Embracing the demand for the mixed-use concept of upscale apartment living close to restaurants, shopping and the Southern Methodist University campus, Dallas-based Prescott Realty Group recently opened The Shelby Mixed-Use Development on SMU Boulevard.
With construction recently completed, the residential part of the project was 50 percent leased within 30 days of opening. The Shelby is well positioned in the University Crossing neighborhood near SMU between Central Expressway and Greenville Avenue from Mockingbird Road to Lovers Lane. Its location offers overall convenience to restaurants, shops and stores – all within walking distance.
“The Shelby is a great addition to the University Crossing area bringing both new residential homes and retail to SMU Boulevard,” said Taylor Stone, Prescott Realty Group managing director. “The one- and two-bedroom floor plans have a sophisticated finish-out rivaling many of the new, upscale condominiums and townhomes in Dallas.”
The five story mixed-use development has two levels of covered parking with elevator access underneath the residential homes. With 55 apartments featuring spacious floor-plans situated directly above ground floor retail, The Shelby is experiencing strong demand for its units.
The Shelby offers access to an indoor/outdoor club room, fitness facility and a lifestyle deck - which has sweeping views of the downtown skyline - that includes an outside fireplace, and a flat screen TV for entertaining.
A Transit Oriented Development, The Shelby is within walking distance of the Mockingbird Station DART rail stop, SMU, and the new George Bush Library.
Retailers have shown immense interest for space in the mixed-use development within University Crossing for several reasons.
“The location within walking distance of SMU along the main boulevard to the campus immediately adjacent to the new George Bush Library and near Mockingbird Station Dart station is one key source of interest,” Stone said. “And the improvements which are being planned to the street for pedestrian and trolley access are another among many projects in the works.”
Taking advantage of the great location is the fourth site for Twisted Root Burger Co., which leased all 3,700 square feet of retail space at The Shelby.
“We had several retailers vying for the location and chose Twisted Root because we knew it would be a great draw because of its loyal following and excellent burgers,” Stone said.
“We continue to see extraordinary leasing interest in the area and to have Twisted Root Burger Co. as an anchor for our Shelby project adds a much needed dimension of a high quality retail restaurant to an underserved corridor near SMU,” added Mark Henderson, Prescott Realty Group managing director for retail.
Prescott Realty Group has several mixed-use projects in Dallas in addition to The Shelby including Lake Highlands Town Center.