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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.

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