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slfunk

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Everything posted by slfunk

  1. Will agree to disagree. Your analysis is based on a snap shot of what office space is currently vacant and does not include all the projects in development / proposed / underway / stength of the market that the private community uses to determine if a project if viable to move forward. The latter is what I base my anaylsis on as well as the development community. To my point, 3 sample cases - 1700 Pacific still shows as available office on a number of reports, but is fully re-opened now as a Hilton Garden Hotel with residents above. BOFA tower in downtown Dallas has seen big uptick in leasing where the bar graphs a couple years ago showed it mostly vacant due to some tenants moving out but today it shows mostly leased after finishing an upgrade. Thanksgiving tower - Its bar graph shows mostly vacant right now but doesn't reflect what is going on with the project. Its undergoing an overhaul and just had a big tenant move in from California last year in the lower floors with the upper floors currently vacant while they are upgraded in preps for the ongoing negotiations of new leases that are in the works but not reflected on current surveys. DFW absorbed 2.3 million SF of office space in 2014 and 5 million by end of 2015. As of mid 2015, DFW had about 100,000 new jobs in a 12 month period from mid 2014 to mid 2015. Here are a couple articles talking not only about the momentum but also some proposed projects that are not signing on new tenants or vacating tenants in preps for some level of conversion (hotel/office, office to hotel, office to residential, office/residential...etc.). April 2015 https://www.bisnow.com/dallas-ft-worth/news/office/top-10-reasons-downtown-dallas-will-succeed-44475 Report of Dallas leading the country in dropping vacant office rates in 2013 http://bizbeatblog.dallasnews.com/2013/09/dallas-area-tops-the-country-in-office-vacancy-declines.html/?nclick_check=1 2014 article - Why Investors are flocking to DTD http://www.dmagazine.com/publications/d-ceo/2014/september/why-investors-are-flocking-to-downtown-dallas Specific to DTD an article from 2014. By third quarter of 2014 1.75 million square feet had been absorbed and absorption continued through 2015 while rental rates rose. http://www.dallasnews.com/business/commercial-real-estate/20140928-downtown-dallas-tops-area-office-leasing-so-far-in-2014.ece Snapshot of 2015 http://bizbeatblog.dallasnews.com/tag/dallas-office-market/
  2. Interesting people's takes. I agree the buildings are good looking and were designed by a Houston based firm. They have designed similar type projects in a very similar vernacular style that are under construction currently along I-10. Wish people posting on these forums would keep in mind design is subjective..... and stop knocking DFW so much in these sub forums as a round about way to elevate Houston.... Good things are happening in both cities and negative discussions / predictions are not productive.
  3. Sorry your right 1401. And yes I did mean 50%. No worries if you don't agree..... You're one of the chronic negative posters when it comes to anything DFW.
  4. ^Wow! Much different impression then I had last October when I was there for a movie. I would not go back except to see a movie and to be frank its sketchy at best. The parking lots are dark dark dark at night. Some parking areas are not lit anymore and the mall......... to each there own :0) Sears nearest locations are at Collin Creek, Town East and Richardson Sq Mall. That location works well for them and I'm sure they will stay for as long as they can. That is what JCP did until they opened their store on NW Highway.
  5. Vacancy has been dropping in downtown Dallas and this has been documented. Not all buildings that are vacant can be repurposed for what the original design was due to market changes. Many of them that have been idle in the past, have been converted to residential / hotel and / or require complex financing due to the corrective work needed to bring an older vacant building up to current codes. Take the in-limbo 501 Elm project for example. Its an aggressive project and it project alone accounts for about 50% of the 'vacant' office space and will continue to be recorded as such until the someone moves forward with it (which sounds like they are getting closer to inking the deal). There are only a handful of vacant buildings left to be redeveloped or are being redeveloped. Also, the parking lots you have stated, a number of them (not all) of projects slated on them for this development cycle. Some of the trophy tower owners recognize they need to build more convenient parking options to lure / keep tenants. Leases are being signed and/or renewed with these new projects. Fountain Place, Bank of America tower, Trammel Crow Center and others all have parking garages in the works for downtown. One is attached to a new hotel / residential / office development and includes parking for an adjacent trophy tower. All the new towers going up in uptown and suburbs have easy parking solutions.
