Houses traded for apartments for new Energy Corridor project

 

By Jenny Agee-Aldridge

A Dallas-based development group plans to build a midrise apartment complex on land it recently bought in the Energy Corridor that contains a small neighborhood.

Blackhaw Partners LP, a subsidiary of JDMco LLC and J.D. McCaslin & Co. Inc., purchased 21 contiguous residential lots in the Addicks Dam Subdivision for an undisclosed amount to build a 10-acre redevelopment project.

The lots are north of Interstate 10 and the proposed extension of Park Row Boulevard near Eldridge.

It took two and half years to complete all the sales of the deals, said Mark Kidd Sr. of Houston-based M Kidd Properties Inc., who represented most of the sellers, including the homeowners, families and investors in the transaction.

The Energy Corridor is seeing more multifamily projects.

Last month, The Finger Cos. opened its new 360-unit Energy Corridor complex, The Grove at Wilcrest. It’s currently 14 percent occupied, and construction is still ongoing. Finger closed on the property on Interstate 10 in 2012. Also in the Energy Corridor, the Worthing Cos. of Atlanta is constructing a 342-unit luxury complex on a 9-acre site in the Wolff Cos.’ Central Park, a 78-acre mixed-use development located on the north side of Interstate 10 between North Eldridge Parkway and Highway 6 in the Energy Corridor. The apartments will be ready for lease by October.

Office construction and job growth in the Energy Corridor is creating the need for more upscale multifamily housing in the area, according to David Hightower, executive vice president and chief development officer of Wolff Cos.

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