Phoenix-based Alliance Residential Co. has closed its deal to buy nearly 3 acres at the corner of Summit Avenue and West Fifth Street near the Pier 1 Imports Building for a 345-unit apartment community.
The deal closed July 11, according to deed records. Alliance took out a $43.2 million note with Capital One to buy the land from Houston-based Hines, deed records show.
The project, called Broadstone 5th and Summit, will have efficiency, small and large one-bedroom units and nine, two-story townhomes fronting Summit Avenue, said Chad Jackson, managing director of Alliance Residential’s Dallas office.
“The project will provide a little bit of everything from a unit type perspective,” Jackson said. “The townhomes will be upgraded residences, with direct access to the homes through private garages within the podium parking structure. The townhome residents will also have direct access to the street via stoops.”
Construction is expected to begin by the end of July, with plans for a leasing office open and the first units ready for move-in by summer of 2018, Jackson said.
The property will feature an amenity terrace on the third level of the buildings, that will include a resort-style pool with views of downtown as well as a courtyard with fountains and lounge areas. Amenities will also include a two-level resident club and fitness area with a spin/yoga studio, among other things.
“There will be outdoor kitchens, a fire pit area, and an artificial grass area for lounging and laying out,” he said.
The property will also feature a business center with individual offices, Wi-Fi lounge and conference room and a bike storage and repair shop, he said.
Hines, a real estate firm, bought the Pier 1 site in August 2014 from Oklahoma City-based Chesapeake Energy. Hines renamed the building for its major tenant, Pier 1 Imports.
Pier 1 built the 20-story office tower as its headquarters in 2004 and later sold it to Chesapeake.
Hines put the 3-acre tract up for sale in April 2015 and had it under contract to Alliance within months. Alliance began receiving city approvals for its project in October.
Hines still owns the 20-story office building and other adjacent vacant tracts.