$500M Mixed-Use Development Planned for Westlake

By Amalia Otet, Associate Editor

After several months of discussions and meetings with residents, the Westlake town council has approved Centurion American’s concept plan for a $500 million, mixed-use development, the Star-Telegram reported.

The initial proposal, which included apartments, was abandoned after facing opposition from Westlake residents. The new, unanimously approved plan calls for a mixed-use project to include office, retail, hospitality and entertainment outfits, along with single-family housing, residential detached homes, villas or townhomes, and condominiums.

To be developed on an 85-acre tract at Texas 114 and FM 1938/Davis Boulevard, the signature community, to be called Westlake Entrada, will utilize a design for a European-style village, with a Texas-Spanish Mission architectural theme. It will comprise as many as 322 residential units.

Planning is well underway and work is expected to begin in the first quarter of calendar year 2014. In an effort to give back to the community, developer Centurion American agreed to pay the town $10,000 per residential unit, which will be directed to the Westlake Academy for upcoming improvements.

Since 1990, Centurion American has developed well over 10,000 single-family lots in dozens of premier communities around North Texas, as well as several multi-story mixed-use buildings and infill development.

In other commercial news, Citybizlist reports that San Francisco-based Stockbridge Capital Group selected CBRE Group Inc. to market its Texas core industrial portfolio, located in the Dallas-Fort Worth and Houston markets.

The Dallas-Fort Worth assets represent a diverse mix of properties located in the Great Southwest, Arlington, Plano and Allen, while the Houston portfolio is a cluster of 12 buildings grouped together in the Northwest submarket.

Consisting of approximately 2.4 million square feet, the 23-building portfolio has an occupancy rate of 93 percent and provides a diverse tenant base including 57 in-place tenants ranging from 3,990 to 380,200 square feet.

CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni will lead the marketing efforts, along with the national partners team, local market experts and Scott Lewis with CBRE’s debt & equity finance division.

Photo credits: Westlake, TX official website

Connor Group Sells 301-Unit Apartment Community; Regency Plaza Earns LEED Silver

By Amalia Otet, Associate Editor

Centerville, Ohio-based The Connor Group recently completed the sale of The Reserve at Galleria, a 301-unit rental apartment community in Dallas.

Purchased by FPG Reserve at Galleria L.L.C. for an undisclosed sum, the high-end complex is located at 13907 Montfort Drive and features one-, two- and three-bedroom townhomes with attached garages. Additionally, every townhome includes connections for full-size washers and dryers, designer cabinets with built-in wine racks and stainless steel appliances, walk-in closets, a private balcony or patio, and pre-wiring for intrusion alarms. Amenities include a resort-style pool, complementary tanning and a 24-hour fitness center.

Prompted by a rebounding multi-housing industry and a strong seller’s market, the company has sold off seven apartment communities since December according to the Dayton Business Journal.

Founded in 1991, The Connor Group owns and operates more than $1.5 billion in assets, with more than 16,000 units in Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton and Raleigh-Durham. The company has a solid foundation in Texas, operating in the Dallas-Fort Worth Metroplex since 2008.

In other commercial news, Citybizlist reports that Regency Plaza, a 16-story multi-tenant office building in Uptown Dallas, has achieved LEED Silver certification through the U.S. Green Building Council’s LEED® for Existing Buildings program.

Located at 3710 Rawlins St., Regency Plaza is Gaedeke Group L.L.C.’s headquarters building and features 165,843 square feet.

The property had already earned ENERGY STAR® certification from the U.S. Environmental Protection Agency; this new award comes as further recognition of Gaedeke’s longstanding commitment to sustainability.

Regency Plaza’s LEED team included Blaine Morris, director of engineering, and Quest Sustainability Solutions of Frisco, Texas. The certification was based on a number of green design and construction initiatives, including energy efficiency, architecture, recycling programs, tenant load and tenant type. The building earned exemplary performance points in the “Innovation” category for a solid waste management program for durable goods.

Image of The Reserve at Galleria via the property’s official Web site.

Regency Plaza photo credits: gaedeke.com

KPMG to Anchor Craig Hall’s Arts Project in Downtown Dallas

By Amalia Otet, Associate Editor

The Arts District will become the new Dallas home for KPMG L.L.P., the U.S. audit, tax and advisory firm, which signed a long-term lease with Hall Financial Group to occupy space in the much-awaited Hall Arts tower.

KPMG plans to relocate its Dallas office to 2323 Ross Ave. as the anchor tenant of the development’s first building, leasing more than one-third of a 450,000-square-foot office block.

