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Real Estate / High-Rises

Ambitious New Mid-Rise Moves into the Land of Million Dollar Homes

In this Dallas Neighborhood, it’s All About the Lake

BY Joe Richardson // 05.10.17

The developers of a future condominium building at White Rock Lake are already swamped with around 100 inquiries and about 16 reservations from potential buyers, and they haven’t even broken ground yet.

The Drake at White Rock Lake will be a seven-story building boasting 90 to 100 condos situated at 7450 Coronado Avenue just off Grand Avenue in Dallas. NBKW Partners, local Dallas developers, are behind the project.

The building is in the early schematic drawing stage currently, and the developers are waiting for some final city approvals before moving on to inputting unit sizes and floor plans. Once fully approved, the building will take about 18 to 20 months to complete.

Al Coker, spokesman for the Drake, says the impending building will be unparalleled in Dallas. For one, the new development will be more affordable than the homes surrounding it.

“No one has to be told how hot the housing market is in Lakewood right across Grand Avenue in Lakewood Hills,” Coker says. “New homes run from $950,000 to $1,000,000, so being able to offer something that is affordable this day in age is terrific thing.”

It wasn’t ‘We’ve got an idea for a building let’s go find a sight for it.’ It was really the location itself driving the building.”

Prices for the new condos at White Rock Lake will range from around $290,000 to $750,000 with the average cost of a unit running in the low $400,000s.

In many ways, White Rock Lake itself informed the project. “It wasn’t ‘We’ve got an idea for a building let’s go find a sight for it.’ It was really the location itself driving the building, the design and, if you will, the aesthetic,” Coker says.

Building on the White Rock aesthetic, the developers also charged the Dallas architecture firm GDA Architects to design the building with the Golden Ratio in mind.

The ratio — denoted numerically by 1.618 and alphabetically with the Greek letter Phi — occurs when the ratio of two objects equals the ratio of the sum of the two to the larger object.

“A lot of times with good design people like it, and they’re not sure why. But if you look through nature, science or pretty much everything the ratio of 1.618 pops up,” Coker says. “From that standpoint, using that with the architects as a criteria, I think that’s really different. It’s a very esoteric way of arriving at a beautiful building.”

The source of this unique design challenge stems from the developers’ interest in Japanese designs.

“They’ve done a lot of business in Japan and much of the Japanese aesthetic is intertwined by Phi,” Coker says. “That’s where they, in their vision, said this would be a really great thing to incorporate into the design of our building.”

NBKW Partners also sought out public opinion before the conception of plans for the new building. The announcement and reservations allows them drill down into a lot of what the buying public wants in a home.

“Before we ever announced we were talking to people about different aesthetics and different things to incorporate,” Coker says. “From that standpoint, it’s better to give people what they’d like to purchase than what we think they’d like to purchase.”

In this case, that means one, two and three-bedroom units, a fitness center, a saltwater swimming pool and a dog park.

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