  6. The center is marked for demolition. The developer is looking at a staging plan, I'm sure as most due. You have an AMC there, and I think that is just about the only thing that still brings in people to that area for nighttime other than the adjacent mall (Galleria). FYI - This area around the Galleria has seen a bit of a shift from the hot bed of activity in the 80's / 90's. Developers / companies have been concentrating on areas to develop where the young talent is. These two areas or concentrated in the uptown/downtown area and Frisco / Plano's 5 billion dollar mile where Toyota, Liberty Mutual, Raytheon, Fed ex, etc. are building big new campuses along with private developers expanding multifamily, hotels and retail offers. This is not to say these are the only big development areas in the metro, but these are the top 2. The activity up at 121 and the tollway is pretty insane. They are basically building an area similar to Dallas's uptown all at once at this intersection. In regards to Midtown.... Developers are seeing an area that has more less been in holding pattern for sometime since all the investment previously and now those developers see that the center of the metro's population is somewhere around 635 / 75 or 635/tollway. The housing in this area is of an older stock mostly with some spots of newer apartments. They are working to change this, and the speed of gaining interest affects the financing..... Ironic that Galleria area and Addison where red hot in development in the late 90's (mostly Addison along the Tollway / Beltline). Bottom line - Its an ambitious project and one I hope to continue to develop. The Galleria area has needed a makeover for a while now to stay competitive with other submarkets.
  7. houstonmidtown.com Should check it out. There's some great stuff going on in Midtown Houston. Back to the subject at hand.... this thread is about new Dallas development
  8. Dallas does have zoning, planning districts and review boards (depending on the area). You'll find a bevy of items listed in there pertaining to setbacks, floor to area ratios, glazing, permitted uses, building materials, landscaping....etc. All these items have community input before the zoning is approved by the city. In some cases like the Victory, Oak Lawn, or historical overlay areas there are review boards to maintain those standards and allow for public input. In Houston you'll have deed restrictions (River Oaks area) and city ordinances but no zoning currently. Midtown area of Houston does have a review board.
  9. Only one of the four firms designing work in Victory is from Houston, and it would be a coin toss if the EDI designed tower were to kick off first or the office tower. Two of the current four projects are designed in Dallas, and the other is a firm out of Raleigh, NC. We don't see too many Houston named firms here in Dallas, but only a couple like Ziegler Cooper and Kirksey. Any major firm has an office here and uses its Dallas people. Likewise in Houston or any big city market.....
  10. The trees in foreground are part of Reverchon Park and the Turtle Creek greenbelt. Opened in 1915. The green belt and park were later redesigned in 1930 as part of the New Deal funds.
  11. The Old Statler Hilton Hotel overhaul This will be a great addition for this part of downtown. For those that don't know this was one Hilton's first hotels with a mechanical valet system back in the 50's or 60's when it opened. Later it became the Dallas Grand Hotel until it closed some years ago. It has changed hands many times and now is moving forward. Program includes new retail, music venue, and hotel. Not sure who the operator will be, nonetheless, it is moving forward and is currently under going some initial work. There have been several proposals for a residential component as well, but not sure if that is still in there. http://m.bizjournals.com/dallas/news/2014/11/24/a-175m-plan-to-revive-the-statler-hiltons-storied.html
  12. ^ No clue. Go to that park quite a bit with my dog. They have been stirring dirt a little (site coring) and have done a 'fancy' landscape advertisement at the corner.....
  13. One I hope will happen for Turtle Creek. For those not familiar with Dallas, this is one my favorite areas of Dallas in a park like setting. Reverchon Park is next door and one of Dallas's better inner city parks. This would be a nice addition. http://www.briggsfreeman.com/search/tours/LtdEditionNo2505/default.asp
  14. Thats a great building. With the thin rectangular floor plate and big windows, this would make a great option for residential open lofts or home for a group of small businesses. I realize they just finished up with the exterior. If they rework the storefront at the bottom (floor to ceiling glass or just lower the halfwall at the window sill and make the storefront uniform), it would work well for retail.
