Crown Sterling withdrew plans for an office-to-residential building conversion in Addison following a thumbs-down vote from City Council.
In May, Addison Planning and Zoning commission recommended that the northern Dallas suburb’s City Council deny a zoning request to redevelop The Princeton offices at 14651 North Dallas Parkway into 365 apartment units and a smattering of condos. Addison City Council was set to vote on the zoning request on Tuesday before Crown Sterling formally withdrew, according to the Dallas Business Journal.
Newport Beach, California-based Crown Sterling purchased the property for redevelopment in 2024, and has had several attempts across multiple cities to rezone the building for residential use over the years. The company tried to get the office building, in Addison city limits, rezoned for all-condos, but was shot down by the city’s Planning and Zoning Commission. The parking garage, which is in Farmer’s Branch, saw an approval from the city for 130 apartments on top of the garage. The site sits at 4.69 acres in total.
The redevelopment of the nine-story office building in Addison was meant to cover, in total, 365 apartment units, 10 condo townhomes, five live-work units and office space. City spokesperson Mary Rosenbleeth told the outlet that Crown Sterling wants to go back to the planning phase.
Ever since the pandemic devastated office space value by creating remote work trends, office-to-residential conversions have been a way for growing cities to create housing for new residents out of unused space.
Industry experts have been anticipating a rebound in multifamily markets across the Texas Triangle. Elsewhere in Dallas, Endeavor snagged financing for Lucille, a 22-story high-rise in the booming Uptown area. StreetLights acquired $54 million for a 22-story apartment complex in The Park at Legacy redevelopment in Plano. Crow Holdings scored a $380 million refinancing deal for a 1,500-unit apartment portfolio, 475 of which are in Alexan Lower Greenville at 5619 Belmont Avenue.
— Hunter Cooke
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