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Hanover Launches New Luxury Multifamily in Uptown

12 Nov 2013, 6:25 am

By Amalia Otet, Associate Editor

Houston-based The Hanover Co. has opened a new luxury apartment community in Uptown Dallas.

Dubbed Hanover Cityplace Apartments, the residential complex is ideally located at the crossroads of the West Village, Cityplace and Knox Henderson districts, within close proximity to lifestyle hubs like Victory Park, Klyde Warren Park and the Dallas Arts District. It also offers direct access to the North Central Expressway.

“We are just delighted to have launched this apartment community. To be able to contribute to the landscape of such an energetic and active area is very satisfying,” said Micah Hart, regional manager for The Hanover Co., which heads management of the Cityplace Apartments. “We recognize the overall importance of this area to the economic composure of the city of Dallas and are very excited to help take its residential offerings to the next level.”

Located at 4030 N. Central Expressway, two blocks north of the DART Cityplace Rail Station, Hanover Cityplace features a mix of one- and two-bedroom apartment homes ranging in size from 700 square feet to more than 1,400 square feet. The units showcase high-end finishes including high ceilings, wood-style flooring and custom color accents. Each unit has a fully equipped kitchen with custom cabinetry, stainless steel appliances, granite countertops, luxurious mosaics and breakfast bars. Select homes feature private terraces, computer desk niches and built-in bookshelves.

Additionally, the community offers top-notch amenities such as a resort-style pool with sun shelf, outdoor grills, trellis-covered dining areas and an intimate fireplace, private garage parking, two private theaters with surround sound and gaming capabilities, a business lounge with 27-inch iMac computers, as well as a state-of-the-art fitness center.

With more than three decades of experience, The Hanover Co. is focused on the acquisition, development and management of high-quality multifamily residential properties, including garden-style, mixed-use, high-density wood-frame and high-rise projects. To date, Hanover’s portfolio totals nearly 38,000 units across the country and more than $7.5 billion in project costs.

Its properties are located in U.S. markets including San Francisco, Los Angeles, San Diego, Dallas, Austin, Houston, Washington, D.C., Baltimore, Philadelphia and Boston.

Photo credits: Hanover Cityplace official website



New Gables Community to Sit Atop Whole Foods Market

5 Nov 2013, 5:21 am

By Amalia Otet, Associate Editor

Gables Residential has kicked off construction of its newest Dallas development, a mixed-use project at the intersection of McKinney Avenue and Routh Street in the Uptown district.

Plans call for a retail-residential complex to be anchored by Whole Foods Market. The residential component will feature 239 housing units, including 222 apartment homes in an eight-story high-rise and 17 three-story townhome-style apartments. As the sole retail tenant of the complex, Whole Foods Market will occupy 39,500 square feet on the main floor of the building.

“Gables is pleased to begin construction on our exciting new development, which is designed to complement the neighborhood,” said Sue Ansel, CEO of Gables. “We believe our community, with the addition of the Whole Foods Market, will enhance the amenity offering in the Uptown area. We are excited Whole Foods Market chose Gables to showcase their next store within the Dallas city limits.”

Sitting on approximately three acres, the complex is located on McKinney Avenue, one block from The Crescent and two blocks from the Ritz-Carlton, within close proximity to fine dining and shopping destinations. In addition, the community is a quarter mile from Downtown Dallas, Klyde Warren Park and the Arts District.

The concrete high-rise will feature high-end finishes and amenities, along with garage parking incorporating separate garages for Whole Foods Market and residents. The townhomes will have internal garages and will showcase Queen Anne Victorian-style architecture to complement the rest of the buildings in the State-Thomas Historic District.

In an effort to give back to the community, Gables will be adding open space, brick crosswalks and several other enhancements for the neighborhood. Additionally, the REIT donated $85,000 worth of mature trees to the nearby Griggs Park renovation, according to company statements.

The community is slated to be complete in early 2015.

Meanwhile, Cassidy Turley has been tapped to lease and manage two high-profile North Texas office buildings: Park Center in Plano and Greenhill Park in Addison.

The five-story, 236,604-square-foot Park Center tower (pictured below) is located at 2400 North Dallas Parkway, just north of the President George Bush Turnpike. The second building, Greenhill Office Park–a 12-story, 272,482-square-foot, multi-building office complex–is located at 14131 Midway Road, just north of LBJ Freeway.

The buildings are owned by TA Associates Realty and Cornerstone Real Estate Advisers, respectively.

Rendering of McKinney Routh Mixed-Use Development courtesy of Gables Residential via PRWeb



TCC, Prudential Break Ground in South Dallas; McKinney to Get $38M Sheraton Hotel

27 Oct 2013, 4:55 am

By Amalia Otet, Associate Editor

Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on an 823,379-square-foot speculative industrial project in Southern Dallas County.

Dubbed Trammell Crow Penn Distribution Center, the Class A facility will be located on a 47-acre tract along Interstate 20 in south Dallas and will seek LEED certification.