  15. If this is what you believe, then you don't know or understand the role of architects in the industry. Good luck to you.
  16. Blunt or not, pet peeve or not; you are incorrect. Architects are engaged by developers to identify sites, capacity studies, test fits... etc. to aid their decision on site selection. Architecture firms aid in site selection, have in-house urban planners, or bring on urban planners as consultants. I'd understand if you are thinking of interiors, landscape, small residential architects, but for us architects at larger firms its a common practice we are part of.
  17. The article is stating something that we in the design industry have been seeing since the mid to late 90's, but now it has taken hold more so. There is a limit of about 10-15 miles that one lives from work when the lower cost of housing is offset by the time spent in a car and traveling costs. Back in the day our parents (the ones who grew up in the 50's and 60's) saw the 10-15 mile commute as 10-15 minute drive. That same drive could take 45mins to an hour nowadays because of the shear number of people on the roads today compared to the 70's - 80's when they were mid-career. What we are seeing more and more is the younger generation (below 40) turning to living situations that put them closer to work. Major corporations study these demographics before investing in their relocation; decisions that are not taken lightly. In Dallas you have Legacy Town Center (poster child of this trend) located in the Plano suburb. Here EDS at the time along with a couple other coorporations up there, saw they were loosing talent to firms closer in. They along with an equity firm got together and developed the land around their coorporate campuses into a lifestyle center that would mimic many urban realm's found closer to downtown. In Exxon's case, I am sure they did the same sort of studies to determine where their talent pool would be best suited or currently lives. In the design industry, we are seeing a major uptick in housing for close in neighborhoods and will be one of the project types that will help drive us into the next development cycle. These are typically areas close to major employment centers. You will hear of more developments in and around city centers (within the sunbelt cities) in the coming years, because those areas still account for the largest percentage of employeers in a given metro. An exception may be Detroit, but it is not a sunbelt city and is also overcoming a big decline due to the deconcentration of the auto industry. Even with that said, take a look at Detroit's development thread on the skyscraper forum, because they have a number of companies making recent announcements moving back downtown and number of new housing in their downtown core. This is not too say areas like the Woodlands are on the decline, or that there is no longer a market for the suburban lifestyle. That would be nieve, and there will be for a long time to come. This is to say that we are seeing a shift in demographics, a surge in housing for close in areas, and people in the 40 and younger crowd looking for a better quality of life. This will mean something different to everyone, we are just seeing an option taking a strong hold. One that is getting heavy investment, and has grown past being just a trendy thing. A trend only last a couple of years, and this demographic has been evolving for 20 plus years.
  18. I wouldn't be making any judgement calls on the tenants or success of any project until we get out of this slump. We have been watching a few VERY popular restuarants up here in the uptown area of Dallas taking a big hit. We have been watching some of our clients canceling plans in other parts of the country/internationally for their projects or parts of their project. In Raleigh, NC there are couple of high rises that just stopped construction with the superstructure several floors up, same in Las Vegas and Miami. We have one here in Dallas called the Stoneleigh. Be glad this project whether there is 10 percent or more retail. It got going before the downtown, and when we get back to growing with the HOB being one of the main anchors, this development will be rocking and rolling!
  19. Landmark gets another chance 500 South Ervay to be home to condos and retail http://www.dallasnews.com/sharedcontent/dw...ay.379f80d.html 12:43 AM CST on Friday, March 9, 2007 By STEVE BROWN / The Dallas Morning News stevebrown@dallasnews.com NATALIE CAUDILL/DMN "The 510,000-square-foot, nine-story 500 South Ervay Building in its day was one of the most impressive commercial structures in Dallas. Los Angeles-based Bisno Development plans to create more than 400 residential units in the historic building across the street from Dallas City Hall. Condos will start at $180,000 and range upward to more than $600,000...." ".."They intend to restore this building to its original grandeur as a landmark for Dallas," said Andrew Bearden with Ebby Halliday. "It will look as close as it did originally as we can get it."....""We want to find the guy who came up with the idea of putting that on there and smack him around a little," Mr. Bearden said....Underneath layers of "decorative" concrete and stucco, much of the building's original Chicago-style architecture with decorative brickwork and arched windows remains intact...." "....The current redevelopment will include about 45,000 square feet of ground-floor retail space plus construction of a new, larger parking garage....."
  20. Work gets rolling on West End Station http://www.dallasnews.com/sharedcontent/dw...n1.1d18829.html 08:40 AM CST on Friday, February 9, 2007 "Commuters at DART's West End rail station will have a ringside seat for the latest downtown construction project. Irving-based developer JPI Inc. has broken ground on an apartment and retail building on the half-block adjacent to the transit hub. Called West End Station, the five-story building will have 146 apartments and about 12,500 square feet of ground-floor retail. Construction of the building, which takes its design cues from historic warehouses in the area, is scheduled for completion in August 2008. The apartments are expected to rent for about $1.50 per square foot. Corgan Architects designed the building, which also faces Ross Avenue and Lamar Street. JPI West End Station, under construction at Lamar Street and Ross Avenue, will include 146 apartments and ground-floor retail....."
  21. Channel 8 news blip about downtown housing. According to this report, there will be 7000 people living downtown by this time next year, double what it currently is. Also in 1999 there were only 200. Currently occupancy is at 95%. This will be a great bench mark for downtown Dallas revival. Here's the link. http://www.wfaa.com/sharedcontent/V...10347&catId=104
  22. Park Lane project planned http://www.dallasnews.com/sharedcontent/dw...ne.bc65f57.html http://www.dallasnews.com/sharedcontent/dw...215parklane.jpg 12:17 PM CST on Thursday, December 14, 2006 By STEVE BROWN / The Dallas Morning news "Houston-based PM Realty Group said Thursday that it has formed a partnership with a Chicago investor to develop three residential buildings in a North Dallas project..." "Work will start this month on the first phase of the 33-acre retail and mixed-use complex. Houston-based PM Realty Group said Thursday that it has formed a partnership with a Chicago investor to develop a three-building residential complex at North Central Expressway and Park Lane. Work will start this month on the first phase: a 20-story tower with 62 residences and a 15-story tower with 218 homes. An adjoining four-story building will have 45 loft apartments. The developers plan to have the first homes ready in summer 2008. The combination of the residential buildings, retail and DART's adjoining light rail station " will make Park Lane one of the most desirable places to live in Dallas," PM Realty president Rick V. Kirk said in a statement...." "...The Park Lane complex - located across from NorthPark Center
  23. Design District to get a residential element Crow Holdings, partner to redevelop site west of Stemmons Freeway 10:31 PM CDT on Wednesday, August 23, 2006 By STEVE BROWN / The Dallas Morning News http://www.dallasnews.com/sharedcont...n.2f7508e.html "..Dallas' Design District
  24. Farmers Market projects crop up New housing stirs interest in area long dormant http://www.dallasnews.com/sharedcontent/dw...t.2203c43d.html 08:00 AM CDT on Friday, May 19, 2006 By STEVE BROWN / The Dallas Morning News "On the northwest corner of downtown, construction cranes jostle for room at the booming Victory complex and along Woodall Rodgers Freeway. But on the opposite side of the central business district, the excitement is about this spring's tomato crop and weekend shopping at the flower sellers'. Dallas' Farmers Market district is a sleepy pocket of downtown that seems remote from the nearby skyscrapers and condo projects. Produce sheds, industrial buildings and vacant lots have dominated this part of Dallas for decades. " REX C. CURRY / Special Contributor "A high-rise condo building will sprout soon at Central Expressway and Canton, near the Farmers Market. Now developers are hoping that the addition of hundreds of residential units will turn the Farmers Market into central Dallas' next hot neighborhood." ".....Along with the recent completion of 284 apartments, two developers are preparing to start work on about 200 townhouses just north of the Farmers Market....At the same time, the city of Dallas is studying plans for a $5 million upgrade of the produce market and other improvements in the district...." "..."Any residential development will support the Farmers Market."..." "Builders' plans in the 1980s were bold
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