Tuesday, November 26, 2013

Downtown Dallas skyscraper owner buys nearby garage

The garage is less than a block from Thanksgiving Tower. (DMN files)

A partnership set up by Thanksgiving Tower owner Woods Capital has completed its purchase of an 11-story parking garage at 1511 Elm Street in downtown Dallas.

The garage is less than a block from Thanksgiving Tower and will be used to add to parking at the skyscraper, which Dallas-based Woods Capital bought in July in partnership with Third Point Opportunities Master Fund of New York.

Woods Capital is in talks with a major tenant for the 50-story high-rise, Santander Consumer USA. The deal could bring as many as 1,000 workers downtown.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/

By Steve Brown


Uptown office tower breaks ground in December

Developer Harwood International said Friday that it will break ground on its Frost Tower office building on Dec. 12.

The glass and metal office highrise will be constructed at Wolf and McKinnon streets near the entrance to the Dallas North Tollway.

Frost Bank is the anchor tenant in the 22-story building.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/

By Steve Brown


The new Frost Bank Tower.

Canadian developer with Dallas condo tower in the works is building huge at home

Toronto-based Great Gulf Homes wants to build the first high-rise condo tower in almost four years in Dallas.

And the developer’s planned 22-story tower on Turtle Creek is really a looker with its modern design and wide balconies.

But the planned Dallas residential tower is nothing like some of the skyscrapers that Great Gulf has built at home.

The developer’s current project is its largest – a 75-story, 789-unit residential tower called One Bloor.

The undulating condo highrise was designed by Hariri Pontarini Architects, the same firm that’s doing Great Gulf’s Turtle Creek tower.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/page/2/

By Steve Brown


A 50-story residential tower Great Gulf is planning in Toronto. (GGH)

Oklahoma firm doubling Dallas-area operation

An Oklahoma-based workers compensation management company is doubling the size of its Dallas-area operation.

Midlands Management has rented 15,000-square-feet of office space in the 5050 Quorum building in Addison. The company is moving its offices from 16415 Addison Road.

Billingsley Co. – which owns 5050 Quorum – will put Midlands signs on the top of the building which is visible from the Dallas North Tollway.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/page/2/

By Steve Brown


Midlands will get new signs on top of the Addison building. (DMN files)

North Dallas office towers up for grabs

Both of the towers for sale were built in the 1980s. (HFF)

A New Mexico-based investor who bought two North Dallas office towers during the recession is ready to cash out of the deals.

Rosemont Realty purchased the 17-story 8080 Central tower and the 16-story 9400 NCX office highrise in early 2011. The buildings were acquired from Younan Properties.

Since then the Santa Fe-based investor has made upgrades and increased occupancy in the two buildings, which are located on North Central Expressway near Loop 12.

The 8080 tower is more than 92 percent leased and 9400 NCX has about 60 percent occupancy. BBVA Compass Bank and HealthTexas are major tenants in the properties.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/page/2/

By Steve Brown

Thursday, November 21, 2013

KBS Buys Uptown Office Tower

DALLAS (CBRE) – KBS Realty Advisors has purchased the 17-story, Class-A Highland Park Place office tower in Uptown.

The 164,011-sf building and adjoined seven-level parking garage is at 4514 Cole Ave. in the Knox-Henderson District.

With an occupancy rate of approximately 83.6 percent at the time of sale, the current tenant mix includes legal services, professional and business services, energy and healthcare. The Law Office of
Frank L. Branson is one major tenant. The building also serves as corporate headquarters for Dickey’s Barbecue Pit.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=3790d6457c&e=cefc46b5ff

Kroger Digs into Dallas

DALLAS (Dallas Morning News) – Kroger plans to spend $150 million through 2015 to expand its North Texas offerings.

Plans are to open five new marketplace stores, which sell furniture, toys, jewelry and other general merchandise, and have expanded produce and grocery aisles.

In addition to the new stores, Kroger plans to expand three more stores, adding a fuel center to one of them.

