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
Friday, August 02, 2013
Why a Dallas Developer Wants to Bring Lofts, Retail to Downtown
A joint venture between Dallas-based Brytar Companies and Dallas-based RREAF Holdings LLC plans to redevelop three historic downtown Dallas buildings into luxury lofts and street-level retail space.
The more than 100-year-old buildings -- 1516, 1514 and 1512 Elm St. -- total 55,000 square feet of space and were purchased by the joint venture in July.
Plans for the redevelopment include 20-24 luxury lofts with an average of 1,000 square feet of space. The lofts will feature high ceilings and will reflect the historical nature of the buildings. The lofts are expected to be move-in ready in 2014.
The reason behind the redevelopment stemmed from developer Scott Remphrey of Brytar Companies, as well as the venture's investment arm RREAF Holdings, feeling a civic responsibility to historically and adaptively reuse the buildings with new storefronts and high-end finishes throughout the project. RREAF Holdings is led by Kip Sowden.
It came down to a feeling a responsibility, Remphrey said, adding that, "we both felt a real civic responsibility to maintain the lineage of these storied structures."
The three buildings have deep histories in Dallas, which include housing a department store, the former headquarters for Singer Sewing Machines and one of the city's first grocery stores in the early 19th century, officials said.
Plans for the retail space include a basement tavern or bistro and a rooftop terrace or patio restaurant.