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Hanover Property, Sandlin Homes to Break Ground on Massive Residential Projects in DFW

30 Apr 2014, 11:45 pm

By Amalia Otet, Associate Editor

Dallas-based Hanover Property Co. has purchased a 358-acre tract at the corner of Farm-to-Market 156 Blue Mound Road and State Highway 287 in North Fort Worth, where it plans to develop a $300 million master-planned community.

Dubbed Berkshire, the community will include as many as 750 single-family homes, with 282 homes on 50- and 60-foot lots planned for the first phase, the Fort Worth Business Press reported. Price points for the residences will range from the low $200,000s to the mid-$300,000s, with practical home designs offered by Highland Homes, American Legend Homes, Ashton Homes and K. Hovnanian Homes.

Designed to cater to young families looking for high-quality homes in the Northwest Independent School District, the community will feature a series of lifestyle-oriented amenities, including an open-air clubhouse, swimming pool and splash pad, playground, ballfield, five-acre pond, as well as open green space and a trail system.

In addition to the residential component, the Berkshire community will eventually include approximately 30 acres of commercial and 17 acres of multifamily property.

Hanover plans to break ground on the project later this month, with the first phase home lots available in spring 2015.

Hanover is working with Jacobs Engineering to develop the site plan, as well as Mesa Design Group. Texas Capital Bank is providing financing for the development.

Intensified office construction and job growth in the Dallas – Fort Worth Metroplex is creating high demand for single-family housing in the area. Local homebuilder Sandlin Homes also announced plans to kick off a residential project called Cambridge that will add 192 homes to North Richland Hills, a suburb of Fort Worth.

To be located at Iron Horse Boulevard and Liberty Way, the $50 million development will hold homes priced from the $200,000s, according to the Dallas Business Journal.

Plans call for three design phases, including The Villages, Cambridge Place and Cambridge Estates. Groundbreaking for the first two phases is scheduled for June. Construction on the large home lots – The Estates of Cambridge – will begin at a later date.

Sandlin Homes will develop two Cambridge sections. Rendition Homes will build the third one, The Villages at Cambridge, totaling 77 home lots. Both The Villages at Cambridge and Cambridge Place will offer homes ranging around 1,800 square feet.

Photo credit: Sandlin Homes Official Website

Darling Homes Opens New Community in Southlake; Greysteel Selected to Market Multifamily Asset in Euless

24 Apr 2014, 12:57 am

By Amalia Otet, Associate Editor

Dallas homebuilder Darling Homes announced the opening of its newest community in Southlake, one of the fastest-growing suburbs of the Dallas-Fort Worth Metroplex.

Dubbed Verandas at Southlake, the community features Darling Homes’ award-winning luxury patio homes, with properties offering approximately 2,600 to 3,400 square feet of living space. It is located just minutes away from some of the area’s most desirable shopping and dining destinations, including the 1.3 million-square-foot mixed-use Southlake Town Square.

The luxurious homes are designed to cater to the finest tastes and include as many as three expansive bedrooms, gourmet kitchens, large living areas for entertaining, spacious courtyards and three-car garages. A guest casita is also included, and an optional outdoor kitchen provides entertaining options and direct access to the home’s well-appointed kitchen. Home prices start from the $500,000s, according to the developer.

A complementary brand of Taylor Morrison, Darling Homes has been building high-quality family homes in the Dallas-Fort Worth Metroplex and Greater Houston areas for more than 25 years.

Scottsdale, Ariz.-based Taylor Morrison Home Corp. operates in the U.S. under the Taylor Morrison and Darling Homes brands and in Canada under the Monarch brand. As one of the most experienced and longstanding homebuilders in North America, Taylor Morrison builds aspirational homes and master-planned communities in Arizona, California, Colorado, Florida and Texas.

In other suburban news, Greysteel Texas has been retained as exclusive advisor and agent for the sale of Royal Terrace, a well-maintained 120-unit apartment community located in Euless. The multifamily investment sales team handling the property is led by Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss.