The 124,000-sf stores and fuel centers will be at:
  • FM 548 and US 80 in Forney (currently under construction),
  • FM 407 and McMakin Rd. in Bartonville,
  • Precinct Line Rd. and North Tarrant Pkwy. in North Richland Hills,
  • Josey Ln. and US 121 in Lewisville, and
  • FM4 and US 377 in Granbury.
For the rest of the article: http://us6.campaign-archive2.com/?u=982bc65a76b40d9b51cfa8cd3&id=9f36c83be7&e=cefc46b5ff

Apartments Coming to One Dallas Center

DALLAS (Dallas Morning News) – The top half of the One Dallas Center tower is about to be repurposed.

Construction will start in two weeks on the upper 16 floors of the 30-story high-rise at Bryan and St. Paul Streets, converting office space into apartments.

Locally based apartment developer StreetLights Residential will create 276 units, the first of which will be ready in eight months.

For the rest of article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=3790d6457c&e=cefc46b5ff
Ltd. Edition pictureRendering of Ltd. Edition, a residential high-rise to be developed in Dallas by a Toronto-based developer.

Trammell Crow Rescuing Lake Highlands Retail Project

DALLAS (Dallas Morning News) – Trammell Crow Co. is taking control of a shopping center that is part of the 70-acre Lake Highlands Town Center, which was stalled by the recession.

Located at Skillman St. and Walnut Hill Ln., adjacent to a DART light rail station, the project was planned to contain 250,000 to 300,000 sf of urban-style retail and more than 1,000 residential units. So far, work has begun only on a 200-unit apartment complex.

For the rest of the article: http://us6.campaign-archive2.com/?u=982bc65a76b40d9b51cfa8cd3&id=9f36c83be7&e=cefc46b5ff

KDC Adding to State Farm Project

RICHARDSON (Dallas Morning News) – Locally based KDC announced plans to add a hotel, housing, a medical facility and a park to the development that will house State Farm Insurance.

The project, CityLine, will cost $600 million (including the cost of land acquired last December) and be on about 36 acres near the Bush Turnpike and Central Expwy.

KDC broke ground on the property in July, announcing that State Farm would lease 1.5 million sf total in 13-story, 15-story and 21-story towers. Each tower is over a five-level parking structure and has ground-floor retail space.

The 2.3 million-sf initial phase of the project is slated for completion in early 2015.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=6a2f1a48c6&e=cefc46b5ff

Sabra Invests in North Texas Medical Properties

FRISCO (GlobeSt.com) – Sabra Health Care REIT Inc. has invested roughly $230 million in two area medical facilities and earmarked an additional $66 million for a third.

Forest Park Medical Center-Frisco was purchased Tuesday. The 54-bed, acute-care hospital was bought for $119.8 million. It contains 30 inpatient rooms, 14 family suites, ten ICU beds and 12 operating rooms.

Sabra also entered into a $110 million mortgage loan secured by Forest Park Medical Center-Dallas, an 84-bed, acute-care hospital. The loan has a three-year term and an 8 percent fixed interest rate. Sabre has the option to purchase the facility securing the Forest Park- Dallas Mortgage Loan for up to $168 million.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=b460d6c206&e=cefc46b5ff

DFW Office Market Posts Strong Occupancy Gains

DALLAS (PMRG) – According to the latest report from PMRG, the Dallas-Fort Worth office market had occupancy gains totaling 810,826 sf during third quarter 2013, bringing the year-to-date direct absorption total to just over 2.5 million sf. This puts the market on pace to absorb 3.1 million sf for the year, approaching the 3.23 million sf absorbed in 2012.

Class-A product accounted for virtually all quarterly demand with 812,591 sf of direct absorption growth, pushing the year-to-date total to just over two million sf, far outpacing last year's annual gain.

Meanwhile, the Class-B sector had 1,301 sf of direct absorption, while the Class-C sector had a net loss of 3,066 sf during the third quarter.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=b460d6c206&e=cefc46b5ff

Trammell Crow, Prudential Building I-20 Industrial

DALLAS (Dallas Morning News) – Trammell Crow Co. and Prudential Real Estate Investors are teaming up to build a large industrial project on the city's south side.

