Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Dallas developer Scott Beck has landed an Aloft hotel flag at his Trophy Club Town Center mixed-use development, which could help cater to the growing corporate clientele near Circle T Ranch.
The 132-room boutique hotel will help serve overflow from the nearby Deloitte University campus, as well as serve other corporate clientele, such as Fidelity and soon-to-be Charles Schwab regional campus, which is expected to hold 5,000 employees upon completion.
"They really like the reservation system that they have with Hampton Inn & Suites in Trophy Club," Beck, president of Dallas-based Beck Ventures, told the Dallas Business Journal, in an exclusive interview.
"They are able to get reservations for both and they can cross-pollinate with a lot of people from the Deloitte campus," he added. "There's a ton of overflow from Deloitte that like the higher-end experience of an Aloft."
The hotel developer, Kriya Hotels, had initially planned on bringing a Hyatt Place hotel to the Trophy Club Town Center project, but that has changed with Marriott International's acquisition of the Starwood-owned Aloft Hotels flag and the growing corporate demand in this part of the region.
Construction on the site — the grading of the dirt — will begin by the end of the month, with hotel-specific construction kicking off by this summer after permits and plans are finalized by the town council in March.
The grading also will serve other parts of the mixed-use development, which include 60,000 square feet of retail and restaurant space serving the Town Center amenity park. Weitzman is leasing the retail space.
Later this spring, Plano-based Green Brick Partners' (Nasdaq: GRBK) townhome arm, CB JENI, will get started on about 15 townhomes, which will include a model home. In all, CB JENI will build 39 townhomes.
DALLAS—Klyde Warren Park created green space out of thin air, connecting the Uptown neighborhood with the Dallas Arts District and downtown, and has generated a real estate boom in the surrounding area.
DALLAS—Public parks strengthen communities and benefit resident health, the environment, quality of life, demand for surrounding properties and the economy. Klyde Warren Park, located at 2012 Woodall Rodgers Freeway between Pearl and St. Paul streets, created green space out of thin air, connecting the Uptown neighborhood with the Dallas Arts District and downtown.
When it comes to downtown turnaround, there is widespread praise for turning an eyesore freeway into a green space built atop it. Its transformation effectively erased the barrier between downtown and the Uptown district’s multifamily, retail and office markets.
The concept of building a deck park over the freeway may have originated in the 1960s when Dallas mayor J. Erik Jonsson decided to recess the freeway. Many years later in 2002, the idea resurfaced in the real estate community and John Zogg began to rally support for the project, says ULI.
In 2004, the Real Estate Council provided a $1 million grant to fund feasibility studies. Texas Capital Bank founder Jody Grant heard about the project and joined the cause with a $1 million personal donation and a $1 million donation from the bank.
In 2004, Grant, Zogg and Linda Owen formed the Woodall Rodgers Park Foundation, the organization that led the project from design to completion in 2012. The $110 million project was funded through a public-private partnership. Public support included $20 million in bond funds from the city, $20 million in highway funds from the state and $16.7 million in stimulus funds. The balance of funding was through individual donors directly to the foundation. The park is owned by the city, and privately operated and managed by the foundation.
Building a 5-acre deck park over a recessed eight-lane freeway took an imaginative team and a clear vision. The park was designed by landscape architect Jim Burnett, principal of The Office of James Burnett. The sustainable landscaping includes 37 native plant species and 322 trees.
The park is also a feat of engineering and design, created by Jacobs Engineering Group Inc. It is aligned with the street level and preserves clearance for the highway below. The deck is made of more than 300 concrete beams arranged in groups with spacing. Concrete slabs span the spaces connecting to the bottoms of the beams and forming trenches. The trenches act like planter boxes, allowing the trees growth space. A combination of Geofoam and specially designed soil helps keep the deck from being too heavy, according to a report by ULI.
The design and construction of the park was managed by Bjerke Management Solutions. The Texas Department of Transportation selected Archer Western as the contractor for construction of the deck plaza. McCarthy Building Companies Inc. served as the contractor to construct amenities and complete the park, GlobeSt.com learns.
Dan Biederman, president of Biederman Redevelopment Ventures, has been involved in the planning, operation, sponsoring and programming of the park. Biederman is best known for transforming New York City’s Bryant Park, as well as creating Levy Park in Houston.
“The project unlocked value and appeal for commercial building next to a gorgeous park,” Biederman tells GlobeSt.com. “It has been a catalyst for building in downtown.”
Indeed, the park has generated a real estate boom. Rents for office buildings near the park have gone up as much as 60% since 2014, and prices for development sites, such as surface parking lots, have approached $400 per square foot in some cases, says CBRE.