Located at 306 Martha St., just off West Euless Boulevard and a quarter mile from Highway 183 (Airport Freeway), Royal Terrace provides convenient access to employment centers in Dallas and Fort Worth.

The multifamily complex comprises 108 one-bedroom units averaging 620 square feet and 12 two-bedroom units averaging 982 square feet. The property features a newly upgraded electrical system, two brand-new chiller systems installed in 2008, new mansards and a recent exterior paint job. Common amenities include a swimming pool, picnic area with barbecue grills, assigned parking and two laundry facilities.

“With the property’s close proximity to the airport and North Tarrant Express Project and the development around it, Royal Terrace stands in a great position to serve the area’s strong regional workforce,” said Greysteel Senior Associate Doug Banerjee in a written statement.

The community is 92 percent occupied.

Photo credit: Darling Homes website

Crescent Lands Anchor Tenant for New McKinney & Olive Development in Uptown

11 Apr 2014, 8:51 pm

By Amalia Otet, Associate Editor

Crescent Real Estate Holdings LLC landed prestigious law firm Gardere Wynne Sewell LLP as anchor tenant for its newest development in Uptown Dallas.

Featuring impressive design by internationally renowned Pelli Clarke Pelli Architects, the 530,000-square-foot complex will sit on a 3.1-acre site at McKinney Avenue and Olive Street, the last infill space open for development in the core of Uptown.

The 20-story McKinney & Olive will be Uptown’s tallest building when completed, and, according to John Zogg, managing director of leasing for Crescent Real Estate Holdings LLC, the property will offer optimum visibility and views, as well as a premium amenity package geared toward the attraction and retention of top talent.

To be located at 2021 McKinney Ave., across the street from The Ritz-Carlton, Dallas, the Class AAA mixed-use development will offer approximately 480,000 rentable square feet of office space and two levels of retail space, totaling about 50,000 square feet. Amenities include highly efficient floor plates, 10-foot ceiling heights, state-of-the-art security and full Wi-Fi connectivity. Floor size typically will be 25,000 to 30,000 square feet, according to the developer.

Additionally, McKinney & Olive will feature three restaurants, a customer-only concierge level with a rooftop garden, a fitness center and a conference center. A lush ground-level piazza will complement the high-profile compound, offering generous open space, with almost a full acre dedicated to hardscape and landscape along Olive Street. The project seeks LEED Gold certification.

Groundbreaking is scheduled for this summer, with completion set for 2016.

Gardere has inked a 15-year lease with Crescent, with plans to occupy 109,000 square feet at McKinney & Olive.

“We’re thrilled that Gardere, one of Texas’ finest law firms, chose McKinney & Olive,” said John Goff, chairman & CEO for Crescent Real Estate Holdings LLC. “Uptown has become the epicenter for Dallas, and Gardere has recognized this and fully embraced all that McKinney & Olive offers – from Cesar Pelli’s stunning architecture and the prime, pedestrian-friendly location to the premier amenities and customer service with which Crescent has built its reputation.”

The structure’s state-of-the-art design played an integral role in Gardere’s decision to choose Crescent’s Uptown building as its new home. “McKinney & Olive is innovative. It will provide us with increased efficiencies and growth opportunities, along with the added conveniences and amenities of the Uptown area,” said Gardere Chair Holland O’Neil. “We are confident that our new home will be an Uptown landmark and will assist us in attracting and retaining clients and talented personnel. McKinney & Olive will be the place to be.”

The law firm will take over floors nine through 12 by late 2016. This move coincides with the expiration of the firm’s 26-year lease at Thanksgiving Tower. Gardere was represented by Jeff Ellerman and Phil Puckett of CBRE.

Rendering of McKinney & Olive courtesy of Crescent Real Estate Holdings LLC via official website.

Hines Unveils Design of New Office Tower in Victory Park

7 Apr 2014, 4:09 am

By Amalia Otet, Associate Editor

Hines plans to add a new 23-story office tower to Dallas’ vibrant Victory Park district.

