Thursday, November 21, 2013

New Cityplace tower owner in Dallas plans big development

Florida-based Parmenter Realty Partners said Monday that it has completed its purchase of the 42-story Tower at Cityplace on North Central Expressway.

The Miami-based investor has had the 1.35 million-square-foot skyscraper near Dallas’ Uptown district under contract for more than a month.

The new owner said that it will build a “state-of-the-art urban mixed-use development surrounding the tower containing over 600,000 square feet of restaurants, shops and residential dwellings” on vacant land surrounding the tower.

The building’s interior public areas will also be remodeled.

“With limited new construction in the surrounding submarkets and an increasing demand for a live-work-play environment, The Tower at Cityplace is strategically positioned to take advantage of the growing market trend,” Spence Sowa, senior vice presdient with Parmenter, said in a statement.

Parmenter said it financed the purchase with funding from GE Capital. Terms of the sale were not disclosed.

The 42-story Cityplace tower is at Haskell Avenue and North Central Expressway. (DMN files)
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By Steve Brown