Mike Ablon: Paradigm Shift To High-Rise Living
It’s not a fluke or a passing trend that high-rise residential properties are popping up (and filling up). And, don’t expect to find residential towers only in Uptown and Downtown, they’re coming to the ‘burbs, too, we learned Tuesday at Bisnow’s State of the Dallas Market event. PegasusAblon principal Mike Ablon (right, with Stream EVP Tim Terrell and Madison Title's Josh Quinn) says the move to vertical residential isn’t just a passing trend, but a total change in the way people are living. People are trading their dollars for less car and more apartment; it’s reflective of a shift in what Americans want, he says.
Beyond Uptown and the Design District (where 1400 Hi Line, pictured, is located), Mike says he expects the suburban-urban cores will also sprout more high-rise housing in the next 10 to 15 years. Projects have already been announced in Legacy and they’ll be found all along the Toll Road and Preston. People today—particularly “generation connected” (Mike dislikes the term Millennials) —want to have the lifestyle experience near where they work and less than 10% of them live in Uptown. If they’re working in Legacy, they want to live in Legacy. Mike doesn’t think the demand for a suburban single-family home will disappear, but even with 28,000 new lots coming on line, it’s not enough.
