West Village to get 6-story apartment building

Developers are about to break ground for the biggest apartment building yet in Dallas' West Village neighborhood.

The six-story, 371-unit Monterey complex will be constructed on McKinney Avenue just north of Blackburn Street. The vacant site is adjacent to the 20-story Mondrian apartment tower.

Criterion Property Co. is constructing its Monterey building in a Spanish-Mediterranean style with stone, stucco and tile exteriors.

The project is a high-profile local development debut for Criterion, which has offices in Dallas and Boston.

The builder has been working on the McKinney Avenue project for almost a year, said Jason Leeds, vice president and Texas region partner.

"The momentum and excitement about the location has continued to grow," Mr. Leeds said. "When we tied the site up, some people were scratching their heads."

With the recent expansion of retail space, the West Village area has become one of Dallas' most popular dining and shopping districts. Developers also have flocked to the market with new apartments and condominiums.

Criterion Property is marketing its new rental community as a resort hotel-type project with amenities including a waterfall pool, outdoor kitchens and fireplaces, courtyards with fountains and outdoor plasma televisions. There's also going to be free wireless Internet access.

"It will help us compete in an incredibly competitive marketplace," Mr. Leeds said. "We took a lot of imagery for the architecture from the Santa Barbara area of California."

The first units will be ready in late 2008 and will rent for close to $1.80 per square foot.

KeyBank Real Estate Capital has provided financing for the project.

Humphreys & Partners is the architect.

The land was acquired from Cityplace Development Co. Unlike other apartment projects near West Village, the Monterey will have no ground-floor retail space. "We're not retail guys – we are sticking to what we know best," Mr. Leeds said.

Since the West Village opened in 2001 with 170 rental units, apartment developments in the area have grown steadily larger.

The Mondrian has 218 units. And the Bryson at Cityplace building contains 232 units.