(September 14, 2015)
Dallas’ booming Victory Park neighborhood is getting another development. This one is in a century old historic project. Developer Leon Capital plans to build a 6-story apartment block in the Magnolia Station community located next door to Victory Park. The 104-year-old former oil company complex was redeveloped into loft apartments in the 1990s. Now a 60-unit one-of-kind rental building will go up as part of the development.
“We are hoping to start construction in the next 30 days,” said Leon Capital’s managing director David Cocanougher. “We are looking forward to adding some more rental units to the property and improving amenities for our residents.”
The new building will replace eight apartments built in the 1990s.
“It’s the only non historic structure on the property,” Cocanougher said.
Dallas-based Architecture Demarest designed the building with red brick and glass to fit in with the old structures.
“It’s not as impactful as a lot of the other construction going on around us, but it complements the property very well,” Cocanougher said.
Victory Park is currently seeing a construction binge, with work starting on two more high-rise residential towers. Two more apartment towers are planned in the development on the northwest edge of downtown.
“It’s pretty exciting to see what’s going on down there,” Cocanougher said.
Starting, the late Dallas developer Bennett Miller created Magnolia Station out of six vacant buildings built between 1911 and 1917 that formerly housed the Magnolia Petroleum Co. The office and manufacturing buildings were virtually unchanged since the 1920s when Miller did the redevelopment. There were more than 60 apartments in the original construction.
Leon Capital is a commercial real estate firm that has done projects in the Sun Belt and Mexico.The developer is also building a 6-story apartment building on Oak Grove Avenue in Uptown.
This article originally appeared in the Dallas Morning News, September 2015.