Scott Krikorian, managing director & head of Trammell Crow’s Dallas/Fort Worth Business Unit, credited two groups in bringing the development to fruition: Partner Prudential Real Estate Investors, with which it has created two other industrial projects in the I-20 corridor, and the city of Dallas, which he said has “paved the way to provide economic growth to the I-20 southern Dallas corridor.” He added: “The location has a strong demand for bulk warehouse space over 500,000 square feet. The intersection of I-35 and I-20 has proven to be the epicenter of logistics, with product moving from Mexico into the region and then distributed locally or nationally via I-20 and I-35.”

The project is expected to be complete in May 2014.

In hospitality news, Starwood Hotels & Resorts Worldwide Inc. partnered with the city of McKinney and the McKinney Community Development Corp. (MCDC) to deliver McKinney’s first upscale, full-service hotel under the Sheraton brand.

To be located at the corner of Highway 75 and the Sam Rayburn Tollway, the $38 million Sheraton McKinney Hotel will be developed by Champ Beck Development, a joint venture between Champ Hospitality and The Beck Group.

The 186-key outfit will be connected to a 20,000-square-foot events center, with both expected to open in February 2015. Amenities will include a full-service restaurant and lounge, a state-of-the-art fitness center, as well as the brand’s signature Link@SheratonSM experienced with Microsoft®, a relaxed space with complimentary wireless broadband.

The project will be backed by mixed financing, with funds coming from the city of McKinney, private equity and bank financing. According to official statements, the city will pay for the cost of the conference center, which the city will own once it is open.

“We have created a unique and innovative financing plan that provides the city with the opportunity to recoup a portion of its investment upon sale and provides a city-owned conference center,” said Jason Gray, McKinney city manager, in a release. “In addition to the positive economic impact from having a high-quality, full-service hotel, the McKinney Economic Development Corp. owns an additional 50 acres that can be developed on the site.”

“The hotel is a critical component in making the entire area successful. That’s really the payoff to the community,” he added.

Photo credits: The Beck Group



TDI Breaks Ground on Las Colinas Luxury M-F, Opens High-End Community in Allen

22 Oct 2013, 3:12 am

By Amalia Otet, Associate Editor

TDI Real Estate has broken ground on Jefferson Las Colinas, a 386-unit luxury multi-family community in Irving.

Located near the intersection of Northwest Highway and Las Colinas Boulevard, the high-end community will offer one-, two- or three-bedroom floor plans ranging from 572 to more than 1,400 square feet. Units will feature granite countertops, designer appliances, 10-foot ceilings and full-size washers and dryers. Common amenities include a resort-style pool, business center and conference room, Wi-Fi hotspots, a coffee bar and a modern fitness center.

“This is a high-profile location and the ideal setting for this project,” said Matt Brendel, TDI vice president & area partner. “These homes will have extraordinary access to highways as well as the DART light-rail system, which provides easy access to Plano, Richardson, Downtown Dallas and will reach D/FW airport by 2014.”

Financing for the project was provided by Texas Capital Bank, and PCCP LLC was the mezzanine lender, according to the Irvine-based developer.

Additionally, TDI recently completed construction on the first apartment homes of a 444-unit luxury apartment community in Allen.

Dubbed Jefferson Creekside, the upscale rental complex is located near the intersection of Custer Road and Highway 121, north of Dallas, in close proximity to major employment centers in or around Legacy, Granite and Hall office parks as well as fine shopping and entertainment destinations such as the Allen Premium Outlets and Rowlett Creek Trail.

Jefferson Creekside features a mix of one-, two- and three-bedroom apartment homes ranging in size from 650 to more than 1,400 square feet. The community boasts exclusive amenities including high-end finishes, a resort-style swimming pool with aquatic sunning ledge and tanning spa, a business center and conference room, Wi-Fi hotspots, an open-air cinema, a coffee bar and a state-of-the-art fitness center.

The construction loan was provided by Texas Capital Bank; Behringer Harvard Multifamily REIT I Inc. was the mezzanine lender, and Catlyn Capital provided the equity, according to official statements.

As a leader in the development of Class A multi-family housing, TDI currently has more than 2,100 units under development in Texas and Arizona and has asset management responsibilities for 4,800 units nationwide.

Photo credits: Jefferson Creekside official website



Wood Partners Breaks Ground on $36M Apartment Project; Walmart Opens Distribution Center in Fort Worth

14 Oct 2013, 12:04 am

By Amalia Otet, Associate Editor

Wood Partners has broken ground on Alta Maple Station, a $36.3 million luxury apartment project in downtown Dallas.

Consisting of a 212,632-square-foot building with a structured parking garage, the multifamily complex will be located on a 3.5-acre tract at 5522 Maple Ave., in close proximity to a Dallas Area Rapid Transit light-rail station.

“We are very excited about this project,” said Ryan Miller, development associate for Wood Partners in Dallas, in a written statement. “Not only is Alta Maple Station a transit-oriented development but the entire area is under transformation led by the $2.5 billion investment in the Dallas Medical District, which will generate more than 5,000 new jobs.”

