Press

October 01 , 2004

FirstWorthing to build on Greenville

FirstWorthing to build on Greenville

October 1st, 2004 - Project includes retail, townhomes and apartments Christine Perez and Sandra Zaragoza Multifamily developer FirstWorthing is adding to its line of urban mixed-use projects with Cityville at Greenville, a 140-unit complex it plans to build on Greenville Avenue about a block north of Ross Avenue. The 4-acre project will include 128 apartments, 12 townhomes and 15,000 square feet of retail space, said John Allums, executive vice president. "We think it's a great location, a good redevelopment opportunity in an urban neighborhood," he said. FirstWorthing closed on the land in mid-September, paying an undisclosed sum. Kris Kaplan with Joe Foster Co. represented both sides in the land deal. The complicated transaction was a four-year endeavor that required the assemblage of five different tracts. Prior success Kaplan said she targeted FirstWorthing as a buyer because of its success with other urban projects. "I wanted someone who would help redevelop the whole area," she said. "This will bring some life to the neighborhood, which it has needed for a very long time." An old apartment complex, air-conditioning company and other mostly vacant buildings will be demolished to make way for Cityville on Greenville. After abatement, construction should get under way in January, with completion scheduled for the end of 2005 or early 2006, Allums said. Compass Bank is providing financing. This is the third Cityville project for FirstWorthing, which launched the brand last year. "The urban formula is working," Allums said. "We call it the edge of prime." Dallas-based Greenway Investment Co. will oversee the retail component of Cityville at Greenville. A few miles away, in Uptown, West Village, a large-scale mixed-use urban development is thriving. A second phase of West Village, including 150,000 square feet of retail space and 500 apartments, is under way. "I think taking urban lifestyle components you see in Uptown and having it in Lower Greenville is forward thinking," said Jill Tiernan, executive vice president of Dallas-based The Retail Connection. "I think the retail interest would be keen."