A joint venture between Provident Realty Advisors of Dallas and The Kroenke Group of Columbia, Missouri has broken ground on a large mixed-use development on Canal Street called “Canal Crossing.” The site is the surface parking lot at 1535 Canal Street.
Project plans include the construction of a 400,000 square foot, nine-story building with ground floor commercial, a 10,000 square foot courtyard and the upper floors residential, and a ten-story, 187,000 square foot parking garage with 500 parking spaces. The garage ground floor also features a pet park.
The project will offer 330 one-bedroom and two-bedroom market-rate apartments. The units will all feature balconies.
According the plans filed with the city, the construction value is $61 million. With soft costs and land value (the developers purchased the 80,000 square foot lot for $10 million in January 2016), the project could be valued at closer to $85 million.
There is a ton of other activity in the area, including the $130 million Jung Hotel redevelopment, the renovation of the former UNO Technology Tower into two Marriott Hotels, and the renovation of the blighted building at 1630 Canal Street in to another hotel.
The Canal Crossing team also includes designer Wallace Garcia Wilson of Houston and New Orleans-based Mathes Brierre Architects (who is also working on the Virgin Hotel). Dallas-based PRA Construction LP is the general contractor.