Designed by Dallas-based Good, Fulton & Farrell Architects, the four-story apartment community will feature 249 units, with granite countertops, dark wood cabinets, stainless steel appliances and upgraded lighting and plumbing fixtures. Common amenities include a resort-style pool, a modern fitness center, a media lounge and a cyber cafe.

Completion is set for 2015. Pre-leasing is expected to start in late 2014. “Alta Maple Station will provide a lower-cost alternative to Dallas Uptown rents while remaining just minutes away from both Uptown and the central business district,” Miller added.

Wood Partners will serve as its own general contractor.

In commercial news, Walmart added two new distribution centers to its portfolio, including one in Fort Worth. As part of a next-generation fulfillment network aimed at providing a seamless shopping experience, the new facilities will allow the company to deliver U.S. customer orders faster and at a lower cost.

Located at 5300 Westport Parkway in north Fort Worth, the 800,000-square-foot fulfillment center is expected to bring 275 full-time jobs to the area, and already began shipping orders last week.

In addition to the Texas facility, the retail giant next year plans to open a new distribution center in Bethlehem, Pa., that at 1.2 million-square-feet will be its largest one so far. Commercial Property Executive reported last week that the large-scale distribution facility will employ more than 350 full-time positions.

The Bethlehem facility will be fully operated by Walmart, whereas the Fort Worth center will be operated by Brentwood, Tenn.-based OHL, a global supply-chain management solutions company.

Combined, the two outfits will house hundreds of thousands of items, ranging from electronics to toys, apparel, fitness equipment, sporting goods and more.

Photo credits: Walmart.com



RPG Debuts Master-Planned Community in Celina; Landmark Acquires Richardson M-F

3 Oct 2013, 5:44 pm

By Amalia Otet, Associate Editor

Dallas-based Republic Property Group marked a major milestone with the recent opening of Light Farms, a 908-acre master-planned community in Celina.

Light Farms has officially opened the doors of its information center, one of two resident-focused buildings. It also includes a state-of-the-art fitness facility created from early 19th century barn frames that were reclaimed from Upstate New York and reconstructed on site with a traditional barn-raising ceremony.

The first phase of the project includes four neighborhoods containing 267 sites and model homes from six of the area’s most respected builders – American Legend Homes, Darling Homes, Drees Custom Homes, Highland Homes, LionsGate Homes and Shaddock Homes – with prices starting in the $240,000 range.

Upon completion, Light Farms will be home to approximately 3,000 residents.

“We feel incredibly fortunate to serve as the stewards for this phenomenal acreage that will eventually be directly served by the Dallas North Tollway,” said Tony Ruggeri, co-president of Republic Property Group. “In this role, we have gone to great lengths to ensure a pristine community for generations to come by supporting sustainable building methods, preserving 132 acres for green space and creating pocket parks, micro gardens and a $13 million greenbelt with three miles of hike and bike trails.”

Republic Group has seen to the implementation of a strong on-site homeowner’s association that will facilitate residents’ access to a wide array of amenities, including multiple playgrounds, picnic areas, an event lawn, a tennis center with four hard courts and a lakeside aquatic complex with four pools. Additionally, the HOA will handle maintenance of the common areas, alarm monitoring and front yard care.

In other suburban news, Richmond, Va.-based Landmark Apartment Trust of America Inc. (LATA) expanded its Texas footprint by acquiring Landmark at Preston Wood, a 194-unit apartment community in Richardson. With this acquisition, LATA’s portfolio now contains 14 multi-family assets in the Dallas-Fort Worth market.

Along with the Richardson complex, the company also bought Landmark at Lyncrest Reserve, a 260-unit apartment community in Nashville, Tenn. The two properties, which are currently 94 percent occupied, according to company statements, were purchased in two separate transactions for an aggregate price of $33.5 million.

Located at 333 Preston Wood Drive, Landmark at Preston Wood was built in 1979. Formerly known as Mission Preston Wood, the rental apartment community features one-, two- and three-bedroom units with spacious floor plans, large walk-in closets and fully equipped kitchens. Common amenities include a fitness center, pool/spa, playground and picnic area with barbecue grills.

Photo credits: Light Farms Facebook page



Parallel Capital Partners Acquires Class AA Business Complex in Irving

26 Sep 2013, 4:39 am

By Amalia Otet, Associate Editor

San Diego-based Parallel Capital Partners Inc. completed the acquisition of Urban Towers, a Class AA business center in Irving, in a deal that marks the company’s re-entrance into the Dallas market. The acquiring entity, a partnership between Parallel Capital Partners and Angelo, Gordon & Co., bought the 850,000-square-foot complex from CB Richard Ellis Strategic Partners U.S.

“In the last 12 months alone, we have acquired $400 million of properties, including Urban Towers, and have been carefully monitoring the Dallas region for an opportunity like this – a top-quality, recently renovated complex located in the heart of a vibrant mixed-use environment with unrivaled amenities,” said Matt Root, CEO of Parallel Capital Partners.

