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
Wednesday, May 07, 2014
New project in the works for Dallas’ Uptown will have office and apartment towers
The Akard Place project will have two towers located just north of Woodall Rodgers Freeway. (RED)
Developers who own a key property in Dallas’ Uptown district plan to build a high-rise office and residential project.
RED Development of Phoenix has teamed up with Dallas’ StreetLights Residential to build the $200 million Akard Place mixed-use project at Field Street and Cedar Springs Road.
The 16-story office tower and 20-story residential building will occupy all of the vacant block, which is just north of Woodall Rodgers Freeway and the Perot Museum. It’s one of the last large building sites in the neighborhood.
Groundfloor retail and a large public plaza will connect the two buildings.
“There is a great demand now for restaurants and retail in Uptown,” RED Development managing partner Mike Ebert said. “There is big demand for offices.
“We think the timing for this project is outstanding.”
RED has been working on the Akard Place development for several years. In 2012 it bought the land from the Dallas Police & Fire Pension System. Ebert said the Dallas pension fund is a partner in his firm’s holding company.
RED hired Seattle-based Graphite Design Group as architect of Akard Place. And landscape architect OJB – which designed downtown Dallas’ Klyde Warren Park – is also working on the project.
Commercial real estate firm CBRE Group has been hired to market the office building to business tenants.
StreetLights Residential – which just built the Taylor apartment tower in Uptown – was selected as the apartment developer.
“We wanted a strong local partner on the residential,” Ebert said.
StreetLights CEO Doug Chesnut said he’s been interested in RED’s development site for a long time.
“The property is right in the middle of everything,” Chesnut said.
He said plans call for about 300 apartments in the residential tower, which will be at the northeast end of the property.
“The real amenity with this project is the plaza – that’s what will draw people to this building,” Chesnut said. “That’s what we have that’s different” from everyone else.”
The developers are currently seeking planning approvals for the project and plan to start construction early next year.
“We plan to open apartments end of 2016 and office about same time,” Ebert said.
RED Development is a privately-owned real estate firm that’s done projects in 11 states. The company’s latest effort is the CityScape complex in Phoenix, which includes office, hotel residential and retail space.
RED is also building the Rayzor Ranch Town Center and Marketplace shopping center in Denton.
Along with the Dallas Police & Fire Pension System, RED’s investment partners include JPMorgan and USAA.