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Many of the small homes in the West Dallas neighborhood just south of Singleton Boulevard date to the 1940s and ’50s. Some are even older.
But a housing community on the way for the area near the popular Trinity Groves development will bring hundreds of new houses. Megatel Homes, one of North Texas’ biggest builders, has finished work on the first phase of its SoHo Square project on Borger Street.
"We control more than 50 acres of land," Megatel CEO Zach Ipour said. "We have the largest residential development right next to Trinity Groves.
"It’s planned to have over 1,000 lots."
Other developers have built housing in the area just west of downtown, but Megatel wants to have the major for-sale home community.
"I think we are the largest landowner" after Trinity Groves developers, Ipour said.
He said the first phase of the SoHo Square project will have 229 homes — a combination of townhouses and single-family homes. The project ultimately could be worth more than $300 million.
Prices for the townhouses will start near $250,000, and houses will start at about $370,000.
"We are targeting renters in Uptown and downtown," Ipour said. "They can come to this project and own a home and the payments would be equal or less than they are paying in rent."
SoHo Square is next door to the $400 million Trinity Green, a 25-acre development that includes apartments and a small residential development being built by David Weekley Homes, with houses starting near $400,000.
Construction also is underway on a 324-unit apartment project in Trinity Green that is being built by Wood Partners and development owner Stonelake Partners.
The SoHo Square community will be off Singleton Boulevard west of downtown Dallas.
A 355-unit apartment community in Trinity Green opened in early 2017 and is almost fully leased.
Trinity Green and SoHo Square are a few blocks west of Trinity Groves, the popular complex of restaurants, bars and apartments on Singleton Boulevard near the foot of the Margaret Hunt Hill Bridge.
Ipour said Megatel just filed the building permits for its model homes at SoHo Square.
"We are starting with 25 homes," he said. "We are building a $3 million community center that has over 3,000 square feet, with a fitness center and bowling alley and swimming pool."
Most of Megatel Homes’ communities are in the suburbs. The builder has homes in more than five dozen North Texas locations.
Megatel is wrapping up a townhome development on Flora Street just east of downtown Dallas’ Arts District. The two-bedroom homes start at $469,000.
Suburban builders are increasingly looking at D-FW urban locations to woo younger buyers.
"The builders are getting feedback from the buyers, who are saying they want to be closer in and in areas that already have services," said Paige Shipp of housing analyst Metrostudy Inc. "Anything below $300,000 there is such a larger pool of demand."
Shipp said younger buyers in particular want shorter commutes and often aren’t interested in driving to the far suburbs to purchase a house.
"That buyer is much more concerned about the price point and geographic location than what we have traditionally thought was important, including the schools and the house size," she said. "This is really considered entry-level — people who are buying their first home.
"They want the dream of homeownership and they don’t want to drive."
SoHo Square includes a $3 million pool and community center.