The concrete-and-steel, mirrored glass outfit sits on an 11.2-acre tract in Las Colinas Urban Center and consists of two high-profile high-rise office towers. The site offers frontage on Highway 114 to the west, Las Colinas Boulevard to the east and Fuller Drive to the north. North Tower is 22 stories plus basement, and East Tower is 17 stories plus basement, including a 7,041-square-foot penthouse.

Built in 1982 and 1984, the buildings have been owned by CBRE since 2006. The acquisition includes a five- and a seven-story parking structure, and there are plans for a third office tower and parking garage.

Urban Towers holds an Energy Star rating of 91 and is LEED Silver certified. Anchored by the Fortune 500 company Celanese Corp., the property is currently 88 percent occupied. Amenities include a fitness center, a deli and coffee shop, a medical clinic, conference facilities and more.

Kennedy Hicks and Michael McDonald from Eastdil Secured represented CBRE, while Parallel Capital represented itself. All property management and leasing will be overseen by Cushman & Wakefield of Texas Inc., according to company statements.

Meanwhile, in multi-family news, Dallas-based American Communities purchased three apartment complexes in North Texas for an undisclosed sum. Two of the properties, Cornerstone Ranch and Laurel Ridge, are located in Plano, and a third one, Islands West, is located in Irving.

American Communities closed on the three properties in early August. The real estate firm plans to add value by implementing extensive building improvements as well as unit interior upgrades. The three properties will be rebranded under the Bel Air moniker following renovations.

Photo credits: Parallel Capital Partners website



TDI Kicks Off Luxury M-F Development in Richardson; Renovated Lincoln Plaza Renamed Ross Tower

20 Sep 2013, 3:19 pm

By Amalia Otet, Associate Editor

TDI Real Estate, a leader in the development of Class A multi-family housing, has broken ground on Jefferson Center, a 360-unit luxury apartment community in the fast-growing Richardson market, north of Dallas.

Behringer Harvard Multifamily REIT I Inc. provided mezzanine financing, according to company statements, and Catlyn Capital Corp. provided equity. Senior financing for construction of the property will be provided by Texas Capital Bancshares Inc.

“We are pleased that this transaction represents our third development project with TDI,” said Mark Alfieri, president & COO of Behringer Harvard Multifamily REIT I Inc. “Market fundamentals are robust in the Dallas-Fort Worth Metroplex, and this community will address a growing demand for luxury apartments fueled by the expansion of professional employment options in the Richardson submarket and other areas north of Dallas.”

To be located on a 30-acre tract near the intersection of President George Bush Turnpike and Custer Parkway and less than a mile northeast of the University of Texas at Dallas, the luxury complex is expected to be complete by the end of 2014.

Jefferson Center will offer a mix of one-, two- and three-bedroom units ranging from 650 to more than 1,500 square feet. The apartment homes will feature granite countertops, designer appliances, nine-foot ceilings, garages and full-size washers and dryers. Common amenities include a resort-style pool, grilling and cabana areas, a coffee bar and a state-of-the-art fitness center.

In commercial news, The Lionstone Group announced that Dallas’ Lincoln Plaza (pictured at right) would be renamed Ross Tower to better reflect its prime downtown location at the corner of Ross Avenue and Akard Street. The developers recently completed a $25 million overhaul of the property, which resulted in improved tenant services.

Additionally, the ownership is redeveloping neighboring 411 N. Akard to provide more parking for Ross Tower tenants.

In an effort to reposition the 45-story high-rise, Ross Tower’s state pension fund owner selected the Lionstone Group in October 2012 to serve as investment advisor for the property. The Lionstone Group tapped PegasusAblon to provide agency leasing and lead new improvements, along with Transwestern Property Co. to handle property management for both Ross Tower and the newly acquired 411 Akard building.

Photo credits: The Lionstone Group via PRNewswire



Behringer Harvard, Trammell Crow Kick Off Upscale M-F Project

30 Aug 2013, 4:14 pm

By Amalia Otet, Associate Editor

Behringer Harvard Multifamily REIT I, Inc. and Trammell Crow Residential broke ground on The Alexan, a 365-unit apartment community situated on Goat Hill northwest of downtown Dallas. The Crow Family is a co-investor in the project, for which Behringer Harvard is general partner and Trammell Crow Residential is serving as developer.

The project will offer 365 units ranging in size from 436 to 1,865 square feet. Approximately 69 percent will be studios and one-bedroom apartments, and 31 percent will be two-bedroom apartments.

Units will feature granite countertops with designer backsplashes, stainless steel appliances, 42-inch hardwood cabinetry, nine-foot ceilings, eight-foot entry doors, oversized bathtubs with tile surrounds and full-size washers and dryers.

Community amenities will include two swimming pools, ground-floor retail space, outdoor patio space, a fitness center, cyber cafe, dog park, business center, game room, controlled-access parking and direct access to the Katy Trail.

