A Dallas-based multi-discipline firm is in the process of bookending the Cedars with multifamily projects to the northeast and southwest ends of the district. The team at BMH As-Built USA and Soho Construction–or BMH for short–market themselves as architects, developers and contractors. Led by developer Saeed Mahboubi, BMH has been working out the details for Destination Residences at 1100 Peters Street for some time.
More recently, Mahboubi purchased the Mirabeau B. Lamar School campus at Corinth Street Road and Gould Street from the Dallas Independent School District for $1.2 million. He announced in May his intention of converting the historic red brick building to 30 apartment units.
Destination Residences, a 62-unit luxury condominium project, has been anticipated for a couple years. BMH had a promotion sign on site claiming units would become available in summer 2016, but as recently as March 2017, the financing still wasn’t in place.
This is despite that fact that on October 31, 2016, Soho Construction pulled building permits for a six-story structure. The project site started as a secured surface parking lot that is enclosed on four sides by high masonry walls. The idea was to remodel the existing parking lot into a two-level parking garage. Beginning at the third level, Soho would build condominium units–19 units each on the third, fourth and fifth floors, and five units on a sixth floor.
In early May, BMH was able to announce that it had obtained about $10 million in construction financing. Dallas-based Metropolitan Capital Advisors Ltd. brokered the financing on behalf of 1901 Harwood LLC, the entity Mahboubi’s firm created to own the property.
Just prior to signing for the construction loan, Mahboubi replatted the property in February through the City Plan Commission. The 10-foot building lines were removed from Griffin Street and Peters Street to “allow the property to be developed in accordance with” regulations of The Cedars district, staff said.
Destination is to be a 114,390-square-foot structure, according to its building permit records, and will have a total of 124 parking spaces. BMH has informed brokers that it will offer one and two-bedroom condo units ranging in size from 950 to 1,185 square feet.
Whenever Destination does open, it will benefit from some great synergy. The 237-room Lorenzo Hotel recently opened across the street, which is marketed as an “art centric boutique hotel” that features art throughout the property–more than 600 original pieces.
Ahboubi’s latest project, the renovation of the historic red brick Lamar School building, will be a block away from another Buzzworks development–Digit 1919 at 1919 Akard Street reached substantial completion last month.
Built in 1915, Lamar School was one of 30 surplus properties the school district placed on the market in 2016. Roumaya was also interested in purchasing the campus for a residential project, but Ahboubi had the better offer. The campus occupies the entire block bordered by Gould Street, Savannah Street, Browder Street and Corinth Street Road.
When Mahboubi purchased the site, he suggested the loft apartments offered would be relatively small, between 400 and 600 square feet each, with starting rents under $1,000.