Friday, August 22, 2014

Austin real estate investor is shopping Uptown Dallas property for project



“Now it’s all dark granite and gray,” Dabliz said. “It’s going to be white and bright and crisp.”

Gaedeke Group plans to begin work on the construction project in October and plans a completion in mid-2015.

The building owner has hired award-winning Dallas-architect Morrison, Dilworth + Walls to redesign the property.

“It seemed pretty clear to me from the beginning that I needed to simplify and open up the lobby,” architect Mark Dilworth said.

An Austin real estate firm that’s already made a major investment in Dallas is eyeing another deal.
World Class Capital earlier this year bought the 34-story KPMG Centre at 717 N. Harwood Street.
The private commercial real estate is about to start renovations to the 1980s skyscraper to accommodate new business tenants.

At the same time the company is shopping a unique development site in Uptown with plans for a new building.

In 2001 developers proposed a 10-story condo tower for the same property. (DMN files)
Real estate brokers say that World Class Capital is in talks to buy the 1899 McKinney Avenue building at McKinney and Akard Street.

The commercial building – which formerly housed a nightclub – occupies all of a triangular block that extends north to Cedar Springs Road.

The property is across the street from the Park 17 apartment tower.

World Class Capital is considering a residential tower for the roughly half-acre tract.

Back in 2001 another developer proposed building a 10-story tower on the site that would house luxury residential units. But the project failed to take off during the economic downturn.

World Class Capital is an opportunistic real estate investor headed by businessman Nate Paul. The company makes purchases of office, retail, industrial and apartment properties.


Since buying the KPMG Centre tower in downtown Dallas, World Class Capital has signed major office leases with Active Network and Omnitracs, which are relocating to Dallas from California.

By Steve Brown- Dallas News