Thursday, September 29, 2016

Two Dallas Midtown stakeholders step up to help build

 centerpiece of $20B project

Two Dallas Midtown stakeholders have stepped up in a big way to help build the proposed centerpiece of the evolution of Dallas Midtown, which is expected — if all plans come to fruition — to be the $20 billion answer to Frisco's $5 billion mile (which actually now totals $6.4 billion).

Dallas-based Beck Ventures has pledged $1 million towards the $15 million privately-raised match proposed by the Dallas Midtown Park Foundation. The foundation has asked the city of Dallas to earmark $15 million of the upcoming 2017 bond referendum, which is capped at $800 million.

Written by Candace Carlisle

Court ruling clears hurdle for $1B Lake Ray Hubbard Bayside water resort

Developers hope that a court ruling will clear the way for them to move ahead with a $1 billion lakeside project in Rowlett.
Bayside Land Partners LLC plans to build a 257-acre mixed-use project on Lake Ray Hubbard that will include a huge water resort with a lagoon.
Written by Steve Brown

Uptown Dallas' Harwood office campus grows with a 10th building

The 22-story Harwood No. 10 building will open in 2018 on McKinnon Street north of downtown. (Harwood International)

With its six office towers almost fully leased, Dallas developer Harwood International broke ground Thursday on the next high-rise in its 18-block development north of downtown.
The 22-story, 226,778-square-foot Harwood No. 10 office tower will open in 2018 on McKinnon Street near the entrance to the Dallas North Tollway.
Written by Steve Brown

Urban builder heading to Frisco Square with new rental project

Wood Partners' planned project is at Main and Frisco streets. (City of Frisco)

A builder that's done a series of large rental communities in close-in Dallas neighborhoods is heading to Frisco with a new development.
Wood Partners is working on plans for the next phase of the 16-year-old Frisco Square development at the southeast corner of the Dallas North Tollway and Main Street.
Written by Steve Brown

Chinese buyers have Dallas real estate on their shopping list

Dallas is one of the most popular U.S. markets for Chinese investors, according to a new commercial real estate report.
New York, Los Angeles, San Francisco, Washington, D.C., Chicago and Dallas are the top spots for Chinese buyers, according to a new report by KPMG.
Written by Steve Brown

Boston investor grabs 18-story North Dallas office high-rise

A Boston investor has snapped up one of the largest office buildings along Dallas' North Central Expressway.
The 18-story Walnut Glen Tower is on the east side of Central on Walnut Hill Lane. The almost 465,000-square-foot high-rise is next to a DART commuter rail station and near Texas Health Presbyterian Dallas.
Written by Steve Brown

EPA moving regional office to downtown Dallas' Renaissance Tower

The largest tenant in downtown Dallas' landmark Fountain Place tower is moving.
The U.S. General Services Administration said Thursday that it will relocate the regional office of the Environmental Protection Agency to the Renaissance Tower on Elm Street.
Written by Steve Brown
Dallas Investor Buys Oak Lawn Highrise Park Creek Place with Upgrades in Mind

A Dallas investor has purchased a high-rise in the Oak Lawn district.
Quadrant Investment Properties LLC purchased the 13-story Park Creek Place located near Turtle Creek. The building at 3625 N. Hall Street and is 90 percent leased.
Written by Steve Brow
Groundbreaking Next Week for Frisco's Tallest Office Building

Developer Craig Hall will break ground next week on what will be Frisco's tallest office tower — and his 17th building in the Hall Park on the Dallas North Tollway.
Hall's 162-acre office campus — which contains more than 2 million square feet of buildings that house about 180 companies — is more than 95 percent leased.
Written by Steve Brown
Another Uptown Price Record Set with Sale of Dallas Retail Building

An Uptown Dallas property sale has set a new record for the area just north of downtown.
An Illinois-based real estate firm represented an investor who paid almost $15 million - or just over $375 per square foot - for an almost 1-acre property next to Victory Park on Field Street.
Written by Steve Brown