Located along I-20 on Beckleymeade Ave., the project will be called Trammell Crow Penn
Distribution Center.

Trammell Crow is hoping to lease the project, the largest speculative warehouse under construction in the Dallas area, to a single tenant.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=2e0c3d0862&e=cefc46b5ff

Stalled Gateway Hotel Back on Track

McKINNEY (Dallas Morning News) – The long-stalled Gateway hotel project is being restarted.

A $38 million, 186-room Sheraton will open in the Gateway development in February 2015.

Construction on the five-story project at the corner of North Central Expy. and SH 121 was halted when the recession hit.

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Blue Skies Ahead for Cascades at the Colony Expansion

DALLAS (Dallas Business Journal) – Locally based Jackson-Shaw is ready to break ground on its expansion of its Cascades at The Colony business park. All they need now is for the weather to cooperate.

The second phase of the park — which spans 100 acres and 600,000 sf between the Dallas North
Tollway and SH 121 — will consist of a four-story, 120,000-sf building on almost 10.5 acres.

Construction was scheduled to begin this week, with completion in April. The phase is being marketed for $13.50 per sf.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=15fff52f57&e=cefc46b5ff

Texas' Modern-Day Land Rush

NEW YORK (Bloomberg News) – If you live in Texas and are thinking of putting your home on the market, you couldn't have picked a better time, according to an article this week from Bloomberg News.

With housing inventory down, prices up and employment on the rise — which means more people looking for a place to live — the state is experiencing what the news source called a "suburban land rush."

"Existing-home prices in Dallas and Houston are rising faster than at any time since the oil boom of the 1980s," wrote Bloomberg reporter Prashant Gopal. "Home builders, caught off guard by the ferocity of buyer demand, are exhausting construction-ready lots as they struggle to recruit workers to complete houses quickly."

One California-based real estate consultant said, "When the Texas housing market is strong, the home builders usually just build more. But the Texas economy is as strong as it has ever been and the builders can’t keep up."

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Apartments Coming to Inwood/Love Field DART Station

DALLAS (Dallas Morning News) – Wood Partners have broken ground on a $36.3 million apartment complex at 5522 Maple Ave., next door to the DART rail station.

Alta Maple Station will be next to the DART’s Inwood/Love Field Station. Leasing starts next year on the four-story, 249-unit development.

Good, Fulton & Farrell Architects designed the project, which will sit on 3.5 acres.

For the rest of the article: http://us6.campaign-archive1.com/?u=982bc65a76b40d9b51cfa8cd3&id=cd1c612b92&e=cefc46b5ff

Investor to buy high-profile Addison tower

One of the Dallas-area’s biggest urban office investors is about to make a major play in the ‘burbs.

Gaedeke Group has contracted to purchase the 14-story Millennium Tower in Addison, real estate brokers say.

The 354,000-square-foot office tower is one of the newest buildings along that stretch of the Dallas North Tollway and has been owned since 2008 by KBS Real Estate Investment Trust.

Located at Arapaho Road and the tollway, the building is substantially leased to major tenants including Broadcom Corp., Hudson Global and Dresser Inc.

The building is valued for taxes at more than $55 million.

Millennium Tower is being sold by KBS.
By Steve Brown

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)
For the rest of the article:
By Steve Brown

New apartment project in the works for downtown Dallas

Camden's Farmers Market apartments in downtown Dallas have more than 900 units. (Camden)

Downtown Dallas’ biggest apartment community is going to get even larger.

Camden Property Trust – the Houston-based apartment builder and investor – has filed requests with
the City of Dallas to consolidate vacant land it owns across the street from the Farmers Market.