In office leasing news, ISN Software Corp. will become the largest tenant at One McKinney Plaza (pictured at right) after expanding to 70,000 square feet in the Uptown tower. ISN Software will take an additional 37,000 square feet on the third and fourth floors of the LEED-certified building and occupy the new space in 2014.

Located at 3232 McKinney Ave., the 15-story 263,921-square-foot asset is owned, leased and managed by Dallas-based Gaedeke Group. Craig Wilson and Randy Cooper of Cassidy Turley represented ISN in the deal.

Photo credits: Gaedeke Group



UDR, MetLife Form Partnership for Luxury Development in Addison

19 Aug 2013, 3:43 pm

By Amalia Otet, Associate Editor

Denver-based UDR Inc. formed a partnership with MetLife Inc. to own and further develop the master-planned community known as Vitruvian Park in Addison.

UDR began construction on the 126-acre Vitruvian Park in 2008. Located just northwest of I-635/LBJ Freeway and the Dallas North Tollway between Midway Road and Marsh Lane in Addison’s southwest quadrant, the community will ultimately comprise four cohesive yet distinct neighborhoods: Park Side, Fountain Square, Market Square and South Gate.

All told, the master plan calls for as many as 6,000 dwelling units, along with a state-of-the-art 12-acre park and approximately 200,000 square feet of supportive office and retail space.

MetLife shelled out $145 million to become half owner of the recently completed LEED-certified Savoye and Savoye Squared apartment complexes, as well as the Fiori residential community, which is still under construction, according to The Dallas Morning News. The partnership also includes 28.4 acres of developable land parcels where the venture will be able to build approximately 2,000 to 2,500 homes and 45,000 to 50,000 square feet of retail space. Additionally, the two companies will jointly own and operate two A-quality, high-rise communities located in downtown Denver (Acoma) and San Diego (Current).

Combined, the Savoye and Savoye Squared luxury communities contain 739 homes with a cost basis of $136.4 million, as per company statements. Occupancy rates for both properties are running at above 94 percent.

Fiori contains 391 homes under development and had a $98.4 million price tag, which was 93 percent funded in June 2013 and subject to a GMAX agreement with the general contractor.

Located at 3990 Vitruvian Way in Addison, Fiori offers one -, two- and three-bedroom apartment homes finished in granite, stainless steel and hardwood. The apartment units feature distinctive design elements such as frameless showers, surround sound, freestanding tubs, California closets and energy-efficient appliances. Community amenities include a penthouse lounge; climate-controlled, resident wine storage; a waterfall courtyard with fire pit, pool and sun deck area; a business center; art sculptures; concierge services; as well as on-site maintenance.

The Vitruvian Park development has enjoyed continued support from the town of Addison. To date, Addison has invested $23.3 million of a $40 million commitment to enhance project-related infrastructure.

Renderings courtesy of UDR



Cousins Acquires Fort Worth Tower as Part of $1.1B Deal

5 Aug 2013, 2:50 pm

By Amalia Otet, Associate Editor

Cousins Properties Inc. has entered into an agreement to purchase 777 Main St., a 980,000-square-foot Class A office tower in Fort Worth, from a joint venture operated by Crescent Real Estate Holdings L.L.C.

As part of the deal, the Atlanta-based REIT will buy Greenway Plaza, a 10-building, 4.4 million-square-foot office portfolio, in Houston. The properties will be acquired for an aggregate purchase price of approximately $1.1 billion, to be paid in cash, according to official statements.

“Greenway Plaza and 777 Main St. are an excellent fit with our portfolio, as they are high-quality urban properties with embedded NOI growth and future development potential,” said Larry Gellerstedt, president & CEO of Cousins. “Not only do we expect this transaction to be transformative and accretive, it immediately expands our Texas platform and provides substantial geographic diversification at a significant discount to replacement cost.”

The acquisition is expected to close by mid-September 2013.

Located in the southeast quadrant of Fort Worth’s CBD, the 40-story green glass-paneled office building is home to a mix of quality tenants, including Jacobs Engineering Group Inc., FTS International Services L.L.C., The Petroleum Club as well as many law firms and energy companies. The year-end occupancy for the property is projected at 72 percent.

Cousins has also undertaken a major renovation of an iconic skyscraper in Downtown Dallas that the company bought in August 2012, according to The Dallas Morning News.

Dubbed 2100 Ross, the 33-story, 844,000-square-foot, Class A office building is located at Ross Avenue and Pearl Street, just steps from the new Klyde Warren Park, which connects the Arts District to Uptown.

Cousins has signed leases totaling more than 210,000 square feet, bringing the building to 81 percent occupancy, up from 67 percent at the time of purchase.

Photo credits: Crescent



NYLO Dallas South Side Hotel Earns LEED Gold

29 Jul 2013, 5:11 am

By Amalia Otet, Associate Editor

In a milestone for sustainability and adaptive reuse, NYLO Dallas South Side has been awarded LEED Gold certification by the U.S. Green Building Council.

