Image courtesy of RangeWater Real Estate

An Atlanta-based developer bought the 1.25-acre lot that once held the beloved Lower Greenville restaurant Pietro’s last month, and now we know what RangeWater Real Estate intends for our neighborhood.

It’s an eight-story apartment building with 236 units. The first three stories would consist of street-facing units, “similar to brownstones in older cities,” the Dallas Morning News reports.

The building’s south side will have a pedestrian plaza, a pool deck and views of Downtown, the newspaper reports. It’s expected to open in 2022.

Pete Eustachio and wife, Grace, owned Pietro’s for 55 years and raised their children onsite, living in the same building as the restaurant, like an East Dallas “Bob’s Burgers.” The restaurant closed in 2015, and the Eustachios sold the property to Madison Partners two years later.

The new building, in the 5700 block of Richmond Avenue, adjacent to a one-story restaurant and two-story apartments, will be the tallest building on Lower Greenville. It’s a new look for the neighborhood, where Trammell Crow recently opened the five-story Alexan Lower Greenville about two blocks away.

RangeWater, formerly known as Pollack Shores, entered the Texas market last year with a 240-unit, four-story apartment building that’s under construction on Ross Avenue.

RangeWater Real Estate is also building a four-story apartment building on Ross Avenue.

More apartments were built in the Dallas/Fort Worth area than anywhere in the United States over the past two years. More than 43,000 units currently are under construction, and 26,000 new apartments are expected to go on the market this year.

Apartment towers make up about 14 percent of what’s being built.

Twenty high-rise apartment buildings comprising more than 6,000 units currently are under construction in Dallas, the newspaper reported last week. And movin’ on up will cost you about twice what a typical apartment goes for, with average rents over $2,300 a month and top-floor penthouses going for as much as $10,000.

Who are they being built for? Young professionals as well as older empty nesters, the newspaper reports.

Meanwhile, data also shows that Dallas residents who find themselves priced out of the market are moving east to Tyler.

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