One of Dallas' busiest apartment builders has purchased land for its second major project downtown.
Gables Residential has acquired almost five acres in the central business district at Field Street and Woodall Rodgers Freeway with plans to do a large apartment community.
The property - now occupied by parking lots - is adjacent to the West End entertainment district and across the freeway from the booming Victory project.
"I think it's a great development site," said Gables' senior vice president Doug Chesnut. "It has views in one direction of downtown and the other toward Victory."
Mr. Chesnut said it's too early to provide details on what his firm will build.
Gables bought the land - almost two city blocks - from Chavez Properties, which has owned the tract since the early 1990s.
It has long been considered one of the largest prime development sites downtown.
During the 1980s, developers even proposed building a 100-story skyscraper on the site. A real estate bust put an end to those ambitious plans.
Since then, the property has been used for surface parking by visitors and workers in nearby office buildings.
Chavez Properties had recently marketed the property for sale with a price tag of more than $100 per square foot.
Michael Anderson, a Dallas attorney who represents the sellers, confirmed the transaction but declined to provide any details.
"It's a unique site, and I hope they can build a project that fits it," Mr. Anderson said.
Gables acquired the property through a Texas limited partnership called LG Magnolia LP, according to county deed records.
Gables is the biggest apartment builder in central Dallas.
The Atlanta-based developer is completing a project to turn downtown's historic Republic National Bank Building into 229 apartments.
Gables also has projects under construction in Uptown.
Dallas real estate broker Newt Walker negotiated the sale of the property. He's worked on the property since the 1980s.
"This is the fourth time I've sold it," he said.