Located in the heart of Dallas at the intersection of Interstate 35, the Dallas North Tollway and Woodall Rodgers Freeway, Victory Park is home to more than 1,000 residences, 620,000 square feet of office space, the W Dallas-Victory Hotel, and street-front retailers and restaurants. The entire area is currently undergoing a massive revitalization project that will see it transformed into a pedestrian-friendly, sustainable and distinctive community chock full of first-class dining and shopping destinations.

Hines’ new high-rise will be located at 2371 Victory Ave., just north of One Victory Park, the flagship office component of the mixed-use master-planned development.

Designed by Duda/Paine Architects, the recently announced project will consist of a state-of-the-art, 470,000-square-foot building offering 15 levels of office space as well as ample parking.

Envisioned as the next landmark office tower in Victory Park, the stunning sloped crystalline structure will feature 29,000-square-foot, rectangular floor plates, 10-foot floor-to-ceiling glass and panoramic views of Uptown, Downtown, American Airlines Center, Design District, Trinity River and the Margaret Hunt Hill Bridge. Hines says the lobby of the building will be featured through a glass wall along Victory Avenue with a setback entry facing south toward a plaza and garden space, as well as a generous drive for vehicular drop-off.

The premier development will showcase an exclusive set of amenities, including a 7,000-square-foot fitness center, a 6,000-square-foot conference center, an on-site restaurant and café, and a rooftop function terrace. Additionally, the property provides easy access to the DART Light Rail at Victory Station, as well as the popular 3.5-mile Katy Trail.

The project is expected to break ground in the fourth quarter, with an anticipated delivery date of first quarter 2017. Hines has selected Cushman & Wakefield Inc. to handle leasing and marketing for the asset.

With offices in 111 cities in 18 countries and controlled assets valued at approximately $25.2 billion, Hines is among the world’s largest real estate organizations. The company is a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Rendering of Victory Park Office Tower via Duda/Paine Architects

Embrey Partners Starts Work on Infill TOD in Richardson

31 Mar 2014, 6:05 pm

By Amalia Otet, Associate Editor

San Antonio-based Embrey Partners Ltd. has commenced construction of GreenVUE, a Class A, transit-oriented development in the heart of the Telecom Corridor.

The upscale community will sit on an 11.3-acre infill parcel at 1350 N. Greenville Ave. in Richardson, within walking distance of the DART Redline Arapaho Station. It consists of three- and four-story, contemporary buildings featuring a unique combination of tuck-under private garages and structured parking.

“As the most significant and unique high-tech business concentration in Texas, Telecom Corridor is a particularly exciting development for us,” said Trey Embrey, president of Embrey Partners, in a written statement. “We have carefully researched the area and the market, and are confident we can successfully and competitively enter the area and deliver the best value to both our renters and partners with this project.”

Specifically designed to cater to the young Millennial demographic, the property will offer more than 400 luxury one- and two-bedroom urban apartment homes, ranging from 650 to 1,450 square feet. Interiors feature granite countertops, wood-style flooring, standup showers, and upgraded lighting and plumbing packages. Additionally, the lifestyle-oriented complex will showcase an expansive 8,500-square-foot clubhouse with ample amenities and social areas.

Leasing is expected to start this summer, with completion scheduled for 2015. Wells Fargo is providing construction financing for the project.

The GreenVUE community will be less than three miles away from the new State Farm Insurance regional campus at CityLine. Touted as the largest lease deal in Dallas history, the 2 million-square-foot State Farm campus will house thousands of employees in four state-of-the-art buildings, as previously reported by Commercial Property Executive. The Bloomington, Ill.-based insurer says it will start using the new offices beginning in late 2014, with moves occurring throughout 2015.

GreenVUE is not Embrey’s first foray into the Metroplex housing market. The developer recently completed and sold a 7.35-acre, 353-unit luxury multi-family community located at 4800 Keller Springs in Addison. “It was another infill project that attracted a lot of attention from renters,” said John Kirk, Embrey’s senior managing partner on the project.

