Texas-based real estate firm Stonelake Capital Partners plans to open a 17-story residential tower next year in Dallas’ Deep Ellum neighborhood.
The more than $123 million skyscraper will be built on Taylor Street near Malcolm Boulevard X, according to planning documents filed with the state.
The site is now occupied by a one-storey office and industrial building.
Called The Ford, Stonelake’s Deep Ellum tower will feature 13 levels of apartments above a four-story garage.
ZCA Residential, based in Houston, is designing the project, which is expected to start in May and will last two years, according to information provided to the Texas Department of Licensing and Regulation.
The planned Stonelake residential project is one of many new apartment developments underway in Deep Ellum.
Stonelake Capital owns over $3.5 billion in Sun Belt real estate.
He recently formed a partnership with Dallas businessman Mike Karns to develop the two-block property at Woodall Rodgers Freeway and Field Street includes the El Fenix restaurant.
Stonelake Capital is also the developer of the 25-acre Trinity Green apartment and single-family home community on Singleton Boulevard in West Dallas.
And the company is building more than 2 million square feet of industrial properties in North Texas.
In downtown Austin, Stonelake is building a 47-story office, apartment and retail tower.