A downtown development site is changing hands with the recent sale of a 1.1-acre tract in the heart of the city’s central business district. The site was acquired by the Switzerland-based real estate investment firm, Empira Group.
Located at 711 N. Pearl St., just three blocks from the Dallas Arts District and across the street from , Empira plans to build a market-rate multifamily development consisting of 37 floors, 375 apartments, 7,300 square feet of ground-floor restaurant space, and 2,500 square feet of outdoor seating overlooking the Celebration of Life Park across the street.
“Dallas has absolutely everything our future residents need to enjoy a true ‘live, work, and play’ environment,” said Rafael Aregger, Empira’s Head of Investments. “This is such a vibrant city and we are looking forward to continuing to grow our footprint in this community building developments that will make the city proud.”
The tower will be Empira’s first North Texas development. Construction is expected to start in the second quarter of 2024.
“Dallas has been on our radar for several years as the city has rapidly transformed into a national powerhouse, attracting new residents, professional talent and business,” said Lahcen Knapp, Empira’s Chairman. “From highly-educated young professionals to empty nesters looking for a vibrant lifestyle, everyone wants to live in Dallas. Billions of dollars in private capital and public funds have been invested in Dallas’ urban core over the last few years to accommodate for the metro’s remarkable population growth. Our state-of-the-art development will provide new housing options to individuals and families who want to live within walking distance of the Dallas Arts District, shops, restaurants, parks, and their workplace.”
The development site was previously owned by Spire Realty. JLL marketed the tract for sale.
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