Monday, June 22, 2015

Scott Beck looks to lure corporate tenants with 2 new towers at $4B Dallas Midtown project

After years of planning, Dallas developer Scott Beck plans to unveil the details behind his $4 billion portion of the Dallas Midtown redevelopment to city leaders this afternoon.
"We have been through a thorough planning process and everyone has given it the recommendation to move forward with the project," Beck, CEO of Dallas-based Beck Ventures, told the Dallas Business Journal in an exclusive interview. "We are prepared to give our presentation and we are hopeful the project will continue to move forward."
Beck gave the Dallas Business   Journal a first look at his presentation and walked us through some of the highlights. If the City Council approves a Mall Area Redevelopment TIF District, which includes the redevelopment of Valley View Center Mall and Southwest Center Mall.
The Dallas Midtown redevelopment includes the Valley View Center Mall site — which Beck owns — along with the majority of the 430-acres surrounding the North Dallas mall (an area bounded by the Dallas North Tollway, LBJ Expressway, North Central Expressway and Spring Valley Road). Beck Ventures owns about 70 acres of the redevelopment site.

The Dallas Midtown streetscape in Beck Venture's redevelopment plans
include details -- like these -- to help the flow of vehicle
and pedestrian traffic. 
If approved, Dallas could earmark more than $431 million of city TIF funds for the Mall Area Redevelopments, which will be raised from bond elections. Beck Ventures is also asking for a zoning variance to extend the number of stories from 20 to 26 stories, according to city documents.
Plans for Beck's Dallas Midtown project include:
  • -An 80,000-square-foot grocery store (Beck declined to disclose the name of the grocer), the AMC Theatre and another 225,000 square feet of retail space fronting a pedestrian-friendly esplanade. The project includes a total 450,000 square feet of retail space.
  • -About 80,000 square feet of boutique office space alongside the AMC Theatre and retail shops.
  • -About 4,000 apartments, which include about 320 apartments slated to come out of the ground in the initial phase of construction.
  • -A 250-key luxury boutique hotel with an attached 100-unit condo building. Beck said the group has signed a hotel flag, but has declined to disclose its name.
  • -A 20-story, 350,000-square-foot office tower with about 30,000 square feet of retail on the first floor and subterranean floor of the building, which is currently being marketed by JLL's Daryl Mullin and Jeff Eckert.
  • -A city-owned park — much like Klyde Warren Park — behind the 20-story office tower, which is lifted about 25-feet into the air creating a direct viewpoint for pedestrians from the esplanade to the park. The park, Dallas Midtown Park, sits about 15 feet lower than the grade level of the street and will likely have its naming rights sold for funds to help operate the park through a nonprofit foundation, called the Dallas Midtown Parks Foundation. This five-acre park is the smaller part of a larger 20-acre park that will sit in the center of the Dallas Midtown redevelopment.
  • -Another 20-story condo and hotel tower, with a five-star luxury hotel chain at a future date.
The Dallas Midtown Park will be Beck Ventures tract and another 20 acres that city leaders are expected to purchase with the help of about $70 million set aside for the park.

If the Dallas City Council approves the TIF, Beck said he expects to begin construction on the initial phase of Beck Venture's portion of Dallas Midtown by this December.
Beck is in the process of hiring a general contractor for the project. He has narrowed it down to two national firms with a local presence in Dallas-Fort Worth, he said.
"By the end of the summer, we expect to make a final selection," Beck told me. "We are in discussions with a number of large corporate relocations — nothing I can announce yet — but we have the ability and the space for four more office towers and can build close to 3 million square feet of office space."
Dallas-based Omniplan is the master architect of Dallas Midtown. Street-Works LLC of New York designed the esplanade portion of the Dallas Midtown project. Dallas-based 5G is the architect of the towers and park.
The initial phase of Beck's Dallas Midtown project — the esplanade, apartments, retail and grocery — is slated for completion by the fourth quarter of 2017. The second phase, or the 20-story office tower and the city-owned park, is expected to get underway to meet market demand.
Candace Carlisle/Dallas Business Journal