Centurion American Plans 182-unit Multifamily Project in Downtown Dallas

Centurion American Development Group, led by Mehrdad Moayedi, is advancing a new multifamily housing project in downtown Dallas. Located at Harwood and Jackson Streets in the Harwood Historic District, the development, called The Parc on Jackson, will feature 182 units across seven stories. The complex will offer 137 one-bedroom and 45 two-bedroom apartments, with average rents around $3,000 per month. The construction is expected to be completed by next summer, with pre-leasing starting next month.

Project Background and Design

Centurion American has been planning The Parc on Jackson since 2018. Designed by 5G Studio Collaborative, the project was initially intended to complement another nearby multifamily development by the same firm. The new development aims to address the ongoing housing shortage in downtown Dallas by adding to the growing number of rental units in the area.

Centurion's Broader Developments

Centurion American is involved in several large-scale projects across the Dallas-Fort Worth area. Notably, the firm is leading a $1 billion redevelopment of Plano's Collin Creek Mall. This project will include 308,000 square feet of retail space, 2,300 apartments, a hotel, 1.3 million square feet of office space, and a park. Additionally, Centurion is developing master-planned communities in suburbs like Celina, Sherman, and Terrell.

Market Context

Dallas-Fort Worth has been a national leader in multifamily housing deliveries, with over 33,000 units completed in the first quarter of the year, according to Colliers. However, downtown Dallas saw fewer than 600 new units during this period, with most new developments occurring in the suburbs, such as the Frisco/Prosper area, which had 4,400 units delivered. The Metroplex's occupancy rate is just under 93 percent, with average asking rents slightly down to $1,515 per month in the first quarter. More than 45,000 units are expected to be delivered across the metro area in the next year.