Monday, June 08, 2009

Wanted: Partners to Develop 45M SF

DALLAS-With close to 60 acres firmly in hand just west of the CBD, West Dallas Investments LLC is moving forward to get the plot developed. The local partnership is seeking a partner, or partners, to help develop Trinity River West, a mixed-use project that could total 45 million square feet at an estimated cost of $120 million.

Jones Lang LaSalle Inc. vice president Scott Cullen tells GlobeSt.com that entities with both money and development expertise are being sought for the project along the banks of the Trinity River. Cullen is working with Jones Lang LaSalle managing director John Vick and senior associate Justin Bates to find partners that know how to put up full mixed-use district developments.

Though uses for the acreage are far from set in stone, the developer's thought is that the land could hold residential, retail and office product. But Cullen cautions that there is a long path to travel between here and there. "You wouldn't know, by looking at this site, that it is one 57-acre parcel," he explains. "This consists of a number of different parcels assembled over time. It's a mix of light industrial and some residential." He goes on to say that buildings on the site are still occupied.

Once the partner, or partners, are found, the next step will involve long-term planning and ensuring that the right zoning and entitlement plans are in place. And that's even before horizontal development begins.

Still, West Dallas Investments, which includes Dallas restaurateur Phil Romano and local businessman Larry B. McGregor, have spent years assembling the land. Cullen says it's a good sign that the partnership is moving forward on the project.

"The idea is to find someone, a national or internationally player, that has development expertise on this type of development," he adds. "We're talking about a totally new district in Dallas, that could be an extension of the CBD across the Trinity River. WDI has been the acquirer of the land. Now it's time to find others with a level of expertise to take this to the next step."
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By Amy Wolff Sorter with Globest.com