Tuesday, January 29, 2013
Developer buying up land along Ross Avenue
Dallas energy and real estate firm Headington Cos. has bought up several blocks on Ross Avenue for a major downtown development.
The firm headed by oilman Tim Headington is already a big investor downtown with its Joule Hotel and other properties along Main Street.
Last year Headington acquired about 1½ acres at Ross and Field Street across from the Fountain Place tower. Since then, the company has continued buying properties along Ross and Field, and Headington has other acquisitions in the neighborhood still in the works, real estate brokers say.
The company’s purchases include the 12-story parking garage at Ross and Griffin Street. The parking structure was built in the 1980s as the lower levels of an office skyscraper, which was never completed.
Downtown property brokers say that Headington has done preliminary planning for a mixed-use development that would occupy the land, which is now mostly used for surface parking.
Headington officials on Thursday didn’t respond to requests for information on their project. But county tax records confirm the purchases.
Regardless of what the company does with the property, the investment is good for downtown, economic development officials said.
“It’s just another huge indication of the changing face of downtown,” said John Crawford, CEO of Downtown Dallas Inc. “We are seeing huge amounts of investments that occur.”
Crawford said Headington has made a commitment to downtown through his investments along Main Street. The businessman is expanding his Joule Hotel and is redeveloping other properties along Main.
The property Headington is buying up along Ross is in a sleepy area surrounded by other downtown developments.
“That area can become an important connector between the Omni Hotel, the West End and Victory and Main Street,” Crawford said.
Along with its downtown investments, Headington Cos. developed the new Hotel Lumen on Hillcrest Avenue in University Park.
Full article at: