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KPMG Centre to Gain High-Tech Transplants from San Diego

24 Jul 2014, 10:12 pm

By Liviu Oltean, Associate Editor

Omnitracs L.L.C. and ACTIVE Network, two San Diego-based technology companies, plan to relocate their headquarters from San Diego to Dallas.

KPMG Centre

Owned by San Francisco-based private equity firm Vista Equity Partners, the firms are expected to land at KPMG Centre, according to the Dallas Business Journal. The 34-story tower at 717 N. Harwood St. was acquired in March by World Class Capital Group, which plans to upgrade the 850,000-square-foot asset.

“We see Dallas as an opportunity to centralize our location as we expand globally, recruit great talent, and increase our operational excellence,” said ACTIVE Network CEO Darko Dejanovic in a statement.

Omnitracs, a provider of fleet management solutions to transportation and logistics companies, will lease approximately 100,000 square feet. The Texax Enterprise Fund is providing the company with a $3.9 million grant as an incentive. Relocation is scheduled for early 2015. Omnitracs will move 450 jobs that pay an average base salary of $50,000.

ACTIVE Network, which specializes in activity and participant management and data solutions, will lease about 200,000 square feet at the same location. The company is receiving an $8.6 million relocation grant and plans to hire about 1,000 people at a base salary of $60,000.

Peloton Commercial Real Estate Appointed Manager of Bank of America Plaza

17 Jul 2014, 3:29 pm

By Liviu Oltean, Associate Editor

Metropolis Investment Holdings Inc. recently appointed Peloton Commercial Real Estate as manager of Bank of America Plaza, one of Dallas’ most iconic skyscrapers. Encompassing more than 1.8 million square feet of office and retail space, the 72-story tower not only stands as Dallas’ tallest office building but also as the third-tallest building in Texas and the 22nd-tallest in the United States. Completed in 1985 and designed by JPS Architects, the tower was developed through a joint venture between Prudential Insurance, Bramalea LTD and First National Bank.

Bank of America Plaza

“Bank of America Plaza has been one of our firm’s most important leasing assignments for the past several years, and we are delighted to combine leasing and management operations under the Peloton platform,” said Peloton Commercial Real Estate Co-founder Joel Pustmueller. “We believe the combined synergy will enhance and accelerate the repositioning of this iconic asset.”

Peloton has selected Adam Bernhardt as head of the management team and added several new members to it, including Grant Summer and John Dickenson as well as Pustmueller. With these new appointments, Tom Prescott, president of Metropolis Investment Holdings, said he believes there is now an excellent leasing and management team for the famous asset.

Peloton is planning on relocating its headquarters to the tower as proof of its commitment to the Central Business District. “For those of us who have been longtime advocates of the CBD, it is an exciting time that has been years in the making,” said Pustmueller. “The attraction of the downtown area improves almost daily, and the future is bright.”

Photo Courtesy of Wikipedia

Tradition Senior Living Expands Prestonwood Property with Assisted Living, Memory Care

2 Jul 2014, 9:41 pm

By Liviu Oltean, Associate Editor

“The Tradition – Lovers Lane” Rendering

North Dallas will be home to a new four-story assisted living and memory care building through the initiative of Tradition Senior Living L.P.  The project represents an expansion of the current Tradition-Prestonwood, which opened in 2010, and entails the development of 75 assisted living and 38 memory care apartments.

Expected to open in May 2015, the 138,000-square-foot expansion will be aligned with the luxurious amenities of the original Tradition-Prestonwood: a rental community with no buy-in fee, reserved parking, beautiful interiors filled with antiques and abundant light, a state-of-the-art fitness center and an indoor pool and spa. “We are very pleased to offer this addition to our existing independent living community at Prestonwood, which can now provide a continuum of care options to our residents and to the people of Dallas,” said CEO Jonathan Pearlman in an official statement.

Tradition Senior Living is also close to finishing another luxury senior living facility, The Tradition – Lovers Lane. The project, situated on a 7.5-acre site near Central Market, encompasses 202 units designed for independent living and 109 for assisted living and memory care. With the recent expansion, the Dallas-based company has approximately 420 senior living apartments under construction in the region.