The move would allow the developer to construct an additional rental community of the 4.7-acre site on Cesar Chavez near Farmers Market Way.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/

By Steve Brown


Friday, November 15, 2013

BlackBerry maker’s North Texas buildings up for grabs

BlackBerry bought Riverside Commons in 2009. (DMN files)
Troubled digital device maker BlackBerry is looking to peddle some Dallas-area real estate.
The maker of the BlackBerry handhelds – formerly Research in Motion – is hunting a buyer for its Riverside Commons office complex in Irving. RIM bought the buildings in 2009 when it had a large and growing employment base in Las Colinas.
Since then the company has spiraled, laying off thousands of workers and racking up big losses.
So it’s no surprise that the Canada-based firm would be interested in liquidating some Texas real estate.
By Steve Brown

Demolition starts for new Frost Bank tower in Dallas’ Uptown district

The Frost Bank tower will be built at the north edge of Uptown on Wolf Street. (Harwood)
Developer Harwood International has begun clearing the building site for its next Uptown office tower.
The Frost Bank tower will be constructed on Wolf Street near the entrance to the Dallas North Tollway.
Announced about a year ago, the 22-story high-rise will be occupied by Frost Bank and other tenants.
By Steve Brown

Buyers are lining up for choice Uptown Dallas corner

It may be the hottest corner in Dallas – if not the whole State of Texas.
The Chase Bank drive-through location at Pearl Street and Woodall Rodgers Freeway is smack at the front door of the insanely popular Klyde Warren Park.
Developers think it may be the best building site in town. And it’s for sale.
Commercial real estate firm Jones Lang LaSalle is rounding up offers for the 1.5-acre tract, which is expected to fetch more than $200 per square foot.
Broker say potential buyers for the land include developers Lincoln Property Co. and Trammell Crow Co. which both would like to plop an iconic project on the corner.
By Steve Brown

General contractor signs deal for new Dallas-area headquarters

Cadence McShane has rented a full floor of office space in Liberty Plaza. (Holt Lunsford)
An Addison-based construction company is relocating its headquarters to a new location near the Dallas North Tollway.
Cadence McShane Construction has rented an entire floor of office space in the Liberty Plaza office complex on Keller Springs road just west of the tollway.
The company has spent the last six months looking for a new office location for its growing general contractor business.
Cadence McShane is now located in a smaller building on Montfort Drive south of Belt Line Road.
After considering alternatives, the company decided to stay in Addison. The new location is owned by investor Franklin Street Properties.
Byron McCoy and Lauren Halstedt of Holt Lunsford Commercial negotiated the new office lease with Jim Vanderslice and Will Sale of CNL Properties who represented Cadence McShane.
By Steve Brown

Thursday, November 14, 2013

Is Dallas housing too hot? Trulia says it may be

Dallas is one of more than a dozen U.S. markets where home values are rising faster than fundamentals would suggest. (AP)
All of Texas’ major cities – including Dallas – have made it onto a list of housing markets that analysts at Trulia Inc. say are overvalued.
Austin, Houston, San Antonio and Dallas are all included among major cities that the folks at Trulia say are overheated with housing prices that are ahead of market fundamentals.
Only 16 of the 100 U.S. cities that Trulia tracks for its “bubble watch” report are considered overvalued.
The worst is Orange County in southern California where home prices are 13 percent ahead of where they should be, Trulia estimates.
Austin is the most overheated Texas market with a 10 percent price bubble.
Trulia estimates that Dallas-area home prices are 4 percent higher than they should be given our economy and housing markets.
Median home sales prices in North Texas are up about 10 percent this year from where they were in the first 10 months of 2012.
By Steve Brown

City Lights unveiled: A detailed look at the apartment project near downtown Dallas

The City Lights apartments are under construction on Live Oak near downtown. (Greystar)
The developer constructing Dallas’ City Lights project on the eastern edge of downtown is giving us a more detailed look at what’s being built.
Construction is already underway on the project at Live Oak Street and Good-Latimer Expressway.
Apartment builder Greystar is constructing 424 apartments in the project it calls Elan City Lights. The first units will be ready late last year.
On Monday I shared an early concept of the project.
Now the good folks at Greystar are letting the whole cat out of the bag.
By Steve Brown

New sales firm for Dallas’ House condo tower

The House condominium tower on the north edge of downtown Dallas has a new marketing and sales representative.

Dave Perry-Miller & Associates will take ove sales at the 28-story residential highrise on Houston Street in Victory Park.

The tower styled by French designer Philippe Starck was built in 2007 and has more than 130 units.

