Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Monday, April 24, 2017
Dallas' Craig Hall follows gut — kicks off $250M hotel, residences tower in Arts District
It came down to a gut decision for Dallas developer Craig Hall, who started construction Friday on a tract he's owned for two decades to develop a $250 million luxury hotel and residential tower.
"I do these things by gut, I'm old fashioned that way," Hall, chairman and CEO of Dallas-based Hall Group, told the Dallas Business Journal.
"My gut is telling me there's a demand for this — it's what people like myself and my wife want to be part of the urban environment in Dallas," he added.
In developing the 25-story glass tower with 44 luxury homes ranging in size from 1,600 square feet to a full, two-floor penthouse totaling more than 10,000 square feet, Hall is developing his own home.
He already has his unit picked out at Hall Arts Residences, a sixth-floor condo home with a northern view towards Klyde Warren Park.
"I'm looking forward to moving here; it will be special and unique," Hall said.
The 8-story Hall Arts hotel with rooms ranging from 400 square feet to more than 1,750 square feet will be owned by the Hall Group. The hotel will feature art from Hall's private collection and bring a rooftop pool, amenity deck and 7,400-square-foot restaurant to the Arts District.
"Dallas is a place where you can be an independent and stand for what that particular hotel property is and that's what we intend to do," said Hall, who has experience developing, funding and owning hotels throughout the world.
"We aren't going to do the day-to-day management of the hotel because we also understand what we are not good at," he added.
Mayor Mike Rawlings said the hotel and residences will help enhance a growing neighborhood and give Dallas another place to gather.
"This will culturally be a place that we are known for and this kind of private investment is paramount in Dallas moving forward as a city," Rawlings told a crowd of people gathered for Friday's groundbreaking ceremony at the site fronting Flora Street.
"This will not only strengthen our downtown economy, but it will help be a destination to new visitors," he added.
With construction costs continuing to climb by 10 percent to 12 percent a year and no sign of it slowing in the foreseeable future, Hall said it was time to begin the hotel and residences — which are slated for completion in 2019.
Dallas-based HKS Inc. designed the hotel and residences. Austin Commercial is the project's general contractor.