range of customers.
In addition, there will be an art gallery that can be visited freely by the public on the 1st floor with the aim of revitalizing this area through art.
*2: This will be a space exclusively for tenants equipped with a fireplace, sofa, television and pool table.
2. Development in the “Arts District” in the center of Dallas
- Area with very few apartment buildings lined with many art galleries and concert halls
The project is located in an area of Dallas called the “Arts District.” It is an area lined with many buildings designed by Pritzker Architecture Prize*3 winning architects. These buildings include the Dallas Museum of Art, the Nasher Sculpture Center designed by Renzo Piano, the AT&T Performing Arts Center (a concert hall) designed by Norman Foster and the Wyly Theatre (an arts and culture center) designed by Rem Koolhaas.
In addition, this is a convenient location for living. There is an approximately 226,512 square foot park rich in nature called the Klyde Warren Park and the free M-Line Trolley streetcar that connects downtown to uptown, where there are many restaurants and shops, in the surrounding area.
*3: This is a prize given to architects who have made great contributions to humanity and the construction environment through excellent architectural techniques. - Development in the highly convenient Dallas/Fort Worth metropolitan area
The project site is conveniently located only 30 minutes (approximately 20 miles) by car to Dallas/Fort Worth International Airport, a hub airport of American Airlines and the third largest hub airport in the U.S., and approximately 12 minutes (approximately 12 km) by car to Dallas Love Field Airport, a hub airport of Southwest Airlines. Furthermore, the surrounding area is home to the head office of AT&T, the largest telecommunications company in the U.S., as well as Bank of America, JP Morgan and other firms.
3. Targeting high-income earners in the millennial generation and the empty nest generation
The main customers targeted in this project will be high-income earners in the millennial generation*4 and the empty nest generation*5 working at major companies, with stable rental demand expected.
*4: This refers to the generation born from around 1980 to 1995. The size of the population of this generation in the U.S. is approximately 75 million. It is said that the millennial generation and their children’s generation (Generation Z) will become the center of rental housing demand in about 15 years.
*5: This refers to middle and old age couples whose children have become independent.
Future Overseas Development
The Company is looking to purchase and develop real estate for rent through our local subsidiaries in the U.S. At the same time, together with the single-family house business of Stanley-Martin Communities, LLC in our group, we are aiming for sales of 79 billion yen in the fiscal year ending March 31, 2019.
Moreover, we intend to develop our business in ASEAN, Australia and other regions where we are currently expanding with the aim of achieving 270 billion yen in overseas sales overall in the fiscal year ending March 31, 2019.
Property Overview
Atelier Project (Overall)
- Name: Atelier Project
- Address: 2121 Flora Street, Dallas, TX, U.S.
- Site area 44,982 square feet
- Building area: 34,885 square feet
- Structure and number of floors: Reinforced concrete structure with 41 floors above ground and two floors underground
- Proprietary company: ZRS Management (Group company of ZOM)
- Scheduled start of construction: End of July 2018
- Scheduled completion of construction: March 2021
Section Owned by Atelier Apartments
- Total number of units: 364
- Total floor space: 744,345 square feet
- Use: 1st floor: Retail facilities and lobby (art gallery)
- One portion of the 2nd to 10th floors: Private parking lot for tenants (Approx. 550 spaces)
11th floor: Amenity deck for tenants
12th to 41st floors: Housing (364 units) - Residential area per unit: 702 to 2,266 square feet
- Floor plan: One bedroom to three bedrooms
- Scheduled move-in start: September 2020
Local Subsidiary Overview
- Company: Daiwa House Texas Inc.
- Address: 222 W Las Colinas Blvd, Suite 1540 East, Irving, TX, 75039
- Investor: Daiwa House USA Inc. *100% subsidiary of Daiwa House Industry Co., Ltd.
- Capital: $226,162,000
- Employees: 14 (five employees seconded from the Company)
Inquiries
Daiwa House Industry Co., Ltd.
Tokyo PR Group: +81-3-5214-2112
PR Group: +81-6-6342-1381