“I cannot think of a better way to mark 100 years of KPMG’s presence in Dallas than with a new office space in the Arts District that renews our commitment to this flourishing area of Downtown Dallas,” Manny Fernandez, KPMG’s managing partner in Dallas, said in a release. “I am confident that our new location in this vibrant neighborhood will help us create a highly desirable work environment and retain and attract the talented individuals who are the cornerstone of our firm’s continued success.”

The developer plans to kick off construction of the 16-story, Class triple-A office building in September 2013, with a completion date set for March 2015.

Designed by Eddie Abeyta, principal with HKS Inc., the mixed-use development will include two office and residential towers rising above a detailed state-of-the-art glass podium. Turner Construction will serve as the base building general contractor.

Fully committed to protecting the environment, Hall Financial Group has taken the necessary steps to have the new building pre-certified LEED Gold, a designation granted by the U.S. Green Building Council based upon the environmental standards incorporated in the overall structure. Similarly, KPMG plans to incorporate sustainable practices and materials in the outfitting of its new office, into which it plans to relocate in summer 2015.

In other development news, the Dallas Business Journal reports that KDC, one of America’s leading commercial real estate and investment companies, has broken ground on a $1.5 billion master-planned project in Richardson. To be located near the intersection of President George Bush Turnpike and the North Central Expressway (U.S. 75), the 186-acre mixed-use development will incorporate build-to-suit office buildings, an integrated healthcare facility, 3,925 multi-family residential units, hotels, retail and restaurants.

Image courtesy of HKS

Schuler Development Plans High-End Community in Denison

By Amalia Otet, Associate Editor

An important milestone has been achieved in the progress of Preston Harbour, a 3,000-acre mixed-use development planned for Denison, approximately one hour north of the Dallas-Fort Worth metroplex.

In a highly anticipated move that sees Preston Harbour one step closer to fruition, the United States Army Corps of Engineers transferred 600 acres of federally owned lakeside property on Lake Texoma to the city of Denison.

The city and the developer, Schuler Development, inked the deal after more than 12 years of planning, debating and organizing. The affair required close collaboration between county, state and federal officials, including a thorough environmental impact study, which culminated in the approval of the Water Resources Development Act of 2007, authorizing the Secretary of the Army to convey the property to the city of Denison.

“This is one of the most significant events in Denison’s history, and it will shape our future. It has been a complicated process. It literally took an act of Congress to make this project a reality,” said Mayor Jared Johnson in a statement. “Denison has been blessed in the last few years with a new hospital, new school facilities, expanding industries, and now we have this development that will bring hundreds of millions of dollars in new investment and job opportunities for our citizens.”

The massive development is expected to have a major impact on the local economy, resulting in a $1.9 billion investment in the city.

Working directly with a multidisciplinary design team – including planners, architects, designers and coding experts – Schuler Development will now be able to focus on delivering the final vision for Preston Harbour.

To be located along nine miles of the Lake Texoma shoreline on the east side of the Little Mineral Arm, the premier project will include several housing developments, a host of waterfront amenities, high-end retail and a golf course, all complemented by dramatic cliffs and panoramic lake views.

Image courtesy of Denison Development Alliance

Long-Empty 1600 Pacific Tower May Be Redeveloped

By Camelia Bulea, Associate Editor

1600 Pacific Tower in downtown Dallas, a 33-story skyscraper that has been empty for years, could change hands this summer. Current owner Ricchi Dallas Investments is expected to sell the partially renovated property to New Orleans-based HRI Properties, which is considered to be one of the most experienced historic building renovators in the country.

According to the Dallas Business Journal, the Downtown Connection TIF Board is expected to vote on an  amendment that would replace the old owner with the new one — 1600 Pacific Landlord L.L.C., a limited liability company affiliated with HRI Properties. The amendment will reallocate $17.5 million for the redevelopment of 1600 Pacific LTV Tower. If the board approves it, the amendment will need city council approval, as well.

In 2009, Leobardo Trevino, owner of Ricchi Investments, bought the high-rise with plans to redevelop it into a hotel-condo complex scheduled that was to include a restaurant, retail space and offices, according to The Dallas Morning News. BOKA Powell was the project architect. Although the developer prepared the building for redevelopment and the project got the support of the city council, it remains empty three years later.

“Adaptive reuse projects are complex, expensive and require significant city support. They also require strong and experienced private-sector development partners. HRI meets all these criteria, and we are very comfortable recommending this deal to the TIF board and city council,” Karl Zavitkovsky, head of the city’s Office of Economic Development, told The Dallas Morning News.

Photo credits: www.dallasarchitecture.info

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