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Irving developer to begin new luxury community near Las Colinas’ Lake Carolyn

Source: Dallas Business Journal

Irving-based developer JPI has landed the funding it needs to break ground on a new luxury community near Lake Carolyn in Las Colinas’ urban center.

The 286-unit high-end community, called Jefferson Eastshore, will sit blocks away from the soon-to-open Irving Music Factory and the Water Street mixed-use development upon completion of construction, which is slated for fall 2018.

The development firm wanted to build in its hometown, in part, because the Las Colinas market continues to outperform in the North Texas region, said Matt Brendel, senior vice president and development partner for JPI.

The details of JPI’s financing was not immediately available Wednesday.

Plans for Jefferson Eastshore include a resort-style community pool, a fitness center with yoga studio and a rooftop terrace overlooking Lake Carolyn.

Each apartment will have an urban mud room, high-end finishes within the homes and separate showers. Some of the homes will include private yards.

The North Texas apartment market has stayed strong, despite more units being delivered by developers in some hot submarkets in the region.

Researchers and analysts say they expect rents to continue to rise albeit at a slower pace in Dallas-Fort Worth as residents continue to migrate into Dallas-Fort Worth.

 Candace Carlisle