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
Friday, February 06, 2015
Hillwood, VanTrust and Rudman team up on $1B project near Cowboys' Frisco HQ
Three large family-owned companies — The Rudman
Partnership, Hillwood Properties and VanTrust Real Estate — are teaming up on a
partnership to develop Frisco Station, a $1 billion mixed-use development
adjacent to the new Dallas Cowboys headquarters project in Frisco.
The proposed 242-acre development at the northwest area of
the Dallas North Tollway and Warren Parkway will feature more than 4 million
square feet of Class A office space, 2,400 apartments, retail, restaurants,
entertainment venues and medical facilities.
The Rudman Partnership — which owns a number of acres
throughout North Texas — has owned the property for more than five decades and
has had it zoned for development for several years, said Trey Sibley, general
manager for the family-owned partnership.
"Now, we think it is the right time to develop
it," Sibley told the Dallas Business Journal."We went to Hillwood and
VanTrust because we wanted a partnership with experience."
As part of the collaborative partnership, Hillwood and
VanTrust plan to acquire an ownership interest in the land from The Rudman
Partnership and its family affiliates. The Rudman Partnership will remain the
majority stakeholder in the ownership interest of Frisco Station.
The two partners were attracted to the site's proximity to
the Dallas Cowboys headquarters and other employers along the Dallas North
Tollway corridor in Frisco and West Plano (known by Frisco city officials as
being the '$5 billion mile' for the amount of development taking place along
that stretch of road).
Ross Perot Jr.'s Hillwood will oversee the land planning
and infrastructure of the development. The Fort Worth-based real estate
developer will also develop apartments, retail, restaurant, entertainment and
possible hotel portion of the project. VanTrust will helm the development of
all Frisco Station's Class A office space.
"Our plan is to have a dense development linked by a
series of districts," Mike Berry, president of Hillwood Properties, told
the Dallas Business Journa l. "The way this plan lays out, it will be
cohesive and compatible with each part of the project."
The roadways and public infrastructure moving westward from
the Dallas North Tollway were already underway with the 91-acre, Dallas
Cowboys-anchored development, which helps the partnership gain momentum in
bringing their development to fruition. Construction is slated to begin in
Van Trust plans to "raise the bar" of development
as it builds 4 million square feet of office space, which is currently being
shopped to Toyota-level sized companies, said Ran Holman, executive vice
president and Dallas market leader for Kansas City-based VanTrust Real Estate.
"It's hard to fully grasp the impact that Toyota is
going to have on this area and there are other similar-sized deals in the
market," Holman told the DBJ. "We are mindful of that in what we
would be doing. We love this position on the Tollway ... large users are
considering the area."
The amenities of Frisco Station — from apartments to retail
to entertainment — will attract companies seeking to make a run at recruiting
and maintaining its best employee talent, he added.
Along with the office campus, the partnership plans to
eventually sign a 150-room limited service hotel with a business focus, a
performing arts component or live music venue at the development and a cluster
of food and beverage concepts. About 40 acres will be devoted to medical office
uses to complement the nearby Baylor Medical Center complex.
There's a vest interest in the medical complex. The Rudman
family worked with Baylor to develop the property. And the family has a vested
interest in a number of nearby apartment and housing projects in Frisco.
Other plans for Frisco Station include an open space and a
greenbelt of programmed community events. Ultimately, the partners want to
create a high-tech and creative environment for tenants and residents.
And perhaps one day the plans could include a university
campus, much like the one Texas A&M's Tarleton University plans to
build at a new billion-plus dollar development along the Chisholm Trail Parkway
in Fort Worth.
As the development takes shape, each partner says they are
building Frisco Station for the long haul and each family-owned group has the
financial backing to go big.
"We are fortunate to have the partners we do,"
said Sibley, who is managing the Rudman Partnership. "There's a common
thread. No one has to do this. We all have a common goal for excellence. We
intend to have a high-end project and we all have the same financial
wherewithal to make it happen."