Rendering of GreenVUE courtesy of Embrey Partners via Businesswire

Miller-Valentine to Open Affordable Housing Community in Fort Worth

24 Mar 2014, 3:09 pm

By Amalia Otet, Associate Editor

Miller-Valentine Group announced development of a new affordable rental community in northern Fort Worth.

Dubbed Silversage Point at Western Center Apartments, the 120-unit multifamily complex is located at 1800 Western Center Blvd., on the southwest corner of Western Center Boulevard and Watauga Smithfield Road. It offers a mix of one-, two- and three-bedroom garden-style apartment homes, with sustainable design and stylish interiors. The units feature fully equipped gourmet kitchens, brand-new energy-efficient appliances, full-size washer/dryer connections, central heat and air conditioning, exceptional closet space, a patio or balcony with extra storage and an intercom entry system.

Community amenities include a modern business center; a community room with kitchen, clothes care center and fitness center; a swimming pool, playground and outdoor picnic area; walking trails; a pet-friendly environment; 24-hour emergency maintenance service; and on-site management staff.

Silversage Point at Western Center Apartments is targeted for families who desire high-quality, affordable rental housing and will begin accepting applications in May of 2014. Rents start at $670, according to the developer’s website.

“After being in business for over 50 years, Miller-Valentine Group is still honored to bring high-quality housing at affordable prices to those who need it most,” said Terry Callahan, vice president of residential property management, in a written statement. “It is our privilege to touch and enhance the quality of living and give our residents peace of mind while living at Silversage Point at Western Center Apartments.”

Founded in 1963, Miller-Valentine Group offers total real estate solutions in the areas of design/build construction, development, management and financing for both the residential and commercial markets. It also provides renovation, brokerage and leasing services for the commercial sector. Combined, its divisions provide customers with more than 13,000 residential housing units and over 50 million square feet of commercial space.

Rendering of Silversage Point at Western Center Apartments via YourNextPlacetoLive.com.

LPC, Daiwa House Team Up to Build Fort Worth Apartments

17 Mar 2014, 4:49 am

By Amalia Otet, Associate Editor

Lincoln Property Co. (LPC) has entered into a strategic partnership with Daiwa House Industry Co., Ltd. of Osaka, Japan, to develop and manage U.S. apartments.

The joint venture’s first collaboration will be the Berkeley Project, a two-phase rental apartment community near Fort Worth’s cultural district, which will eventually feature 716 multi-family units.

Phase I of the project included the development of 406 apartment units, which have been in operation since 2008. LPC estimated total project costs to reach $78 million, as previously reported by Commercial Property Executive. As part of the newly formulated agreement, Daiwa House will purchase Berkeley I from LPC, with plans to kick off the second phase of the development, a 310-unit apartment community dubbed Berkeley II, in April 2014.

Plans call for a three-story, low-rise residential complex offering a mix of one- and two-bedroom apartments. Units will range in size from 671 to 1,386 square feet. Common amenities include a swimming pool, dog park, business center, sports gym and BBQ corner. Additionally, the gated community is designed to score high in terms of safety and security. Construction is expected to be complete in 2015.

According to Daiwa House, Berkeley Apartments will be specifically targeted at Generation Y – people born between 1975 and 1989 – particularly “Texas-based upper-income professionals, teaching staff and students from neighboring Texas Christian University and those working in the medical field.”

Through its U.S. subsidiary Daiwa House California, Daiwa House plans to purchase and develop $1.5 billion worth of rental properties in the U.S. over the next three years. Moreover, the firm plans to further expand its U.S. footprint and invest in the distribution warehouse and subdivision housing market, according to The Dallas Morning News.

Headquartered in Dallas, LPC is a leading real estate company focused on creating quality residential communities. LPC currently operates in more than 200 U.S. cities as well as 10 countries in Europe.

Founded in 1955, Daiwa House is a housing, real estate and construction company specialized in the development of single-family houses, rental housing, condominiums, commercial facilities and general business-use buildings.

