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HRI Properties Acquires Former LTV Tower; Statler Hilton Redevelopment Gets $43.5M Boost8 May 2014, 4:56 am
By Amalia Otet, Associate Editor
New Orleans-based HRI Properties has acquired 1600 Pacific, a 32-story tower in downtown Dallas, in a deal that removes more than 500,000 square feet of empty office space from downtown’s vacant building inventory. The seller was an entity affiliated with Ricchi Investments of San Antonio, as reported by the Dallas Business Journal.
Originally built in 1964 as the headquarters of LTV Corp., the high-rise was mainly used by different companies as office space but has been standing vacant for a few years now. HRI plans to give the property an extensive makeover and turn it into a mixed-use build-out featuring hospitality and residential real estate.
Construction will start this month, with redevelopment expected to be complete within 16 months. Dallas-based Merriman Associates/Architects Inc. is the project architect and Andres Construction serves as general contractor.
The adaptive reuse project will result in a premier property offering 171 hotel rooms, 186 apartments and ample parking. Additionally, the building will feature approximately 2,000 square feet of meeting space, a pool, as well as an outdoor recreation and lounge area for the apartment residents.
The project bears a $70 million price tag and is being partially funded with incentives from the city of Dallas, the Dallas Morning News reports.
Founded in 1982, HRI Properties is a full-service real estate development company and a national leader in the adaptive reuse of historic structures and creation of large-scale mixed-use projects. HRI and its affiliates have reportedly completed 64 large-scale projects nationwide totaling $1.78 billion in development costs, including 4,897 apartment units and condominiums; 3,961 hotel rooms; and more than 1.2 million square feet of office and retail space.
San Antonio-based Ricchi Investments is also selling the historic Statler Hilton hotel in downtown Dallas to Carrollton-based Centurion American Development Group for a $175 million redevelopment project. The deal includes the acquisition of the old Dallas central library, which sits next door to the long-vacant hotel.
Designed by New York architect William Tabler, Statler Hilton is located at 1914 Commerce St., directly adjacent to the Main Street Garden Park and the old Dallas Municipal Courthouse.
Centurion American plans to transform the 589,457-square-foot property into a high-end mixed-use development, to include hotel and residential space. Merriman Associates/Architects Inc. is the architect of the redevelopment.
The restoration project received $43.5 million in tax increment financing funds from the city, according to the Dallas Business Journal.
Photo credit: 1600 Pacific via dallasarchitecture.info
Hanover Property, Sandlin Homes to Break Ground on Massive Residential Projects in DFW30 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 Euless24 Apr 2014, 12:57 am
By Amalia Otet, Associate Editor
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 Uptown11 Apr 2014, 8:51 pm
By Amalia Otet, Associate Editor
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 Park7 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