Monday, May 20, 2013

Dallas Commercial Real Estate News

One Main Place Faces Foreclosure

DALLAS (Dallas Morning News) – A 45-year-old landmark skyscraper is set for foreclosure next month.
According to documents at the Dallas County courthouse, the 32-story One Main Place tower at Main and Griffin streets is facing a June foreclosure date after New York-based RAK Group defaulted on $69 million in debt.

Business Up at UT-Dallas

DALLAS (Dallas Business Journal) – The growing number of business students at a local university has prompted a $25 million expansion of the school's college of business.
The University of Texas at Dallas is expected to complete construction in fall 2014 on a four-story, 110,000-sf academic building for its growing college of business. The facility will include a high-tech financial trading lab, live-broadcast sales lab and a career center with interview rooms.
Boston-based Good Clancy designed the building. The Beck Group is the general contractor.

Stratford Starting Oak Cliff Project

DALLAS (Dallas Business Journal) – A local developer is set to break ground next week on a 211-acre urban mixed-use community.
Stratford Land will begin work Tuesday on The Canyon in Oak Cliff, a project four miles south of Dallas’ central business district.
It will include up to 7,500 residential units, 1,000 hotel rooms, 1.2 million sf of office space and 800,000 sf of retail. According to the project website, The Canyon will also include 35 acres of “native landscaped open space.”
To provide better access to the project, the eastbound I-30 exit ramp at Westmoreland Rd. will be relocated. The planned Margaret McDermott Bridge will also feed into the development.

Furniture Store Makes Way for Office Tower

PLANO (Dallas Morning News) – Demolition has begun on a former furniture store that is making way for a 13-story office tower.
On Tuesday, Trammell Crow started demolition of the Robb & Stucky Furniture building at Dallas North Tollway and Legacy Dr. in West Plano. By third quarter 2014, a 342,000-sf, Class-AA building will take its place on the six-acre site.
Trammell Crow originally announced its plans for the former furniture store site last year.
The architect is HKS Inc.