Wednesday, July 30, 2014
Large parking garage eyed for Ross Avenue block in downtown Dallas
The owner of one of downtown Dallas’ prominent skyscrapers is pondering a major addition to the property.
J.P. Morgan Asset Management is looking at plans to construct a large parking garage on Ross Avenue across from the Trammell Crow Center, real estate brokers say.
The New York based investment firm has had full ownership of the 50-story Crow Center for more than two years. And the building is substantially leased.
Like other downtown office projects, Crow Center could do with more parking.
As the number of workers in downtown’s large office buildings has increased, parking in the projects often falls short.
The new owners of downtown’s 60-story Fountain Place tower at Ross and Field Street recently announced the would be adding a large garage.
Owners of the 55-story Chase Tower added a garage 2000.
Brokers say that J.P. Morgan and other nearby building owners have talked to a parking company that owns the vacant block on the south side of Ross between Harwood an Olive streets about acquiring the property and constructing a large parking facility.
The building could also be designed with hotel or apartment space on top, they say.
Other nearby office towers that are short on parking might also become players in the deal, brokers say.
With construction of new parks and office projects in the downtown area, the number of large surface parking lots has declined and is expected to drop further in the next few years.
This is happening at the same time downtown building owners are putting more workers inside some towers than they were originally planned for.
Other garages are in the works, too.
By Steve Brown- Dallas News