The husband-and-wife team behind Oak Lawn’s newest luxury condo project are cutting no corners to bring a truly memorable building to the neighborhood.
The duo, Blake Shipp and Lindsay Bayer Shipp, run Capitol Peak Ventures, a relatively new real estate investment company based in Dallas. For their first project, the couple will be building Terminal at Katy Trail, a design-driven mixed-use condo project at the corner of Buena Vista Street and North Fitzhugh Avenue. Perhaps most importantly, the eight-story project will front and have direct access to the Katy Trail.
The luxury condo project will feature 19 units starting at $2.5 million and topping out at $7 million for the lone penthouse. The condos will range from two to three bedrooms with four condos occupying floors three through five and three condos occupying floors six and seven. On the top floor will be the 6,577-square-foot penthouse with a 2,901-square-foot terrace. The condos below will range from 2,511 square feet to 4,375 square feet, each with its own sizable balcony and unique layout. The condos are being listed by Briggs Freeman Sotheby’s International Realty.
Below the condos will be 10,000 square feet of ground floor retail space and 10,000 square feet of office space on the second floor. CBRE Vice President Tommy Nelson is handling the office leasing.
One parking space per bedroom will be reserved for residents in the building’s underground, gated parking garage, with an option for residential valet parking as well. Some parking will also be reserved for guests, office tenants and shoppers.
The project has been thoughtfully designed by Austin-based Michael Hsu Office of Architecture to pay homage to the area and to various train stations around the world, since Katy Trail was at one time a former rail line.
The development team says all materials, from the brick exteriors to the marble used within the units’ kitchens will be real, and nothing will be prefabricated. This intentionality has also extended outside of the building, where the development team plans on widening the sidewalks along Fitzhugh and building a pocket park for both residents and neighbors to enjoy.
“Our goal is to build a project that will transform the corridor. We wanted to activate the sidewalks and make them larger and even create waiting lanes for Uber. We’re also working with the city now to bury power lines and create new crosswalks,” said Blake Shipp, a former managing director of Brokerage at Dallas-based Weitzman.
Despite this being Capitol Peak Ventures’ first development, its founders have both worked in the Dallas commercial real estate world for over a decade before the company was started. Early on, the couple considered a number of different possibilities for their first project before landing on luxury condos.
“We considered a lot of different options in the beginning. We noticed that there were a lot of apartments already, and the condos that were around weren’t really welcoming for empty nesters. That’s when we decided to go with large condos that felt like single-family residences,” said Lindsay Bayer Shipp.
When the rezoning process began, neighbors agreed that for-sale condos were their preference over more transient developments, like an apartment complex or a boutique hotel.
The team says a general contractor will be selected by December. The firm is expected to break ground by the beginning of next year, and the construction timeline is expected to be 24 months.
Originally posted on Dallas Business Journal.