Wednesday, October 12, 2016

DART Seeking Developers for Mockingbird Station Properties

Mockingbird Station was Dallas' first transit-oriented development.
Now the commuter rail line that made Mockingbird Station a success is offering a major development opportunity next door.
Dallas Area Rapid Transit has hired a commercial real estate broker to find a developer to build on 11 acres of parking lots it has at Mockingbird Station.
Cushman & Wakefield will solicit proposals from commercial builders that would partner with DART to build on the surface parking lots.
The property — near the northeast corner of Mockingbird Lane and U.S. Highway 75 — is zoned for zoned for high-density apartment, office, retail and hotel development.
DART has previously worked with other developers to build on the prime real estate. But the transit agency has never been able to line up a deal.
The development would have to replace the parking now located on the tracts.
But with land prices soaring in central Dallas, the Mockingbird Station location just east of Southern Methodist University and University Park may attract more builder interest.
"DART sees this as a unique opportunity for one of our parcels of property situated in a prime location," Gary C. Thomas, DART president and executive director, said in a statement. "An aggressive marketing effort to seek developers for the designated areas at Mockingbird Station should provide us with creative solutions benefiting the community and the city, a public/private partnership collaboration and long-term economic benefits for the agency."
Under previous development plans, DART would retain ownership of the land and developers would have rights to build on the property with long-term leases.
"Mockingbird Station is one of the premier transit-oriented developments in Texas and is located in one of the greatest real estate markets in the nation. This is truly a unique opportunity," Cushman & Wakefield senior director Chris Harden said. "We are working closely with DART to select a development project that will enhance the community both culturally and economically and benefit all stakeholders."
Written by Steve Brown - Dallas Morning News