Thursday, August 28, 2008

Second high-rise planned in Dallas' downtown Arts District

Developer Billingsley Co. is finalizing plans for its second high-rise in Dallas' downtown Arts District.

Two Arts Plaza will include more office and retail space, condos plus loft-style residences on the lower floors and an urban park.

"The next one will be a little more feminine than the first building but still contemporary and true to the neighborhood," said developer Lucy Billingsley.

Earlier this year, she finished the $150 million, 24-story One Arts Plaza at Routh and Flora streets.

The second building will be just north of One Arts Plaza at Routh and Woodall Rodgers Freeway.

The most eye-catching addition to the project will be a park and retail complex with swooping lawns and landscaping.

At the base of the new high-rise, Billingsley Co. plans to construct a five-story building with loft residences overlooking the park.

Two Arts Plaza was designed by architect Morrison Seifert Murphy, which also did the first tower.

A marketing center is expected to open in October to seek residents and office tenants for the new tower.

"The whole aim is to get a lead office tenant and let it roll," Ms. Billingsley said. "We'll take the risk and build the condos.

"We are not dreaming with this – we are just trying to get a deal done."

Construction is to begin next year.

The initial building kicked off the Arts District building boom and is now almost fully leased to office tenants including 7-Eleven Inc. and law firm Thompson Knight. And all the lower-level retail space has been rented.

More than two-thirds of the condos at the top of the tower have been sold.

By Steve Brown