The Berkeley Luxury Apartment Homes via official website

Mill Creek, AEW JV Acquires 352-Unit Lakewood Garden Community

10 Mar 2014, 8:08 pm

By Amalia Otet, Associate Editor

Mill Creek Residential and its joint venture partner AEW Capital Management L.P. have completed the acquisition of Lakewood on the Trail, a 352-unit  garden-style community in the highly sought-after Lakewood area of Dallas.

Mill Creek has purchased more than 2,000 apartment homes across the country since 2012, as part of the company’s “buy where we build” strategy. AEW, headquartered in Boston, acquired the property on behalf of one of its institutional clients.

“Mill Creek’s acquisition philosophy is to acquire high-quality communities with redevelopment potential in irreplaceable locations in markets where we’re actively developing new communities,” said Wes Dickerson, managing director of acquisitions, in a statement for the press. “Lakewood on the Trail is an ideal reflection of this strategy, and will soon have a sister community in Avenue H Apartments, a new Mill Creek community under development in Dallas’s Knox neighborhood that will deliver in the summer of 2014.”

The newly acquired multi-family property is located at 101 N. Brookside Drive, on the Santa Fe/White Rock Lake Trail, just minutes away from Downtown Dallas. It also enjoys close proximity to Lakewood Country Club, one of the city’s premier golfing destinations; the Lakewood Village Shopping Center; and White Rock Lake. And it provides easy access to Interstate-30 and the Central Expressway (US-75).

Lakewood on the Trail offers a mix of one- and two-bedroom apartment homes, complemented by amenities such as a fitness center, a clubhouse, three pools and spas, an outdoor kitchen and covered parking. Interiors feature crown molding, designer paint, individual washer and dryer units and vaulted ceilings.

The new ownership plans to add value by enhancing community amenities and implementing several unit upgrades, including granite counters, custom cabinetry and wood plank flooring.

With 14 offices across the United States, Mill Creek is expanding its footprint in many of the nation’s top-performing apartment markets, including Seattle, the San Francisco Bay area, Atlanta, South Florida, Austin, Houston, Washington, D.C., New York and Boston. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.

AEW is one of the world’s leading real estate investment advisors. It and its affiliates manage more than $37 billion worth of capital invested in $50.8 billion in property and securities in North America, Europe and Asia.

Photo credit: Mill Creek Residential official website

Lincoln Property Tapped to Develop Dallas Cowboys’ World HQs

3 Mar 2014, 6:36 am

By Amalia Otet, Associate Editor

Dallas-based Lincoln Property Co. has been tapped to master plan, develop and lease the new Dallas Cowboys World Headquarters in Frisco.

To be located at the northwest corner of Warren Parkway and Dallas North Tollway, the facility is part of a 90-acre mixed-use development that will eventually integrate a plurality of uses, including office, lifestyle, retail, hospitality and residential. Lincoln will also handle the marketing and leasing of the additional components once they are completed.

The mixed-use complex will be anchored by the Dallas Cowboys World Headquarters and a publicly owned multi-use event center. The city center will be used by the city of Frisco and Frisco Independent School District (FISD) to host various activities, including athletic competitions, graduations and other special events and programs.

O’Brien Architects has been selected as the designer for the master plan of the mixed-use development. Gensler, which has vast experience in sports facilities design, will serve as the architect and interior designer for the Cowboys headquarters and the adjoining event center.

The project development team also includes Manhattan Construction as primary builder and Rex Real Estate, which played the key third-party role in the real estate portion of the deal between the city of Frisco, the Frisco Community Development Corp., Blue Star Land and the Dallas Cowboys.

“We’re ecstatic about the team of contractors and consultants assembled to carry out our vision,” said Mayor Maher Maso in a statement for the press. “When we partnered with FISD and the Dallas Cowboys, we vowed to build a unique, innovative development that will generate tourism and enhance our residents’ quality of life. We’re confident these professionals are the right team to create the model facility we all envision.”

