Tuesday, July 19, 2016

Mark Cuban confirms deal, offers details on new Mavs facility

Dallas Mavericks owner Mark Cuban confirmed with the Dallas Business Journal shortly after 3:30 p.m. that the land deal for a new practice facility and headquarters for the NBA franchise has "just closed."
"We plan on remodeling the primary building as a practice facility with additional features," Cuban told the DBJ in an email immediately after the deal closed. "Longer term, we will have new buildings on the site, including, longer term, a new arena."

Earlier today, the DBJ detailed out the 10-acre site along N. Stemmons Freeway that could've sold for as much as $43 million, which include an IBM-affiliated Softlayer data center and Community Beer Co.'s brewery. The two building tenants have a few years left on leases for the property.
Cuban said the existing building leases will have no impact on his plans to immediately begin retrofitting the building for the Mavs' practice facility, which could help him attract free agent players. The building has about 90,000 square feet of vacant space the Mavs can begin using immediately, he told me.
Cuban acquired the property from longtime owners, Grossman & Frank, which is an investment group in Dallas. This is yet another transformation for the neighborhood, which is already undergoing a massive overhaul.

The Design District has been growing in popularity as Uptown reaches capacity, with companies moving corporate offices and residential towers going vertical to accommodate the growing demand for homes in the urban core.
Venture Commercial managing principal Mike Geisler said the move makes a lot of sense for the Mavericks, which have a little known headquarters off Canton Street in Deep Ellum.

"Having that type of a facility there continues to give the Design District a little more identity and gives it a new dimension," Geisler told the Dallas Business Journal."It will be interesting to see if when the Virgin Hotel gets built and the condos get developed if some of the players will live there."
Geisler said the added restaurants, such as Meddlesome Moth, Oak and Quill, likely helped Cuban make his decision.
"That area has a lot of amenities, which are very important, and it's close to the American Airlines Center, which is an advantage for players that want to live in Uptown or the Design District," he added. "It's a lot more compatible to where they want to hang out."

Written by Candace Carlisle/Dallas Business Journal