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StreetLights Residential Breaks Ground on Uptown Dallas Infill; TDI, Matthews Southwest Bring Luxury Residences to South Lamar

5 Jun 2014, 2:38 pm

By Amalia Otet, Associate Editor

StreetLights Residential has commenced construction on a new high-rise development that will add 212 luxury apartment homes to Uptown Dallas.

To be located on a one-acre pad just off McKinney Avenue at the Maple/Routh connection and Thomas Avenue, the 23-story residential tower will feature one- and two-bedroom floor plans. Moreover, the complex will offer penthouse options with views of the Dallas skyline.

The interiors are being designed by Waldrop + Nichols Studio L.L.C. The landscape will be designed by Studio Outside.

“The project’s proximity to both Uptown and downtown Dallas provides an ideal location,” said SLR CEO Doug Chesnut. “The landscape of Dallas’ urban core has changed dramatically over the past few years, and we are excited to be a part of this positive change and growth as we begin work on another urban infill project.”

SLR Uptown Construction L.L.C. is serving as general contractor. Gromatzky Dupree & Associates is the project architect.

The first apartment homes are expected to be delivered in late 2015.

SLR is also working on The Taylor, a 17-story luxury apartment tower at 3100 Carlisle St. The premier Uptown development offers 308 apartment homes and more than 17,000 square feet of high-end amenities. According to the developer’s website, units range in size from 564-square-foot studios to 2,314-square-foot penthouses.

Meanwhile, a joint venture of TDI and Matthews Southwest has broken ground on a 290-unit luxury multi-family community in the growing South Side neighborhood of Dallas.

The Class A project will be located at 1210 South Lamar, within walking distance of numerous shopping and dining destinations, including Full Circle Tavern, The Cedars Social and Opening Bell. Residents can also walk to the DART light-rail at Cedars Station, which connects them to entertainment and business venues such as the Dallas Convention Center, American Airlines Center, Victory Park and Mockingbird Station.

“The commitment of Matthews Southwest and TDI to develop additional creative and quality residential projects for the urban core of our city is a real gift,” said Mayor Mike Rawlings. “The team is giving us great examples of how to continue to develop The Cedars neighborhood and offer various housing options for citizens who want to live near downtown. This project represents another GrowSouth moment worth celebrating.”

The community will offer a mix of one- and two-bedroom apartment homes in a four-story midrise building featuring a blend of contemporary, industrial and traditional facade designs.

Interiors will showcase contemporary features and design elements including high ceilings, kitchen islands, stainless steel appliances and full-size washers and dryers. Common amenities will include a rooftop deck with views of the Dallas skyline; a trail connecting to DART; access to The South Side Bark Park; as well as two private courtyards, one with a pool and direct access to the property’s clubhouse, and the second boasting a park-like setting with benches and an outdoor movie theater.

According to Matt Brendel, vice president & development partner for the central region at TDI, the live/work residences were specifically designed to cater to artists or small service businesses that can benefit from the pedestrian traffic along South Lamar.

Financing for the project was provided by American Bank of Texas and the Dallas Police & Fire Pension System.

Completion is set for the beginning of 2016.

TDI/JPI has completed 50 communities in the DFW Metroplex and has three additional projects currently under construction: Jefferson Creekside (Allen), Jefferson Center (Richardson) and Jefferson Las Colinas.

Image courtesy of  StreetLights Residential

KONE Lease Kicks Off Development of 22.5-Acre Office Park in Allen

29 May 2014, 4:07 am

By Amalia Otet, Associate Editor

Houston-based Sentinel Capital has landed global elevator and escalator company KONE as lead tenant of the $26 million first phase of AllenPlace, a 22.5-acre master-planned office park in Allen.

A joint venture of Sentinel Capital LLC, Centra Partners LLC and Triad Real Estate, the premier development will ultimately include 700,000 square feet of Class A office space in five buildings. It will be located along North Central Expressway’s east side, between West Bethany and West McDermott drives. Goulas + Associates Inc. of Houston serves as project architect. Among a series of upscale amenities, the complex will feature passive solar screens, concierge drop-off, energy-efficient glass, interactive technology, a campus setting and ample parking.

Groundbreaking for the seven-acre first phase of AllenPlace is set for this year, with KONE expected to take occupancy of its new offices in the first half of 2015. The company, which currently occupies office space in Allen and a testing facility in nearby McKinney, will take over the first building at the AllenPlace complex, as well as a portion of the second building, where it will house its supply operations, research-and-development department and other product and installation support functions.

To get the project off the ground, Sentinel partnered with the Allen Economic Development Corp., which incentivized both the real estate transaction and KONE’s expansion. “This project exemplifies Allen’s track record for competitive incentives and will create additional spec office space close to premier shopping and dining destinations,” said Dan Bowman, Allen Economic Development Corp. interim executive director, in a written statement.

Jeff Patman, senior vice president with Site Selection Group, handled all economic incentive and lease negotiations for KONE. Sentinel Capital was represented by Ben Appleby, partner with Dallas-based Paladin Partners (formerly with Houston-based PM Realty Group), who will also handle the leasing at AllenPlace moving forward.

KONE’s lease will kick off a 102,000-square-foot Class A office building that will contain 77,000 square feet of vacant, contiguous spec office space for other tenants, according to Appleby.

“Allen is a highly sought-after municipality for corporate users looking to relocate their operations to North Texas. The problem that we have run into recently is a lack of available product for users looking for over 20,000 square feet,” added Appleby. “With this first phase of AllenPlace underway, we will be able to provide a grossly underserved product to larger office users looking at Allen, Texas.”