Along Pearl Street, which borders the northern edge of the park, two office projects are under construction. A partnership of Trammell Crow Company and MetLife is building the PwC Tower at Park District, a 20-story 500,000-square-foot office tower slated for completion in 2018, with PwC occupying 200,000 square feet of space. The building is part of the partnership’s mixed-use development, called the Park District, which also will have a 30-story residential tower and retail space overlooking Klyde Warren Park.
Across the street from the PwC Tower, Lincoln Property is developing a 260,000-square-foot 25-story office project at 1900 Pearl St. This site is adjacent to the Meyerson Symphony Center in the Arts District.
The 68-acre Arts District has been a growth generator in its own right. Nearby, the Perot Museum of Nature and Science opened in 2012 and has been attracting 1 million visitors annually. Also, new residential projects such as the 42-story Museum Tower condominiums opened in 2013.
Owners planning ‘dramatic changes’ at the building’s entry
The curb appeal of one of downtown Dallas’ most recognizable skyscrapers is about to get a reboot.
New owners of the 55-story Chase Tower on Ross Avenue are planning a makeover at the building’s entry.
“We have some pretty dramatic changes coming at Chase Tower,” said Jonathan Landau, CEO of building owner Fortis Property Group. “We want to deliver something that gives you better access to the building.”
Fortis Property, which last year paid an estimated $285 million for the 1.3 millionsquare-foot high-rise, acquired the building after it had been remodeled inside.
Now Landau plans to rework the plaza and entry to make Chase Tower more appealing to visitors, he said.
“We are going to make the plaza in front an extension of the Arts District,” he said. “Right now, it’s not very appealing for arrivals. The building has so much to offer by repositioning the plaza and creating an art component.”
A more open plaza area, landscaping, walkways and a motor drop-off are among the plans for the Ross Avenue side of the tower.
“Because of the way that plaza is now landscaped, it blocks visual and real access to
the front of the building,” Landau said. “Our approach is to open it up.
“We are going to strip clean the entire plaza and start from scratch.”
Landau said the fitness center in the retail rotunda in front of the tower on Ross will be enlarged and moved to the lower level. A restaurant will occupy the monumental rotunda space.
“We plan to bring in a toptier restaurant to the rotunda, which it was initially designed for,” Landau said. “It’s a prime location and absolutely beautiful space.”
Landau said he’s almost done with the designs for the plaza renovations and plans to start construction in the coming months. Dallas architect BOKA Powell is handling the project.
The new owner of an Oak Lawn office building — Abby Development — plans to begin a multimillion-dollar upgrade to the aging building, which could re-position the property, which sits near the popular Uptown neighborhood, to attract key tenants.
The upgrades to the four-story, 48,000-square-foot building at 3333 Welborn St. are slated for completion by the end of the year, which will bring nearly 30,000 square feet of available upgraded space to the market.
"We have spent the last several months designing a full-scale renovation that will feature best in class amenities," said Abby Vice President Mason Green, in a statement. "In this market, it's rare to find a building that offers a re-positioning opportunity of this magnitude in such an incredible location."
"Our vision is to create a workplace environment unlike any in the market, featuring a full amenity package and ample parking in a boutique, neighborhood office building," he added.
Abby Development acquired the building in Oct. 2016.
JLL'sBlake Shipley and Cullen Donahue will lease and market the building. Dallas-based Caddo Real Estate Services will oversee the property management of the building.
Abby Development's investment in the building and the firm moving its headquarters to the building demonstrates its commitment to the building and neighborhood, said Shipley, who is a senior vice president in JLL's Dallas office.
"We fully expect these capital improvements to elevate this asset within the market," he said, in a statement.
The Oak Lawn office building sits in the Uptown submarket in Dallas, which has the second lowest vacancy rate in the region at 13.7 percent, according to JLL research.
Preston Center has the least amount of vacancy in Dallas-Fort Worth, with a rate of 10.2 percent.
Former Dallas Cowboy offensive lineman and entrepreneur Robert Shaw's Columbus Realty Partners Ltd. and the City of McKinney has begun construction on a new mixed-use development on the site of the former Collin County Courthouse.
This brings to fruition a multi-year project to redevelop the nine-acre site as part of McKinney's master plan.
The new mixed-use development will bring 320 apartments, a parking garage, 45,000 square feet of office space and 20,000 square feet of retail space to the 9-acre site at the southwest corner of Davis Street and McDonald Street (State Highway 5).
"We were entrusted with a prime piece of real estate and we were dedicated to taking the time needed to ensure the right people were in place for this project to come together for the betterment of our vibrant city," said Mayor Brian Loughmiller, in a statement.
"We look forward to this development becoming a valuable extension of our historic downtown," he added.
“We are moving out the non-financial oriented firms and bringing in firms that share common goals,” Besing told the Dallas Business Journal. “We want to curate folks we know and are in the business we are in.”