The Dallas Cowboys are expected to relocate from Irving to the new complex in time for the 2016 NFL football season. The state-of-the-art facility will house the Cowboys’ entire football operation, including administrative offices, coaches’ offices and the Dallas Cowboys Cheerleaders.

Meanwhile, LPC Realty Advisors, an advisory affiliate of Lincoln Property Co., has acquired Two Addison Circle, a 198,691-square-foot, Class AA office property in the North Dallas suburb of Addison. The property was jointly marketed by HFF and CBRE on behalf of the seller, Brookfield Property Group. LPC bought the asset on behalf of a public pension fund client. The purchase price has not been disclosed.

Built in 2009, the six-story building is located at the entrance to Addison Circle, a 70-acre mixed-use development along the North Dallas Tollway close to the President George Bush Turnpike and LBJ Freeway. The property was 89 percent occupied at the time of closing, according to HFF. Tenants include USAA and Gehan Homes.

Photo credit: Two Addison Circle via Lincoln Property Company

KDC to Break Ground on New State Farm Office Building at CityLine

24 Feb 2014, 6:25 am

By Amalia Otet, Associate Editor

KDC plans to kick off construction of a new 500,000-square-foot office property at its $1.5 billion State Farm-anchored mixed-use project in Richardson. Dubbed CityLine, the 186-acre transit-oriented development will eventually include as much as 6 million square feet of office space; two hotels; 3,925 multi-family residential units; 300,000 square feet of grocery, restaurant, entertainment and retail space; and three parks.

The recently announced facility will be the fourth CityLine building to be fully occupied by Bloomington, Ill.-based State Farm, bringing the insurer’s total footprint at the complex to 2 million square feet.

Randy Cooper and Craig Wilson with Cassidy Turley represented State Farm. Financing is being provided by a syndicate of lenders led by JPMorgan Chase, according to official statements.

Project specifics include a 12-story office building sitting atop a five-level parking structure and approximately 30,000 square feet of ground-floor retail space. The outfit will be located at the northeast corner of State Street and Plano Road, directly across Plano Road from the other three buildings leased by State Farm, currently under construction.

The fourth building is expected to break ground later this year, with a completion date set for mid-2016.

State Farm says it will start using the CityLine facilities beginning in late 2014, with moves occurring throughout 2015.

“We work hard to make Richardson a business-friendly community, and that combined with our access to highly skilled workers and major transportation hubs is what makes us the most sought-after location for office development in the Metroplex today,” said Richardson Mayor Laura Maczka. “CityLine is going to be a phenomenal addition to attract quality development, and this latest announcement by KDC and State Farm has us very excited about the long-term impacts CityLine will make on our local and regional economy.”

The 2.3 million-square-foot initial phase of CityLine, which debuted in July 2013 as reported by Commercial Property Executive, will integrate a plurality of uses, including residential, retail and hospitality. Completion is slated for 2015.

The focal point will be CityLine Plaza, a centrally located urban square featuring recreational amenities. Designed by the office of James Burnett, the landscape architect of Dallas’ signature Klyde Warren Park, the property will feature approximately 92,000 square feet of retail, along with open space for outdoor concerts and festivals, shaded gathering spots for meetings or meals, and walkways for pedestrians.

Additionally, the first phase will include a 150-key service hotel, 532 New Urbanism multi-family residential units, a 17,000-square-foot wellness and fitness facility, and a 41,000-square-foot boutique office building.

“CityLine will be a regional attraction with a unique level of access throughout the Metroplex,” said Richardson Chamber of Commerce President & CEO Bill Sproull. “Its location provides it direct access to the President George Bush Turnpike, Central Expressway and DART Bush Turnpike Station. Its proximity to I-635, DFW International Airport and Love Field also helps position the State Farm campus and CityLine development to benefit from the best Richardson’s transportation corridors have to offer.”

Corgan is the State Farm office architect and Omniplan is the CityLine retail architect and master planner. Kimley-Horn is the civil engineer and OJB is the landscape architect.

Rendering of the CityLine Development courtesy of KDC via its official website.

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