Rendering of AllenPlace courtesy of Sentinel Capital via Businesswire.

Luxury Condo Tower to Break Ground in West Plano; Toyota Gets Incentive Deal for Corporate Relocation

22 May 2014, 4:40 am

By Amalia Otet, Associate Editor

Dallas-based Visions5 plans to kick off construction of a new high-profile mixed-use complex in West Plano.

Dubbed Haggard Place, the multi-phase project will eventually include residential, retail and hospitality space. Phase one is expected to break ground in late summer or early fall and includes two luxury 17-story condominium towers. The development will sit on an eight-acre tract owned by the Haggard family in the Legacy area of Plano.

One Haggard Place, the first to see the light of day, will showcase 72 designer residences occupying full, half and partial floors, each enjoying grand terraces and panoramic views north, south, east and west. Individual units will range in size from 1,420 to 4,800 square feet, with top-level penthouses sized from 8,000 to 16,000 square feet, the Plano Star Courier reported.

Prices for the luxury residences are expected to begin in the mid-$800,000 range, according to Erin Young, a sales associate with Allie Beth Allman & Associates.

Conveniently located between Willow Bend and Legacy Town Center, on the Dallas North Tollway, One Haggard Place provides easy access to premier shopping, dining and recreational destinations. Additionally, the complex enjoys close proximity to downtown Dallas, as well as Love Field and DFW International airports.

Demand for upscale housing is currently on the rise in the Dallas-Fort Worth Metroplex, particularly due to corporate relocations and expansions in North Texas. Recent moves include Toyota’s relocation to West Plano, establishment of the Dallas Cowboys’ World Headquarters in Frisco, and Bloomington, Ill.-based State Farm’s regional expansion in Richardson.

On May 12, Plano City Council unanimously approved an economic development incentive agreement to relocate Toyota’s North American Headquarters to Texas.

The incentive deal includes developing a 1 million-square-foot corporate campus at the northwest corner of Legacy Drive and Headquarters Drive, and transferring or creating as many as 3,650 full-time jobs in the area.

Toyota’s investments in the Plano facility are expected to top $300 million, as reported by Commercial Property Executive. The new, environmentally sustainable campus will be located in the Legacy West business park, a 2,700-acre property created by Ross Perot in the 1980s as a master-planned business park for corporate headquarters and offices.

Groundbreaking is scheduled for fall 2014, with construction expected to be complete within 24 months.

After moving from its existing headquarters, Toyota will continue to have approximately 2,300 employees in California and 8,200 in Kentucky. Toyota’s offices in the New York City area and Washington, D.C., will also remain in place, according to official statements.

Photo credit: City of Plano

RED Development to Break Ground on 800 KSF Mixed-Use Project in Uptown Dallas

15 May 2014, 3:43 am

By Amalia Otet, Associate Editor

Phoenix-based RED Development plans to break ground on Akard Place, an 800,000-square-foot mixed-use project in Uptown Dallas.

RED is working with several prominent companies as key partners in the project. Dallas-based StreetLights Residential will oversee development of the multi-family component, Seattle-based Graphite Design Group serves as design architect, and Houston-based landscape architecture firm The Office of James Burnett (OJB) will help shape up the project. OJB has been involved in multiple projects in Dallas, including Klyde Warren Park, the new $100 million urban recreational enclave that bridges the city’s downtown cultural district with the burgeoning mixed-use neighborhoods to the north.

“The time is clearly right to build on the growing popularity of Uptown Dallas and the exciting live-work-play concept that has taken root in this part of Dallas,” said Mike Ebert, managing partner. “We are seeing strong demand from young professionals and empty-nesters who are attracted to this walkable, high-energy uptown neighborhood, as well as keen interest in the kind of attractive office environment we are planning.”

To be located at Field Street and Cedar Springs Road, Akard Place will consist of a residential tower and an office high-rise sitting atop retail, restaurant and parking areas.

Project specifics include a 16-story office building with panoramic views of the city; a 20-floor residential high-rise featuring 300 apartment homes with balconies and views; nine levels of parking; and 75,000 square feet of retail and restaurants at street level. Additionally, Akard Place will showcase a central plaza featuring open space with large trees in a park-like setting.

Designed to cater to today’s sophisticated corporate tenants, the Class A office structure will offer highly efficient floor plates, flexible spaces and contemporary design elements, all complemented by first-class amenities and a premier location within one of the city’s most desirable submarkets. Burson Holman and Shannon Brown with CBRE Group Inc. will provide leasing services for the office building.

Demand for multifamily product is expected to remain strong in Uptown Dallas, as the area is experiencing tremendous growth. “More and more, people want to live in Uptown Dallas,” said Doug Chesnut, CEO of StreetLights Residential.

“The Akard Place location is a truly excellent site for new residences, and RED is creating an exciting, mixed-use destination for Uptown Dallas. RED’s commitment – and track record – for high-quality execution matches our own approach, and we are very pleased to partner on Akard Place,” he added.

The premier complex is situated southeast of American Airlines Center and within walking distance of The Ritz-Carlton, the Perot Museum of Nature and Science, and Klyde Warren Park.

The project is expected to be complete in 2017.

Rendering of Akard Place in Uptown Dallas courtesy of RED Development via Official Website

HRI Properties Acquires Former LTV Tower; Statler Hilton Redevelopment Gets $43.5M Boost

8 May 2014, 4:56 am

By Amalia Otet, Associate Editor

The strategic revitalization of Downtown Dallas continues with two new redevelopment projects ready for takeoff.

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

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