During the last couple of years the condo building has filled up with a combination of sales and rentals. It’s owned by a unit of lender HSH Nordbank AG.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/

By Steve Brown

The House condo tower opened in 2007. (DMN files)

Office tower sells in Dallas’ Knox Street district for $31.35 million

Investor KBS Realty Advisors has purchased an office tower in Dallas’ popular Knox Street district.

KBS bought the 17-story, silver-glass Highland Park Place office building at 4514 Cole Avenue. The
building contains 164,011 square feet and has a 7-level parking garage.

CBRE Group’s Gary Carr, John Alvarado and Eric Macky negotiated the sale by the former owner, a unit of Heitman Financial.

The tower – built in 1983 – is almost 84 percent leased. Tenants include the Law Office of Frank L. Branson and the corporate headquarters for Dickey’s Barbecue Pit.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/

By Steve Brown

The Highland Park Place tower is a block south of Knox Street. (CBRE)

North Dallas office project moving ahead

Construction is ramping up on the first major office building planned for Dallas’ Preston Center district in more than five years.

Developer and investor Bandera Ventures is moving ahead with construction of its building at the intersection of Westchester Drive and Weldon Howell Parkway in North Dallas.

Bandera has been working on the project since earlier this year when it acquired the building site from Houston-based Hines.

Since then the commercial real estate firm has relocated the Chase motorbank on the property to the corner of Douglas Avenue and Howell. And now Bandera has torn down the old bank drive through and begun sitework of its office project.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/

By Steve Brown

A concept photo of the new Preston Center building. (Bandera Ventures)

Developer is negotiating to buy Uptown tract for new apartment tower

The empty corner at Thomas Avenue and Maple is just under an acre. (Google Satellite)
The corner of Thomas and Maple Avenue in Dallas may look just like a vacant lot to most folks.
But developers see the almost 1-acre property in Uptown as a prime construction opportunity.
The land is tucked behind the Uptown Plaza shopping center and across the street from the Federal Reserve Bank of Dallas.
Back in the day before the economy went south the folks across the street at the Hotel Zaza looked at building a condominium tower.
More recently, several developers – including Houston-based Hines – have considered the tract for an office highrise.
For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/page/2/
By Steve Brown

A sneak peek at the new City Lights apartment community east of downtown Dallas

An early concept of the City Lights project that's making the rounds in Dallas. (Dallasmetropolis forum)
The developers building the City Lights project on the eastern edge of downtown Dallas aren’t wasting any time.

After almost a decade of stalled plans, the newer owner of the prime property – apartment builder Greystar – is rushing to construct its 424-unit, luxury apartment community called Elan City Lights.

The project at Live Oak Street and Good-Latimer Expressway is scheduled to start opening late next year.

So far Greystar hasn’t released a final rendering of what the City Lights project will look like.

For the rest of the article: http://bizbeatblog.dallasnews.com/author/sbrown/page/2/

By Steve Brown

Friday, November 08, 2013

Buc-ee’s part of plans for Terrell retail center

A 60,000-square-foot Buc-ee's store will be included in the development. (Buc-ee's)
A major retail project is in the works for the town of Terrell just east of Dallas.
Terrell’s city council today is scheduled to vote to approve the project just east of the intersection of Interstate 20 and U.S. Highway 80.
The Retail Connection and Oakridge Investments are teaming up to build the Crossroads at Terrell, which will include 225,000 square feet in the first phase.
“We have four retail anchors that have letters of intent to create the first regional retail power center drawing from east of Dallas,” said Oakridge’s Justin Allen.
The retail project is adjacent to a 60,000-square-foot Buc-ee’s travel center that will be constructed on 20 acres.
Buc-ee’s is a Lake Jackson retailer with 20 roadside locations, most in southern and central Texas.
The popular chain has been described as the world’s largest convenience store, with locations attracting thousands of customers daily.
By Steve Brown

