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Uptown Dallas Density


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Our Downtown is well, y'all know that we have the tallest tower outside L.A. (thanks to their flagpole or whatever) and Houston will continue to build with "taller" is better.

I hope we build with "quality" is better... Anyways, I hope you know the Library Tower in LA is 1,018ft., and its not because of any flagpole. The Skyscraper has a crown, and flat rooftop (heli-pad). Your maybe thinking of the Bank of America Plaza in Atlanta (1,023 ft), which has a 90ft. spire above the glass pyramid.

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The article you posted is a summary of the METROPLEX office market. The questions raised in this thread concerned the Dallas CBD, and whether Uptown construction would negatively affect it. As such, a market summary that includes Fort Worth, Irving, and the northern suburbs adds nothing to the dialogue.

As for TexasStar's question why one would care if Dallas CBD's older buildings are vacated for new digs, anyone who actually cares if their CBD is alive and well would be concerned, as well as those of us who actually enjoy debating the effects of new development on the existing landscape. Those who prefer to merely drive down I-30 and admire the pretty buildings, oblivious to whether anyone actually WORKS in them, well, they might not be concerned with these questions.

I think you are right, Red. Here is a blurb from an article from Houston Chronicle on Atlanta's vacancy woes:

Atlanta is grappling with its biggest commercial real estate slump in 10 years, according to broker Cushman & Wakefield. The downtown area had a vacancy rate of 29 percent in the second quarter, the nation's highest. In the third quarter, the number improved to 27.2 percent. Only Dallas was worse off, with 28.1 percent vacancy.

Houston's downtown office vacancy rate is 15.7 percent, according to third-quarter figures from CB Richard Ellis. [This does not include the mega leasing that we are experiencing in the 4th quarter. So Houston should be down around 12% at least by the end of the year for CBD.]

Atlanta CBD

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The perpetually high office vacancy rate in the Dallas CBD does seem to indicate poor health for the area, but only if its purpose is strictly as a business center.

Given, the amount of activity in the area; including office to loft conversion, new boutique hotels/retail spaces, and new office/condo construction; I think you can safely define the area as more than simply an "office market". It is quickly becoming a more dynamic mixed use neighborhood.

The office vacancy rate problem does need to be resolved, but unless you are considering purchasing commercial office property, it is myopic to use this one statistic as an evaluation of the true health of Downtown Dallas (or any city).

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The perpetually high office vacancy rate in the Dallas CBD does seem to indicate poor health for the area, but only if its purpose is strictly as a business center.

Given, the amount of activity in the area; including office to loft conversion, new boutique hotels/retail spaces, and new office/condo construction; I think you can safely define the area as more than simply an "office market". It is quickly becoming a more dynamic mixed use neighborhood.

The office vacancy rate problem does need to be resolved, but unless you are considering purchasing commercial office property, it is myopic to use this one statistic as an evaluation of the true health of Downtown Dallas (or any city).

High office vacancies can present numerous problems for a downtown area. In addition to the empty buildings, retail stores and restaurants that cater to the office workers fail, hotels that serve business travellers sit empty, and the streets are generally empty, making an area unattractive to tourists. Downtown hotels currently operate at just over 50% occupancy, well below the 60% needed to break even.

There is certainly plenty of interest in reviving downtown Dallas, with the City throwing some big dollars at it, as well as some big conversion projects underway. However, downtown still needs its office component. Consider that a 500,000 square foot office building might hold 2.500 to 3,000 workers, eating lunch every day, buying supplies, and receiving out of town business travellers, who stay in downtown hotels, whereas that same building as a condo project might only hold 500 residents. An empty building does nothing for the local economy, and eventually becomes blight. Empty buildings also attract crime, further hurting an area's reputation, and therefore, it's vitality.

True, office vacancy alone is not a true indicator of a downtown's health, but that statistic, coupled with hotel occupancy figures, crime statistics and total downtown employment can give a better picture. And, often times, office vacancy can be a leading indicator of these other issues.

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High office vacancies can present numerous problems for a downtown area. In addition to the empty buildings, retail stores and restaurants that cater to the office workers fail, hotels that serve business travellers sit empty, and the streets are generally empty, making an area unattractive to tourists. Downtown hotels currently operate at just over 50% occupancy, well below the 60% needed to break even.