The boutique hotel opened in August 2012  in a 102-year-old factory building that had stood empty for more than a decade. The entire South Side is undergoing a major revitalization that has ushered in a plurality of retail and entertainment establishments, as well as quality urban living.

Located at 1325 S. Lamar, the NYLO property is the first historic hotel in Dallas to achieve LEED Gold and one of only 69 LEED Gold-certified hotels in the country.

The project team, which included developer Matthews Southwest and architect 5G Studio Collaborative, achieved the landmark certification by incorporating a variety of green features into the historic building that once housed the Dallas Coffin Co. Highlights include the addition of a well-insulated, high-albedo roof; a 3,900-gallon cistern to collect rainwater for landscaping and irrigation; low-E film to the existing windows to reduce solar heat gain; energy-efficient lighting; sensor-controlled thermostats; and low-flow fixtures. In addition, the team reused and restored existing materials and finishes, and recycled 83 percent of construction and demolition debris.

Owned by NYLO Hotels L.L.C., NYLO Dallas South Side features 76 loft-style guest rooms and eco-friendly suites with polished concrete floors, more-than-10-foot-high ceilings, flat-screen HDTVs and WiFi. The outfit hosts the Terrace Bistro, a full-service restaurant, and the signature SODA Bar, a 4,500-square-foot rooftop terrace with a swimming pool and amazing views of the Dallas skyline.

The company, which now owns three hotels in the Dallas area, will open its first New York City hotel later this year on Manhattan’s Upper West Side. It also plans to open a property in Nyack, N.Y., in 2014.

Photo credits: NYLO Dallas South Side



KDC Breaks Ground on $1.5B Mixed-Use Complex in Richardson

22 Jul 2013, 1:44 pm

By Amalia Otet, Associate Editor

KDC Real Estate Development & Investments, along with anchor tenant State Farm Insurance, ceremonially broke ground last week on its $1.5 billion mixed-use development in Richardson.

In a deal touted as the largest lease in North Texas history, the Illinois-based insurance company will occupy 1.5 million square feet of office space in three towers of the massive construction project.

Scheduled for completion in early 2015, the new State Farm complex was designed by Dallas architect Corgan Associates. Austin Commercial is the general contractor.

The high-profile facility is expected to become one of the region’s biggest employment centers, generating approximately 8,000 new jobs, according to the Dallas Morning News.

Located at State Highway 190 and Plano Road, right next to DART, US-75 and the George Bush Turnpike, the 185-acre project will ultimately include several build-to-suit office assets, an integrated healthcare facility, 3,925 multi-family residential units, two hotels, retail and restaurants.

“We started out with a vision of what this property could be and worked alongside the city of Richardson to make it happen,” said KDC CEO Steve Van Amburgh in a statement. “The development will have a great mix of amenities in a pedestrian-friendly environment that is inviting to corporate users and the community. The transit-oriented development will be a great addition to Richardson’s vitality.”

Last month, State Farm unveiled plans for a $600 million, five-building campus in downtown Tempe, Ariz., which will be similar to the North Texas operations hub. Dubbed Marina Heights, the project will include more than 2 million square feet of office and retail space on a 20-acre site adjacent to Tempe Town Lake.

Renderings courtesy of The Pantagraph



Florida Investor Gets $24M Loan for Dallas Office Tower

16 Jul 2013, 2:58 am

By Amalia Otet, Associate Editor

Investor interest in the Dallas-Fort Worth Metroplex is rising as the local economy shows signs of strength. Miami-based Parmenter Realty Partners expanded its portfolio there with the acquisition of 7557 Rambler Road, a 14-story, 310,771-square-foot office building in Dallas.

CBRE Group Inc.’s Debt & Equity Financing Group has secured a loan of $23.8 million for the acquisition of the mid-rise office tower. NXT Capital of Kennesaw, Ga., provided the three-year, floating-rate loan, which was made at a 70 percent loan-to-cost ratio.

Located off of Walnut Hill near Greenville Avenue in the Central Expressway submarket, the Class A office complex has direct access to the Walnut Hill DART station and is less than half a mile from Central Expressway. Major tenants include Crump Insurance, PSA-Deberry Inc., Ameriprise Holdings, Review Med L.P. and Vista Care.

“The Central Expressway submarket is positioned to experience near-term growth in absorption and rental rates due to the tightening of neighboring submarkets, including Uptown and Preston Center,” said Thom Ridnour, senior vice president at Parmenter Realty Partners, in a statement. “Occupancy in these submarkets stands at 89 percent and 94 percent respectively, where rising rental rates are directing tenants into the Central Expressway corridor.”

Currently, 7557 Rambler boasts a 94 Energy Star® rating, as well as several recent improvements. In addition, Parmenter plans to give the property an extensive makeover and seek LEED™ certification from the U.S. Green Building Council.

