Thursday, August 06, 2015

Prime Oak Cliff development property is attracting new attention


One of Oak Cliff’s largest development sites is in play.
New owners of the more than 18-acre Colorado Place property on Fort Worth Avenue near Hampton Road are seeing an investment partner or developer interested in the large vacant tract.
Formerly the site of a large apartment community, the property has been eyed by developers for years.
The 1940s apartments that occupied the land for decades were torn down in 2009.
Developers had planned to build a high-density apartment, condominiums and retail space on the property that is located just west of Oak Cliff’s popular Kessler Park and Stevens Park neighborhoods.
But then the recession and the land wound up in the hands of lenders.
Dallas’ Cienda Partners last spring bought the property.
Now the owners have hired investment banking firm Holliday Fenoglio Fowler to find an investment partner or a developer interested in the choice building site.
“Colorado Place is perfectly situated along Fort Worth Avenue, allowing a new owner the opportunity to develop a number of permitted uses including office, residential, and retail,” HFF said in it’s marketing brochure. “The site presents an exceptional development opportunity just minutes from downtown Dallas and some of the largest redevelopments underway in the entire metro area.”
Cienda Partners is the same company that early this year bought the Oak Farms Dairy property at the southwest end of the Houston Street bridge in North Oak Cliff.
And the real estate firm has bought and sold other prime properties south of the Trinity River.
The Colorado Place property has a storied past. The apartments were a project of legendary Dallas developer Leo F. Corrigan.
And the property is part of the original 2,000-acre site of a historic French settlement built in the 1800s and called La Reunion.
Steve Brown/Dallas Morning News