Thursday, January 19, 2017

AT&T unveils $100M redevelopment plans for its Dallas campus - and what could stand in the way



Telecom giant AT&T (NYSE: T) plans to begin construction "fairly quickly" on the $100 million redevelopment of its downtown Dallas campus after getting necessary approvals from the City of Dallas in February, says one executive.

"We hope to receive the necessary approvals from the City of Dallas by the end of the first quarter and begin the six-month design process after that," said Mike Peterson, a vice president for external affairs with AT&T, told the Dallas Business Journal.

"We will start actual construction later this year with completion in 2019," Peterson added. "We want to get underway fairly quickly."

The AT&T redevelopment plan, which includes the redesign and closure of some Dallas streets, will need city support. AT&T is also asking the city to invest in the project — although those discussions are ongoing.

So far, Mayor Mike Rawlings and other Dallas City Council representatives have been receptive to AT&T's plans to reinvest in its downtown campus, he said.

Plans for the upgrades include expanding the sidewalks around the campus for employees and customers; improving the landscaping and lighting; and adding a mini-amphitheater in the center of the campus with a stage area and raised green space for festival attendees.

"We want to really bring it all together and activate that space as well as the first-floor restaurant and retail space," Peterson added.

Peterson said AT&T has yet to hire an architectural firm to design the upgrades to its four-block downtown Dallas campus. Gensler has designed the conceptual renderings of the project.

Last year, AT&T added 500 employees to its Dallas campus, with further plans to add another 500 workers this year. AT&T currently has about 5,800 employees in the campus.

With the campus upgrades, AT&T will have enough room to house up to 7,000 employees.

The upgrades to the campus will allow AT&T to reinforce its presence in downtown Dallas with a customer-friendly campus, helping about 250 visitors a day visit its facilities.

Each year, that adds up to 60,000 visitors, which generates a lot of economic activity in the Dallas central business district, Peterson said.

See Full Article Here
Candace Carlisle/Dallas Business Journal


DISD site goes for $9M




Kye R. Lee/Staff Photographer
The buyer declined to comment on plans for the DISD headquarters property yet, but brokers say the developer plans apartments and retail for the property.

A Dallas apartment and commercial building developer is offering more than $9 million to buy the Dallas Independent School District headquarters on Ross Avenue.

Leon Capital Group won a bid to purchase the buildings at Ross and Washington avenues just east of downtown. The office buildings are on part of almost 10 acres DISD owns in the Ross corridor, an area that’s seeing rapid redevelopment with apartments, shops and townhouses.

The school district held an in-house auction late last year to take bids for the Ross properties and other surplus real estate in the area. Leon Capital was the top bidder for the headquarters.

A contract to purchase the buildings must be approved by the district’s board of trustees at a meeting later this month.

“It’s a lengthy process,” said DISD spokeswoman Robyn Harris. “The next step in the bid process for Dallas ISD’s surplus real estate is for the administration to recommend to the board each of the properties that received high bids, and were within market value.

“If the board holds a vote, the process continues and would need to go to our legal services department to execute a sales contract on the properties voted on, and will work toward closing on each,” she said. “That part of the process generally lasts about 90 to 120 days before a property is officially closed on.”

Leon Capital officials declined to comment on their plans for the DISD headquarters property until after the school board approves the contract.

Real estate brokers say the developer plans a combination of apartments and retail for the property.

The DISD buildings are blocks away from where apartment developers are putting up hundreds of new rental units.

A decade ago, the area was dominated by used-car lots and second-hand furniture stores. But with growth in downtown’s Arts District and the boom in nearby Uptown, developers are buying up properties along Ross and nearby Live Oak Avenue.

Along with the main headquarters building at the south corner of Ross and Washington, the district has two other corners at Washington and parking lots on San Jacinto Avenue.

The San Jacinto properties received high bids from townhouse builder Intown Homes, which has multiple projects in Dallas. Builder Centre Living Homes was the top bidder for one of the Ross corners now occupied by two small buildings.

Leon Capital Group, headed by Fernando De Leon, has done apartment, retail and self-storage projects in 10 U.S. states and Mexico.

The developer has a new apartment building at Lemmon Avenue and Oak Grove in Uptown, and the company is building apartments at the Magnolia Station development northwest of downtown on the edge of Victory Park.


Steve Brown/Dallas Morning News

Wednesday, January 18, 2017

Big retailers jump into sports game


Andy Jacobsohn/Staff Photographer
Frenzi women’s clothing store is among the specialty shops at The Village at Fairview. Construction to renovate the mall will begin in two to three months, says Robert Dozier, Lincoln Property executive vice president.
J.C. Penney and Kohl’s are upping their athletic wear game as they look to fill a void left in sports retailing.

One of North Texas’ largest shopping centers has quietly changed hands. And the new owner plans to make significant changes at the regional center that has struggled since the recession.

The 1 million-square-foot The Village at Fairview on U.S. Highway 75 has been purchased by Dallas-based Lincoln Property Co. Lincoln acquired the big retail venue on Stacy Road at 75 from Prudential Insurance, the original financial partner in the project.

Lincoln plans to spend $50 million revamping the center, anchored by Dillard’s, Macy’s and J.C. Penney department stores.

