Prospective tenants who walk through the front doors of Addison's new Savoye apartments usually do a double take at the eye-popping design.A wall in the lobby is plastered with bright cushions and big-screen TVs. A metal staircase curves above the round leasing office. And at the top of the stairs is a residents' lounge with enough bling to fill a high-fashion hotel.
Cabanas are installed near the 'Splash' pool area at the Savoye apartments in Addison. Las Vegas-style pools are what it takes these days to lure renters willing to pay more than $1,000 a month…
Addison city officials wanted a wow factor three years ago when they teamed up on the project with developer United Dominion Realty.
The Dallas suburb might not seem old enough for redevelopment, but that's exactly what the town is doing – replacing an aging apartment district on its western edge with new housing, retail and parks…
The 120-acre development with the unwieldy name of Vitruvian Park is just south of Spring Valley Road near Brookhaven Collage.
The first phase of the $1 billion redevelopment – almost 400 luxury apartments – will open in two weeks…
Vitruvian Vision
There's 16,000 square feet of retail space in the first phase and more planned for later. Addison, which has about 15,000 residents, ultimately expects to see almost 5,000 housing units in Vitruvian Park. Of course, the project's years of planning and construction didn't include opening the project during an economic downturn.
Groundbreaking for the second phase will depend on how leasing does and where the economy goes, the developer says. The new apartments will compete head to head with other luxury rental units on the Dallas North Tollway in Addison Circle and near the Galleria. UDR is also giving discounts at its new Belmont apartments in Old East Dallas. Such concessions are common for new rental complexes.
For more information about Addison TX new Savoye apartments…
By Steve Brown / Photos by Michael Ainsworth / The Dallas Morning News / 9:03 AM CST on Friday, February 19, 2010 / www.dallasnews.com
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