Proposed $600 Million Dallas Luxury Towers
The two-tower luxury project at 5114 McKinney Avenue aims to bring 153 condos and a hotel to the Knox-Henderson neighborhood.
Updated on Oct. 26, 2026 in Commercial
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Developers Jonas Woods and Ignite-Rebees have proposed a $600 million luxury project at 5114 McKinney Avenue in the Knox-Henderson neighborhood. The site, formerly home to the Monticello West assisted living community, is slated for two towers featuring 153 luxury condos and a 97-key hotel.
Why it matters
The proposal aims to reshape the Knox-Henderson skyline near the Katy Trail, though it currently requires zoning variances to exceed the area's existing 240-foot height limit. The project represents a major investment in high-end residential real estate for the Dallas market.
The Ivy Park tower is designed for 30 stories and 400 feet, while the secondary English tower is planned for 20 stories. Projected prices for the 153 total residential units are expected to range from $2 million to $8 million.
The players
Jonas Woods
A real estate developer known for major high-end residential and commercial projects in the Dallas area.
3-0 Real Estate Partners
The development entity responsible for the proposed luxury twin-tower project.
Texas Department of Licensing and Registration
The state agency responsible for overseeing building permits and regulatory compliance for commercial developments.
The details
The development entity 3-0 Real Estate Partners plans to transform the 2-acre plot by sharing an underground parking garage between the two new structures. The developers seek to build significantly higher than the local 240-foot zoning limit to accommodate the 400-foot Ivy Park tower. If approved, the site transition from assisted living to luxury high-rise will mark a significant shift in the neighborhood's density profile.
Timeline
2023: Developers filed initial permits for the property.
Late 2027 or early 2028: Planned start of construction.
The Home Front
This development marks a push toward increased vertical density in Dallas, testing the bounds of established local height restrictions. It sits within a broader trend of high-end, transit-oriented residential projects replacing aging low-density structures along urban corridors.
Local homeowners and commuters should prepare for future construction-related traffic and site noise along the Katy Trail if the project moves forward. Nearby residents may want to monitor city planning meetings for updates on the requested zoning height variance.
The takeaway
Large-scale luxury developments are moving through the permit process, signaling a shift in density for the Knox-Henderson area. Residents near McKinney Avenue should track upcoming zoning committee agendas to stay informed on potential height limit changes.
Further reading
For more on high-end property trends, visit Dallas Commercial.
Source note: This article includes information reported by The Real Deal New York.
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