“Million-square-foot shopping centers don’t trade often in Texas,” said Robert Dozier, Lincoln Property executive vice president. “We thought this was a great opportunity. There is a lot of demand from retailers and other tenants that love that location and the area.

“It’s a beautiful center and we are going to make modifications that will make it resonate.”

Lincoln Property acquired the huge Fairview shopping center after Prudential Insurance put it up for sale. Prudential also owns The Village at Allen shopping center to the south.
“They spent more than $300 million on the project,” Dozier said. “But it delivered in 2009 and 2010 in the teeth of the recession.

“The market dried up, and the project never got over 65 percent leased. There is 200,000 square feet of vacancy — we have a lot of leasing to do.”

As part of its renovation plan, Lincoln Property will tear down nearly 50,000 square feet of the shopping center to open it up more for traffic and create a central green space.

“We are opening it up, eliminating some pinch points and creating better sight lines,” Dozier said. “It’s hard to buy a project and tear down space, but it’s the right thing to do.”

The 200-acre project will be renamed Fairview Town Center. Lincoln has hired Dallas-based O’Brien Architects to handle the makeover.

“The architecture of the project is tired,” said company founder Jack O’Brien. “There are parts of it that really don’t look so great. We are going to improve and modify cosmetically the architecture.”

O’Brien said the new park area in the center of the property will add to activity levels.“These projects need to have a central gathering place,” he said. “It gives it a spot to have performances and gatherings.

“We are going to provide a big grass panel out there for the kids to play in.”Original restrictions on the developer kept signs at the center small and made it hard for shoppers to determine locations of merchants. Lincoln Property and O’Brien are working on a series of lighted towers with signage, including large monument signs.

“Driving down Stacy Road, you wouldn’t even know a lot of what is back there,” O’Brien said. “You don’t know where to go in and who is in there because the signs are so small. We are going to fix that.”

Lincoln Property worked with the town of Fairview on the redesign and new signs.“This is the town’s project,” Dozier said. “They want it to be a success and we do too.

“We are two to three months from a construction start. You are going to see a lot of the renovation start taking place in the summer.”

Lincoln Property also acquired several development tracts surrounding the shopping center. And Dozier said he’s considering additions that would bring more visitors.

“We are working on a redevelopment plan for the corner of Greenville Road and Stacy,” Dozier said. “We are looking at adding work components that would be for creative office tenants.”

A building surge is underway on the north side of the shopping center. Other developers are building a 100-room limited service Hilton Hotel and a 117 suite Residence Inn. Apartment builder Greystar is building a 200-unit active adult residential community called Overture Fairview.

“There are 500 apartments next door that are all leased and doing extremely well,” Dozier said. “This shopping center just needs a developer to come in and reinvest the capital and time.”


Steve Brown/Dallas Morning News

Rents Remain On The Rise With Job And Population Growth


Routh Street Flats is a 208-unit midrise apartment complex located in Uptown.


DALLAS—Uptown gets high marks for walkability and in general, is the hip place to be in Dallas. A wide variety of employment centers, retail, restaurant, nightlife, arts and culture, and the M-Line Trolley are within easy walking distance.
Within Uptown, Routh Street Flats is a 208-unit midrise luxury apartment complex built in 2015 located at 3033 Routh St. The complex was recently acquired by The Kislak Organization from seller Alamo Manhattan for an undisclosed purchase price. With this acquisition, the Kislak portfolio now includes four multifamily communities in the Dallas/Fort Worth market, including McKinney Uptown Apartments, and more than 2,000 units in properties nationwide.
“Routh Street Flats was purchased at a discount to replacement cost, and the price was in line with other new construction multifamily buildings within the Dallas metroplex and in major metropolitan markets across the country,” Tom Bartelmo, president and CEO of the Kislak Organization, tells GlobeSt.com.
The class-A six-story building has 149 one-bedroom units and 29 two-bedroom units, and a gated parking garage. The unit interiors feature granite countertops and designer fixtures, along with spacious 9-foot ceilings and 8-foot doors. The property’s amenities include a rooftop terrace with city views, infinity pool, fitness center, business center, bike repair station, pet park, resident lounge, firepits and picnic area.
“We are pleased to increase Kislak’s presence in the Dallas market, where strong job and population growth continue, and rents remain on the rise,” said Bartelmo. “Routh Street Flats is a beautiful property in a vibrant neighborhood, making it a perfect fit for Kislak as we grow and elevate our multifamily portfolio.”
Lisa Brown/GlobeSt.

Monday, January 16, 2017

How DFW's 2017 population outstrips the rest of the nation

Business First developed a computer formula that uses 15 years of demographic data to estimate the population of any community at any given moment. It focuses primarily on the 108 markets with more than 500,000 residents, which are defined as major metros.
The formula has generated each area’s populations for the beginning and end of 2017, as well as the anticipated dates when specific milestones might be reached.
Dallas-Fort Worth is the first market projected to hit such a benchmark this year, reaching a population of 7,300,000 as of Jan. 14.
Dallas-Fort Worth and Houston are expected to be the nation’s most prolific markets, each hitting a pair of milestones. The odometer for Dallas-Fort Worth is projected to show a population of 7.3 million in mid-January, as noted above, followed by 7.4 million on Oct. 21. The milestones for Houston are 6.9 million on March 13 and 7.0 million on Nov. 17.

     
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