For more information on senior living projects in Dallas, see MHN’s report on the new Amish Gupta Ventures project, a 120,000-square-foot senior community that will be developed near Texas State Highway 121 and Creek Valley Boulevard in Carrollton.

Photo Courtesy of PRWeb

Crescent Breaks Ground on $225M Office Tower

26 Jun 2014, 4:09 am

By Liviu Oltean, Associate Editor

Crescent Real Estate Holdings L.L.C. broke ground on McKinney & Olive Tower, launching the first commercial building in Dallas to be designed by an internationally acclaimed architect since the 1980s. The aforementioned architect is Cesar Pelli of Pelli Clarke Pelli Architects, famous for such designs as the Petronas Twin Towers, the Wells Fargo Center in Minneapolis and the Bank of America Corporate Center in Charlotte.

To be constructed on a 3.1-acre site at McKinney Avenue and Olive Street, the 20-story office building promises luxurious amenities. Totaling 530,000 square feet, McKinney & Olive has been designed for companies in Class A+ style: The typical floor size encompasses 25,000 to 30,000 rentable square feet, with highly efficient floor plates and 10-foot ceiling heights, to name a few of the featured amenities.

In addition, the office tower will have 50,000 square feet of retail space, including a coffee shop hub and three restaurants, a fitness center, a rooftop garden and a ground-level piazza. Emphasis is also put on creating a structure that will be efficient and green, since upon completion the development is expected to achieve LEED Gold certification.

Already a renowned project, McKinney & Olive has found its first lease in the law firm Gardere Wynne Sewell L.L.P., one of Texas’ leading law firms. The company will lease 109,000 square feet and will occupy four floors.

“Pelli Clarke Pelli has created a remarkable development that will become an iconic and compelling addition to Dallas’ central city,” said Mayor Rawlings. “Additionally, Crescent’s continued investment in Dallas will not only create jobs and strengthen our tax base but McKinney & Olive will give us a competitive edge, helping us to keep and attract businesses to our city.”

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

Stream Realty Partners Takes Over Leasing at One Main Place

11 Jun 2014, 10:00 pm

By Amalia Otet, Associate Editor

New Orleans-based KFK Group has tapped Stream Realty Partners to handle leasing at One Main Place, its newly acquired 33-story high-rise in downtown Dallas.

Originally designed by world-renowned architectural firm Skidmore, Owings & Merrill, One Main Place has served as a gateway to the heart of the Dallas central business district for almost 50 years.

KFK Group acquired the landmark property in March, after the previous owner – a New York partnership – defaulted on $69 million in debt, as reported by the Dallas Morning News.

Built in 1968, One Main Place offers more than 1 million square feet of office space, 65,000 square feet of retail, 660 underground parking spaces and a 20,000-square-foot recessed plaza connecting to the downtown pedestrian tunnel. The new ownership plans to add value by implementing a series of upgrades and converting the top floors of the tower into a hotel or residential space.

“KFK Group is assembling a phenomenal team, and we are privileged to lead the office leasing component,” said Ramsey March, managing director at Stream Realty, in a statement. “They continue to take a forward-thinking, leadership position in the industry, investing in high-quality assets located in markets that are experiencing tremendous growth.”

One Main Place is located at 1201 Main St., on a full city block bounded by Main, Elm, Field and Griffin streets. It is situated within walking distance of the Belo Garden, Klyde Warren Park and West End Historic District, and along light-rail lines. But the property is less than 50 percent occupied, according to the Dallas Morning News.

“We are marketing a 105,000-square-foot block of like-new space formerly occupied by Bank of America, and expect to offer move-in-ready ‘tech suites’ this fall,” explained Matthew Weiser, managing director at Stream Realty. “Big announcements on other aspects of the redevelopment are on the horizon.”

KFK Group, which has been developing residential and commercial projects since 1996, focuses primarily on revitalizing overlooked areas and transforming underutilized properties via historic renovation or adaptive re-use. The company launched the first major post-Katrina residential development in New Orleans, which involved the renovation of the historic Krauss Department Store and its conversion into 233 luxury residential units. Dubbed 1201 Canal Condominiums, the $70 million project was completed in December 2008.

Photo credit: One Main Place website

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

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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