Las Colinas seniors housing project opens next summer

A new seniors housing community that will open in Irving next year will include a complex of residential villas.
The MacArthur Hills senior living community is under construction on Kinwest Parkway near MacArthur Boulevard in Las Colinas.
The project is being built in partnership by Silver Oaks Development and a senior housing investment fund managed by Prudential Real Estate Investors.
The new seniors community includes both independent and assisted living units. There are also two dozen 2-bedroom villas in the project.
By Steve Brown

Hall Financial’s Frisco office project ahead of schedule

Hall Financial's Frisco office building will open in March. (Hall Financial)
Developer Craig Hall has gotten a lot of attention lately with the start of construction on his new Hall Arts office tower in downtown Dallas.
But Hall’s next project to open its doors isn’t downtown but in Frisco.
Hall Financial is building an 8-story, 200,000-square-foot office building on the west side of the Dallas North Tollway at Gaylord Parkway.
The building is the 16th project Hall has built in his Frisco office park and is already beating expectations.
By Steve Brown

Realtors report: Home buyers and sellers back in the market in 2013

About 13 percent of U.S. home sellers say they waited for property values to rebound first. (Louis DeLuca/Dallas Morning News)
With the turnaround in the U.S. housing market, more Americans are finally making a move.
The typical home seller this year has been in their house for nine years, the National Association of Realtors found in its annual survey of buyers and sellers. And sellers who were held onto their home that long had a median equity of $25,000 after the sale – a profit of 13 percent over the original purchase project.
The Realtors report that 13 percent of sellers they surveyed nationwide this summer had wanted to put their house on the market earlier but waited for property values to increase.
First time buyers who acquired a house this summer say they plan to stay in the property for 10 years on average, and repeat buyers anticipate a 15-year stay in the home.
Despite the housing market plunge during the recession, 80 percent of homebuyers the Realtors polls said their home is a good investment. And 44 percent said it was a better investment than securities.
There have been some changes in the market since the recession.
By Steve Brown

Lincoln Property making progress on Turtle Creek Village shopping center redo

A vacant 6-story office building is being knocked down to make way for a grocery store. (Steve Brown)
Developer Lincoln Property is making quick work of its demolition at the Turtle Creek Village complex in Oak Lawn.
The landmark Dallas retail and office complex is being redeveloped into a new shopping complex.
But first a 6-story office building at the back of the project at Oak Lawn Avenue and Blackburn Street had to come down. Demolition crews have stripped the office building to its skeleton.
By Steve Brown

New Emerson complex opens this week in McKinney

One of the labs in the new Emerson Process Management building. (Emerson)
Two years after it announced plans for a new headquarters in McKinney, Emerson Process Management this week is holding the formal opening for the $25 million facility.
Emerson’s new complex is on U.S. Highway 75 just north of State Highway 121. The buildings contain the firm’s global headquarters and research and development facilities.
About 140 Emerson employees are housed in the 3-story, 128,000-square-foot project which includes offices, a customer training center and a fitness center.
The grand opening of the complex will be on Friday.
By Steve Brown

Dallas apartment developers chase job growth with construction boom

About 23,500 apartments are being built in Dallas-Fort Worth. (Steve Brown)
North Texas’ booming employment growth should keep demand for new apartments high during the year ahead, analysts predict.
That’s a good thing since Dallas-Fort Worth leads the counry in apartment building with about 23,500 units under construction.
“Dallas was one of the first markets to see construction come back” after the recession,” Jay Parsons with apartment analyst MPF Research said Friday. “Those new units are leasing up very, very fast.
“We have a lot more supply on the way.”
Parsons, who spoke at the Carrollton-based research firm’s annual apartment market forecast, said even with the big construction volumes, the D-FW apartment market is one of the best in the country.
“Dallas-Fort Worth has certainly overshot our expectations on occupancy,” he said. “In D-FW occupancy is at a 12 year high which is pretty remarkable.
“Even the home sales – at very high levels – are not effecting the apartment market at all.”
Only about 6 percent of D-FW apartments are currently vacant.
Much of the apartment building boom in North Texas is concentrated in urban areas. More than 2,800 apartments are being developed in Dallas’ Uptown and downtown area. Another 2,523 new units are on the way in the Oak Lawn-Turtle Creek neighborhood.
By Steve Brown