Over the years, the office building, which was built in 1972, had become home to a hodgepodge of companies ranging from physical trainers to jewelry companies, in part, because property wasn’t a top investment for the Saudi Arabian family, which owned the building since 1976.
Besing brought in Staffelbach">Andre Staffelbach, of Dallas-based Staffelbach, to oversee the building's multimillion-dollar makeover.
"What we thought was fascinating and intrigued us was that it is a building with good bones, but hidden in plain sight in a premiere location," Staffelbach told the DBJ.
"People have told me they didn't even know the building was there even though they passed by it every day," he added.
The architecture firm began by working around those good bones on the building, while removing the ones that were no longer relevant. That included cleaning up the marble fronting the building, as well as the band of Calcutta stone in the lobby.
"We didn't try to invent something, but we enhanced and used products that were in line with the original building design and material," Staffelbach told me. "This is a mid-century jewel within the Turtle Creek crown."
The Staffelbach team also changed up the front driveway and enhanced the garage with slight touches in design to reference the building's adjacency to the park along Turtle Creek Boulevard.
That included adding showers and lockers for employees within the building, giving them the option to run or walk the Katy Trail and return to work.
Other upgrades included adding a tenant lounge with a grab-and-go cafe and coffee bar, as well as an adjacent 10-12 person conference room, on the second floor of the building.
"Buildings are like people, they are all different and require different attention," Staffelbach said. "This one is special, like the Crescent, when you have a chance to work with special people committed to making the journey to a desk a little more pleasant and eventful — it's a wonderful experience."
With the makeover newly completed, Dallas-based Lincoln Property Co. has been hired to lease the building, which is about 82 percent occupied. The new leases will likely be tied to capital-centric firms.
A four-story Oak Lawn office building at 3333 Welborn St. is about to undergo a major overhaul
An investor that purchased an Oak Lawn office building last fall is launching a major overhaul of the property.
Abby Development & Construction purchased the 3333 Welborn Street building, between Turtle Creek and Oak Lawn Avenue.
The four-story, 48,000square-foot office building and parking garage take up almost an entire half-block at Hall and Welborn streets. The building was constructed in the 1960s and significantly remodeled in the 1990s.
Now Abby Development, working with designer Staffelbach, plans another makeover.
Improvements will include a redo of the lobby and landscaping of the entire block. The owners will construct a rooftop terrace, outdoor workspace and employee bicycle storage.
Construction will start next month and is expected to be finished before the end of the year. Commercial property firm JLL is marketing the building.
“We acquired 3333 Welborn in late 2016 and have spent the last several months designing a full-scale renovation that will feature best-inclass amenities,” Mason Green, Abby Development vice president, said in a statement. “In this market, it’s rare to find a building that offers a repositioning opportunity of this magnitude in such an incredible location.
“Our vision is to create a workplace environment unlike any in the market, featuring a full amenity package and ample parking in a boutique neighborhood office building.”
A New York City-based family real estate investment firm has closed on a $82.75 million deal to help finance the construction of Frisco's Wade Park, a 175-acre mixed-use development near the Dallas Cowboys' world headquarters.
The deal will help fund the project, which developer Stan Thomas says has grown in size and scope over the past year.
"It's fair to say this project will be worth $3 billion upon completion," Thomas, CEO of Atlanta-based Thomas Land & Development Co., told the Dallas Business Journal, in a recent interview. "The project has escalated and is so much denser and bigger.
"Some of these buildings we have on our plans now didn't exist on the original plans," he said, adding the initial phase of construction — including the new Whole Foods grocery store, which is currently being built — will total roughly $600 million in construction costs.
The new financing deal through Gamma Real Estate will help develop the 175-acre development, which is expected to pencil out at 182 acres after a land deal with the City of Frisco closes in the near future. Terms of the financing deal were undisclosed.
Gamma Real Estate is proud to play a role in "one of the most significant development projects in the nation," said President Jonathan Kalikow.
"Frisco is one of the country's fastest growing cities, averaging nearly 6 percent population growth annually in recent years," Kalikow said, in a statement. "Wade Park will be a timely boon for this important bedroom community serving Dallas and Fort Worth."
At build out, Wade Park is expected to total up to 6 million square feet of office space, 1 million square feet of retail space, 2,800 luxury apartments and two hotels.
Whole Foods is the first tenant to undergo construction. And others will follow at Wade Park, which has a long list of project tenants that include Hotel ZaZa, The Rustic, an iPic Theater and Anthropologie.
That construction is awaiting roadways and other infrastructure before it can begin.
The initial phase will sit on the north side of the Wade Park project, which sits on natural rock and an underground parking garage. Even though the project has escalated in scope and taken longer than anticipated, Thomas said he wouldn't change a thing.