Irving's $175 million Music Factory project is up for grabs

The Music Factory will include office, retail, restaurants and entertainment venues.ARK Group

Developers building Irving's long-awaited entertainment complex — the Music Factory — are seeking buyers or investors for the $175 million project.
The 17-acre mixed-use project under construction in Las Colinas includes a 4,000-seat indoor concert hall, 8,000-seat outdoor amphitheater, 206,756 square feet of retail and restaurant space, and a 100,000-square-foot office building.
Written by Steve Brown

Developer Picks Leasing Team for Downtown Dallas Skyscraper Redo

A developer redoing one of downtown Dallas' largest skyscrapers has hired a real estate brokerage team to market the tower.
Drever Capital Management said it has hired commercial property firm CBRE to lease 40,000 square feet of retail space in the 52-story building at 1401 Elm St.
Written by Steve Brown

D-FW tops Texas in office leasing and construction

The Dallas-Fort Worth area now has more office space in the construction pipeline than the state's other largest markets — Houston and Austin   combined.
About 7.5 million square feet of new office space is being built in North Texas, compared with 4.2 million square feet in the Houston area and about 1.6 million square feet in Austin, according to a new report by commercial real estate firm CBRE.
Written by Steve Brown

Tuesday, September 27, 2016

First $250M inning of Texas Rangers-anchored

 development to start soon

Image result for new texas rangers development

The Texas Rangers and The Cordish Cos., a Baltimore-based development firm, plans to begin the initial $250 million phase of Texas Live!, a mixed-use development between Texas Rangers' Globe Life Park and the Dallas Cowboys' AT&T Stadium in Arlington.
In all, the $250 million initial phase of Texas Live! is part of a $4 billion public-private partnership vision of Arlington's stadium district, which includes additional phases of the project, a new Rangers Ballpark and the preservation and re-purposing of Globe Life Park.

Written by Candice Carlisle

Dallas partnership to put Uptown tower along

 Katy Trail on the market

Image result for dallas citymark tower

The decision to bring the tower, named Citymark, at 3100 McKinnon Ave. to market comes after the investment partnership has spent $8 million renovating the 11-story, 218,926-square-foot building, taking it from a 'dad-bod' to Katy Trail cool in the past year.
Citymark's renovations are nearing completion with the new park-like deck terrace overlooking Uptown expected to be completed next month. Other renovations to the building, which has direct access to the Katy Trail, include a new conference center, modernized elevators, new HVAC equipment and an upgraded fitness center.

Written by Candace Carlisle 


IKEA will break ground next month on a fourth Texas store in Grand Prairie to open in fall 2017. 
MYCON General Contractors will serve as construction manager for the 290k SF project. GreenbergFarrow is serving as project architect. Segovia Retail Group helped select the site and broker the deal. Jackson Walker provided local land use counsel.

IKEA isn't just making headlines in Europe. The furniture store giant will break ground next month on its fourth Texas store in Grand Prairie.  Mycon General Contractors will serve as construction manager for the 290k SF project. GreenbergFarrow is the architect. Segovia Retail Group helped select the site and broker the deal. Jackson Walker provided local land use counsel.

Read more
Written by Julia Bunch, Dallas/Fort Worth 

Tuesday, September 06, 2016

Developer eyes new high-rise residential for Dallas’ popular West Village neighborhood

The 4-story Gables Turtle Creek apartments on Cole Avenue would be replaced with taller buildings. 

