That’s more than is being built in the downtown areas of Houston or Austin, according to a new report by commercial real estate firm CBRE.
About 1,900 of the new apartments are going up in downtown Dallas and another 2,700 apartments are going up in the adjoining Uptown district, according to CBRE.
“Sixty-five percent of the Uptown/Downtown construction pipeline consists of high-rise or high-rise conversion projects,” the CBRE report says. “Dallas has yet to be a high-rise market, but by 2019, Dallas will boast a much different skyline.”
Fehmi Karahan – one of the original partners in the West Plano mixed-use project – said he’s purchasing about 9 acres on Legacy Drive in front of J.C. Penney’s corporate offices.
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The vacant land will be used for a bank building and a hotel, he said.
As part of the deal to lure JPMorgan Chase’s regional office campus to Legacy West, Karahan said he worked with the banking and financial giant to secure a prime retail bank building location. The planned Chase building will be at the northwest corner of Legacy and Communications Parkway on the land Karahan is buying.
“It’s going to look very special – not your typical bank,” he said.
Karahan said the rest of the 9-acre tract will be used for a luxury, high-rise hotel. He’s talking to hotel firms and hopes to have a deal lined up soon.
There's already a lot of pieces in place that shows that this is much further along than previous "proposals" by Sarimsakci I think it's more like 70-80% with a 50/50 2016 start
There's already a lot of pieces in place that shows that this is much further along than previous "proposals" by Sarimsakci I think it's more like 70-80% with a 50/50 2016 start
I hope I'm wrong, but my confidence level is extremely low.
The developer, Mike Sarimsakci, proposed a far-fetched, multi-tower development on nearby property.
No news on his old proposal.
I have been told by a source he does not own the land where the current proposal is planned.
Based on dcad, he doesn't own the lots for the 2 towers that he was supposedly close to closing on almost a year ago but he does own the lots (3) where this new proposal is planned.
Based on dcad, he doesn't own the lots for the 2 towers that he was supposedly close to closing on almost a year ago but he does own the lots (3) where this new proposal is planned.
Makes sense.
He is renovating the adjacent Butler Brothers building (500 S Ervay.)
Hotel proposal for Fort Worth's Cultural District.
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Hotel Renovo and The J Bar Fort Worth will be Heart of America Group’s first property in the State of Texas. The hotel and restaurant will be located in the cultural district next to five internationally acclaimed museums. The property aesthetics, inside and out, will complement the surrounding area and have a museum feel.
Location: Van Cliburn and Camp Bowie, Fort Worth, TX
Open: Spring 2018
Rooms: 171
Stories: 10
Another major business tenant is shopping for space in a new Uptown office tower.
Commercial real estate firm Cushman & Wakefield is looking to lease two floors in the new McKinney & Olive tower under construction just north of Klyde Warren Park.
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Combining the two offices will take about 40,000 square feet of space, according to Cushman & Wakefield execs.
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Signed tenants in the building so far include law firms Gardere Wynne Sewell LLP and law firm Sidley Austin LLP, consulting firm McKinsey & Co. and advertising firm Saatchi & Saatchi.
Here's a question for those of you who may be more in the know: Would they keep the surface parking lot or do a garage for the residents and/or guests to the rooftop bar? Also, would they restore the brick facade or keep the stucco from the 1930s? I don't know if any possible renderings have been put out there or not, but I know it's a bit early still. Didn't see on in the article.
The demolition of the building — which housed Paradise Produce for 20 years and several other produce companies in prior decades — was delayed, but it is now set to come down this summer, along with other adjacent buildings. More apartments will rise in the footprint.
The razing has long been in the plans. It will mark one of the largest visible changes for the Farmers Market halfway through its transformation.
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Construction is scheduled to begin on the new apartments by December.
Shed 2′s entrance is adjacent to the buildings set to be demolished. New tenants in Shed 2 are slowly moving into the indoor building.
Taqueria La Ventana in Shed 2 — now branded as The Market — has been up and running for a few months and will now be only steps away from what will become a construction site.
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Developers expect to demolish the buildings in July or August. Brian Bergersen, the project’s lead developer, said the buildings are in “terrible” condition and have “no salvageable value.”
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He said the four-story apartment complex with underground parking will have 60 units — the apartments under construction nearby will have 240 units — and will feature ground-level retail space. Bergersen hopes some of the shops will emulate the mix of businesses in the Bishop Arts District.
Three new towers in the works will change the skyline of Dallas’ Design District.
But the ambitious development plans won’t come at the expense of long-time design firm tenants that give the neighborhood its name, the builders promise.
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Hutchinson said the towers he is developing will be on empty sites or where there are vacant buildings.
The first high-rise will kick off later this year at Hi Line Drive and Turtle Creek Hotel.
With more than 20 stories, the building will include a 210-room Virgin Hotel and 150 apartments.
“We had to push back the start date — originally planned for this spring — when we switched from condos to apartments,” Hutchinson said. “Condos have been slow and apartments are hot.”
About three blocks away on Stemmons Freeway near Oak Lawn Avenue, Dunhill has designed a second tower that will house a hotel and more apartments.
San Francisco-based Joie de Vivre Hospitality will operate the 125-room boutique hotel.
And developer Crosland Group will build a 230-unit Illume apartment community on the upper floors.
“We had Dallas’ 5G Studio Collaborative design all of our buildings,” Hutchinson said. “But we told them they had to look different.”
Construction on the Joie de Vivre Hotel will start late this year or in early 2017.
A third tower at Stemmons and Edison Street will house an office building.
“We are waiting for anchor tenants before we start that one,” Hutchinson said.
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Dunhill and its partners say they have turned down some companies that wanted to rent buildings or build in the district.
“We’ve had big box retailers interested but that’s not the direction we want to go,” said Andy Crosland with Crosland Group. “We are very careful how we market this district.”
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