DALLAS, TX (September 27, 2024) – The redevelopment of the former Ambassador Hotel site into an upscale apartment community just southeast of downtown Dallas is advancing.
OHT Partners, a Texas-based multifamily development, construction, and investment firm, has begun site work for a 299-unit luxury apartment community on approximately 2.5 acres at 1300 S. Ervay St. The first units could open as early as the third quarter of 2026, while the project is slated to be complete in 2027. The site also exemplifies the way communities can be revitalized by being in a Qualified Opportunity Zone (QOZ).
To respect and reflect the historical significance of the site, OHT Partners and Dallas-based architect firm Corgan worked closely with the City of Dallas, the Historic Landmark Commission, and local advocacy groups. Doing so led to the creation of a set of historic preservation guidelines that adhere to the design language of the original building in a new and elegant form.
“The new building uses many of the architectural details that harken back to the original hotel,” said Stephen Lohr, associate principal, multifamily studio leader for Corgan – adding the footprint of one of the two buildings, heightened base, regularized windows and accent side porch are all details reminiscent of the hotel’s design.
Ambassador will offer a mix of units, ranging from 502 square foot studios to 2-bedroom homes with 1,539 square feet. An expansive amenity level will rest in the center of the structure, featuring a pool that overlooks downtown and an indoor/outdoor club with a kitchen, various dining spaces and televisions. Other amenities include co-working spaces, a micro-market, dog park and grooming stations, package lockers and state-of-the-art fitness center.
Located next door to Old City Park and within walking distance to both the Dallas Farmers Market and the Central Business District (CBD), the location provides future residents with access to more than 135,000 jobs and a vibrant local community. The area is also well-connected by major thoroughfares, including I-30, I-35, and the Dallas North Tollway.
“This is an exciting time for the Cedars neighborhood, and we’re honored to contribute to its growth. Ambassador will stand as a cornerstone in the area’s continued momentum, and we look forward to what the future holds for the Cedars,” said Howell Beaver, OHT Partner’s managing director of the Dallas-Fort Worth market.
Ambassador is in a Qualified Opportunity Zone (QOZ), which is a federal program that incentivizes development in designated areas with federal tax incentives under the Tax Cuts and Jobs Act of 2017 – so long as certain conditions are met.
Ambassador marks the fourth such QOZ investment for OHT Partners, which previously developed Cactus Rose, Lenox 7th and EastPoint in Austin. It’s also the third investment BluePrint Local, a private equity firm that manages QOZ funds, has facilitated for an OHT project.
BluePrint Local’s Founder and CEO, Ross Baird, has led the investment and management of approximately $200 million into 25 QOZ real estate projects. He is also the founder of Village Capital, a venture capital firm that has been a pioneer in supporting entrepreneurs worldwide, and the author of the best-selling book The Innovation Blind Spot.
Baird said he considers OHT Partners a “best in class” multifamily developer and lauds the approach it took with Ambassador. Specifically, he notes the low-leveraged financial structure for the project combined with the tax benefits of being in an Opportunity Zone. Together, the two created a unique opportunity for investors that will ultimately bring long-term financial stability to both the project and area.
“Ambassador is exactly why the Opportunity Zone program was designed. It will provide high quality housing in Dallas, a city that has a shortage of 100,000 housing units, and it’s part of a much broader plan to reshape the Cedars and downtown Dallas,” Baird said, noting $4 billion of public investment is heading the area’s way, including the new Kay Bailey Hutchinson Convention Center and potential deck park adjacent to the Ambassador site.
Baird added: “We are proud of the excellent project the Ambassador will become, and the role it will play in making the Cedars and Dallas an exciting place to live, work, and play.”
In addition to OHT Partners serving as the developer, its sister company, OHT Partners Construction, will serve as the general contractor. Additional team members include:
- Civil engineer: Spiars Engineering, Inc.
- Structural engineer: United Structural Consultants, Inc
- Mechanical, electrical and plumbing Consultant: V3 Consulting Engineers
- Interior design: Ink + ORO Creative
- Landscape architect: Bud Creative
- Bank: IBC Bank
OHT Partners builds luxury apartment communities throughout the state. In the DFW area, it has built properties in Oak Lawn, East Dallas, Arlington, Garland and Fort Worth.
About OHT Partners, LLC
Founded in 2010, OHT Partners is a leading Texas multifamily development, construction and investment company that focuses on Class A properties in the Austin, Dallas-Fort Worth, Houston and San Antonio markets.
Media Contacts:
- Mary Alice Kaspar – on behalf of OHT Partners
- Marian Rigby – on behalf of OHT Partners
-###-