The building was the company’s eighth investment in Fund IV. With this acquisition, Parmenter Realty Partners now owns and operates more than 2 million square feet of office space in the Dallas market.

Photo: Business Wire



HFF Arranges $120M Financing for Plano Office Towers

9 Jul 2013, 7:55 pm

By Amalia Otet, Associate Editor

As the economy continues to strengthen, the Plano submarket is primed to release new office product. Other Metroplex submarkets could also add to their development pipelines.

“The DFW metro area has now recouped over 160 percent of the jobs lost during the recession, the second-largest percentage in the nation behind Houston,” said Jeff Ellerman, a vice chairman with CBRE Group Inc. in Dallas, in a release. “As a direct effect, Class A vacancies have tightened by 1.4 percent in the last year despite the expansion in construction activity. Demand throughout suburban submarkets continues to rise; areas like Las Colinas and Uptown/Turtle Creek have seen as much as a 5.5 percent vacancy reduction in Class A inventory just over the last 12 months.”

Working on behalf of Granite Properties Inc., HFF has arranged $120 million in cross-collateralized financing for Granite Park I, II and III , three Class double-A office towers within the mixed-use Granite Park development in Plano.

HFF placed the 10-year, fixed-rate loan with MetLife Real Estate Investors. Funds from this transaction were used to refinance an existing loan with the lender, according to official statements.

Located at the intersection of the Dallas North Tollway and State Highway 121, the 90-acre development features 873,636 square feet of office space and 45,137 square feet of retail space that is connected to the parking garage of one of the buildings. The three office buildings that served as collateral for the loan were completed in phases between 1999 and 2006 and are 95 percent leased.

Granite Park One and Granite Park Two were awarded Gold LEED certification for Existing Buildings in fall 2010, and Granite Park Three was awarded Silver LEED for Existing Buildings in summer 2011.

Construction is currently underway on a fourth office building, as well as a 300-key hotel. Completion of the $150 million project is scheduled for mid-2014.

Ultimately, Granite Park will include more than 2.5 million square feet of office space, along with luxury hospitality units, retail shops and a variety of restaurants.

Photo credit: Granite Park



Fort Worth’s West Seventh Urban Village Earns CLIDE Award

28 Jun 2013, 3:52 pm

By Amalia Otet, Associate Editor

In a milestone for sustainability and smart growth, the City of Fort Worth and the Cultural District Alliance have received a 2013 Celebrating Leadership in Development Excellence Award for the redevelopment of West Seventh Urban Village in Fort Worth.

Created in 2003, the CLIDE Awards program recognizes innovative projects in the Metroplex in an effort to encourage further development and create a sustainable North Texas.

The 200-acre West Seventh project was cited for integrating and promoting such principles as efficient growth, development diversity, pedestrian design, housing choice, efficient mobility options, healthy communities and implementation of prior plans.

Infill development played a crucial part in the district’s revitalization. An area once characterized by vacant lots, rundown auto-repair facilities and underutilized buildings is now buzzing with new housing, thriving businesses, recreation and shopping destinations.

Located just west of Downtown and east of the Cultural District,  West Seventh Urban Village includes four major mixed-use, pedestrian-oriented developments that have been completed since 2005 as well as several other components currently under construction.

With the addition of the third phase, West Seventh comprises approximately 254,000 square feet of retail and restaurants, 441 residential units and 106,000 square feet of office space overlooking the Trinity River corridor, according to Cypress Equities, one of the developers and property marketers. Tenants include Movie Tavern, LA Fitness, Bar Louie and Lucky Strike, plus an eclectic mix of shops and restaurants including Waters – Bonnell’s Coastal Cuisine, Kona Grill, Flirt Boutique, Tillman’s Roadhouse, Fireside Pies, Teskey’s Uptown, Terra Mediterranean Grill, Reads Jewelers, Hacienda San Miguel and Lane-Knight.

Photo credits: Web site of the City of Fort Worth, Texas



Trammell Crow Starts Work on Plano Office Tower; Frisco Apartment Community Sells for $36M

10 Jun 2013, 8:47 pm

By Amalia Otet, Associate Editor

Trammell Crow Co.  and Principal Real Estate Investors have joined forces to develop Legacy Towers, a speculative two-phase office project in Plano’s Legacy business park.

The joint venture has begun demolition of the former Stacy Furniture headquarters building at the southeast corner of the Dallas North Tollway and Legacy Drive to make way for the new high-profile development.

Phase I calls for a 13-story, 342,066-square-foot, Class AA office tower and a 1,200-car, six-level parking structure connected by a conditioned walkway. Phase II is expected to be a seven-story, approximately 192,500-square-foot Class A office building.

“Legacy is one of the best office markets in the country, and this truly is the best site in Legacy Business Park,” said Denton Walker, a senior managing director for Trammell Crow’s Dallas/Fort Worth business unit, in a release. “We are excited to officially begin this speculative project with our partner Principal Real Estate Investors to deliver a high-quality office project located at the gateway to Legacy Town Center. We are excited to deliver a product with a level of design and construction materials that we believe will be unmatched in Legacy.”