One of the first apartment projects built in what is now Uptown is being eyed for redevelopment.
The Gables Turtle Creek rental community at Cole and Lemmon avenues was built in 1994 and is located across the street from the popular West Village retail complex.
The 232-unit, 4-story apartments were one of the first developments in the Cityplace project.
Since then, the area around the West Village and across Uptown has gone high-rise with increasingly taller buildings.
Developer Gables Residential wants to start tearing down its 22-year-old apartments to replace part of the complex with taller construction.
"This was one of the first projects as part of the West Village and Cityplace development," said Gables' Katy Slade. "It's underbuilt compared to the amount of density allowed there.
"Currently the site is entitled for 378 units," she said. "We've owned it for more than 20 years."
Gables is asking for city approval to build a tower of about 20 stories on part of the 7-acre site. The block fronting along Blackburn Street would remain low-rise construction.
"It's zoned for residential, and we'd be happy to keep it that way or go mixed-use if that's what the community wants," Slade said. "Phase one of our redevelopment would be along Lemmon where there is heavier traffic."
Gables has already begun meetings with residents in the area and is talking with potential architects.
The developer just leased up its Gables McKinney apartment project, an 8-story building at McKinney and Routh with a Whole Foods grocery store on the ground floor.
"This is one of the best neighborhoods in Dallas and more an more people want to be here," Slade said. "It's a natural spot for density.
"This is really a hub for Uptown."
With higher land prices and more interest in the area, recent apartment developments in Uptown have grown much taller.
Just two blocks away from the low-rise buildings Gables wants to tear down, developer Forest City is building a 23-story apartment and hotel tower on Blackburn Street.
Written by Steve Brown/Dallas Morning News 

Friday, September 02, 2016

Frisco’s office market heats up, thanks to the Dallas Cowboys and growth along the tollway

The Dallas Cowboys headquarters building, The Star in Frisco, is just opening and is mostly leased.

Sure, Plano gets the headlines, with big office deals by Toyota, JPMorgan Chase and Liberty Mutual Insurance.
But just across the highway in Frisco, office builders are courting companies that want to be close to the action.
"That whole corridor of Frisco has an appeal," said Kevin Bradshaw, division manager of insurer FM Global, which just became the largest office tenant in The Star in Frisco, the Dallas Cowboys' complex on the Dallas North Tollway at Warren Parkway. 
The company is also the largest firm to announce a move to Frisco this year. FM Global has had its operations in nearby Plano for 17 years.
Bradshaw said the company looked at two other Frisco projects in the works — Wade Park and Frisco Station — before deciding where to move its more than 160 workers.
"We pretty much knew where we wanted to go," he said.
With demand for office space so strong, developers are scrambling to get more projects out of the ground in Frisco.
"Frisco is close to what's happening at the epicenter of the tollway and S.H. 121," said Greg Biggs of commercial real estate firm JLL.
Only about 15 percent of Frisco's office space is empty, according to commercial real estate firm JLL. And the newest buildings are quoting rents of between $30 and $40 per square foot.
"Based on current demand, we need more office space in Frisco," said Jim Gandy, who heads the Frisco Economic Development Corp. He said most of what's available is small spaces.
"We will soon have three speculative office buildings under construction for the first time," he said.

New buildings ahead

Hall Group just disclosed plans for a 12-story office tower in its Hall Park development on the tollway at Gaylord Parkway.
The 162-acre office campus, which has more than 2 million square feet of buildings that house about 180 companies, is more than 95 percent leased.
"The majority of tenants we see at Hall Park are an average of 5,000 square feet," said Kim Butler, director of leasing with Hall Group.
Those companies typically expand later, she said.
"That has been the success of Hall Park — the growth of the existing companies here," Butler said. "When they say small business is the backbone of the economy, that's where we are seeing growth."
The Dallas Cowboys and developer Lincoln Property have had so much success with their 400,000-square-foot Star office building that the partners are planning a second project.
"We are starting to look at another building — it will be on the tollway," said Stephen Jones, Cowboys executive vice president. "We are looking at another medical office building as well.
"You can't replicate this location," he said. "We are right in the middle of everything."
VanTrust Real Estate and Hillwood  Properties plan to break ground next month on a seven-story, 228,000-square-foot office building in Frisco Station on Warren Parkway.
"We are hoping to start construction in the next two to four weeks," said VanTrust executive vice presdient Geoff Meyer. "Once we start pushing dirt on the site it will make a big difference in inquiries we are getting."
And Goveia Commercial is building a three-story, 90,000-square-foot office in Stonebrook Business Park on the tollway.
Written by Steve Brown/Dallas Morning News