Designed by Dallas-based architectural firm HKS Inc., the project seeks LEED Gold certification and will be available for occupancy in the third quarter of 2014. Wells Fargo is the project lender. CBRE Dallas Senior Vice President Dennis Barnes, First Vice President Celeste Fowden and Associate Hunter Lee of CBRE Dallas are marketing and leasing the state-of-the-art office building, according to company statements.

In other news, Colonial Properties Trust completed the acquisition of the 252-unit Colonial Reserve at Frisco Bridges (formerly Ablon at Frisco Bridges), in a $36.2 million deal.

The newly developed Class A mid-rise apartment community is located in the Frisco submarket and features direct access to more than 17 million square feet of office space within a five-mile radius, including major employers such as Hewlett-Packard (EDS), Dr. Pepper, Frito-Lay Inc., Ericsson, BofA Home Loans and JC Penney.

Amenities include a resort-style pool, state-of-the-art fitness center, structured parking with controlled access and gourmet kitchens with stainless steel appliances and granite countertops.

The property is currently in lease-up, with 30 percent of the units leased at the time of acquisition.

Rendering: Plano Economic Development



Stream Data Centers Earns LEED Gold; Viridian Phase Moves Ahead in North Arlington

3 Jun 2013, 8:07 pm

By Amalia Otet, Associate Editor

Stream Data Centers, a national data center developer and operator, earned LEED Gold certification for its private data center (PDC) facility in the Telecom Corridor.

Completed in 2012, the Stream Private Data Center development in Richardson is a single-story, purpose-built, 73,320-square-foot property designed to withstand 185 mph winds and uplift.

The compound contains three private data center suites, which can be dedicated to a single tenant or divided into three fully independent outfits; each suite includes a private, 10,000-square-foot, raised-floor data hall, disaster recovery office space, redundant private telecommunications rooms and a private utility yard.

Among a series of environmentally sustainable enhancements, the complex features recycled and regionally sourced construction materials and on-site operating systems designed to conserve natural resources and optimize water efficiency, air quality and energy performance.

“Stream Data Centers is committed to developing efficient, enterprise-class data center space,” said Rob Kennedy, co-managing partner of Stream Data Centers, in a release. “Receiving the LEED Gold certification for the Dallas-area private data center reflects our efforts and commitment to efficiency and sustainability and demonstrates the quality of this development.”

In other news, the Dallas Business Journal reports that construction is getting underway on the next phase of the Viridian, a $2 billion master-planned community in North Arlington.

Developed by Dallas-based Huffines Communities, the more than 2,300-acre infill project ultimately will include 4,100 single-family residences, as well as multi-family or condominium housing. Home prices range from $200,000 to $2 million, according to company statements.

Additionally, the pedestrian-friendly community will feature 400,000 square feet of retail shops and 500,000 square feet of office, hotel and restaurant space.

Designed to be the greenest mixed-use development in Texas, the Viridian will also showcase premium amenities including 1,100 acres of protected wetlands and open spaces; a trail system with 20 miles of trails along the Trinity; and 450 acres of lakes.

Rendering of the Viridian courtesy of the Huffines Advisory official Web site.



Forest City, AIG Team Up to Build Apartments in Uptown Dallas

28 May 2013, 5:15 am

By Amalia Otet, Associate Editor

Forest City Enterprises Inc. entered into a strategic capital partnership with New York-based AIG Global Real Estate to develop a 381-unit apartment project in the West Village area of Dallas’ thriving Uptown neighborhood.

Dubbed 3700M, the apartment complex broke ground in December 2012 and is scheduled for completion in the third quarter of 2014.

“We are very pleased to partner with AIG on this great project,” said David LaRue, Forest City president & CEO, in a release. “As we continue to see demand for new multifamily product in our core markets, we are teaming with equity partners, such as AIG, to invest with us in new projects. This is a key element of our strategy of building a strong, sustaining capital structure while continuing to take advantage of new opportunities in these markets.”

Designed to meet LEED (Leadership in Energy and Environmental Design) certification standards, the residential project will showcase a 21-story tower, as well as a five-story mid-rise component that will be topped with a landscaped amenities deck providing a pool, cooking areas, covered seating and a water feature. The complex will also feature 37,000 square feet of ground-floor retail, which will be owned by Cityplace Co.

In other multifamily news, Citybizlist reports that Panther FW Investments L.L.C. completed the acquisition of a two-property, multifamily portfolio in Fort Worth containing 528 apartment units.

Bent Tree and Country Place are located in the southeast quadrant of the intersection of I-30 and Loop 820 along Normandale Street on Fort Worth’s west side. Both properties are expected to undergo major renovations, to include enhancements to the exterior and interior unit upgrades, allowing Panther to move ahead on its plans to push rents to current market.

Photo credits: Forest City official website



$500M Mixed-Use Development Planned for Westlake

20 May 2013, 3:35 pm

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







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