There is certainly plenty of interest in reviving downtown Dallas, with the City throwing some big dollars at it, as well as some big conversion projects underway. However, downtown still needs its office component. Consider that a 500,000 square foot office building might hold 2.500 to 3,000 workers, eating lunch every day, buying supplies, and receiving out of town business travellers, who stay in downtown hotels, whereas that same building as a condo project might only hold 500 residents. An empty building does nothing for the local economy, and eventually becomes blight. Empty buildings also attract crime, further hurting an area's reputation, and therefore, it's vitality.

True, office vacancy alone is not a true indicator of a downtown's health, but that statistic, coupled with hotel occupancy figures, crime statistics and total downtown employment can give a better picture. And, often times, office vacancy can be a leading indicator of these other issues.

I agree with you red for the most part but I think that the only way this would hurt downtown was if it was 50% vacant and up.Because........ if dallas only had 100 buildings downtown and let's say our vacancy rate was 30% that would mean 30 of the 100 would be empty.And what your saying is this would then cause an increase of crime (which it's possible) Undesireable to tourist, no business travelers would enjoy downtown.....That is untrue...because if just 30 empty buildings could cause all of this then What are the other 70 buildings doing.....................Nothing? And to keep things in perspective...DtD is on 22% vacant not even 30%.

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I agree with you red for the most part but I think that the only way this would hurt downtown was if it was 50% vacant and up.Because........ if dallas only had 100 buildings downtown and let's say our vacancy rate was 30% that would mean 30 of the 100 would be empty.And what your saying is this would then cause an increase of crime (which it's possible) Undesireable to tourist, no business travelers would enjoy downtown.....That is untrue...because if just 30 empty buildings could cause all of this then What are the other 70 buildings doing.....................Nothing? And to keep things in perspective...DtD is on 22% vacant not even 30%.

Where do you find a 22% vacancy rate for downtown Dallas? It may not be as high as 30%, but I have not seen anything to suggest it has gotten as low (relatively speaking) as 22%.

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I think you are right, Red. Here is a blurb from an article from Houston Chronicle on Atlanta's vacancy woes:

Atlanta is grappling with its biggest commercial real estate slump in 10 years, according to broker Cushman & Wakefield. The downtown area had a vacancy rate of 29 percent in the second quarter, the nation's highest. In the third quarter, the number improved to 27.2 percent. Only Dallas was worse off, with 28.1 percent vacancy.

Houston's downtown office vacancy rate is 15.7 percent, according to third-quarter figures from CB Richard Ellis. [This does not include the mega leasing that we are experiencing in the 4th quarter. So Houston should be down around 12% at least by the end of the year for CBD.]

Atlanta CBD

This is the article that I read. It focused mostly on Atlanta, but in passing gave figures of Dallas CBD at 28.1%. This is quite recent.

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The class A space always seems to be in the 15-22% range so perhaps that's what he was talking about. I don't know myself, I'm not a vacancy expert.

Jason

A LOT closer to the 22% end of that range..., but perhaps that is what Dallasboi meant. A little misleading, to say the least. It's a shame he won't answer a simple question.

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Dallas, according to this June 2006 report, comes in behind Austin in the CBD rankings. Houston is 8th (number of employees downtown). We (Hou) rank first in Texas.

CBD USA

Of course, Houston is most charitable in Texas. Some interesting tidbits in here.

This article was in DBJ in May 2006.

Dallas CBD

CBD Demographics

I find it hard to believe that more people work in Downtown Austin, then Dallas & Fort Worth Combined.

Besides, that data is from 2000.

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That is a nice photo. What is the gritty building at the very front of the pic? Is it an old warehouse waiting for renovation or is it already in use?

The building in the immediate front is an old building that has remained vacant for sometime now. I don't know if anyone is planning anything with it. It has some trees growing out of it, or use to. Its a small small building so afraid much not come of it with its small foot print and the expense it would require to upgrade it. The building butting up against was gutted and refurbished about 5 years ago waiting for a new tenant, but sat empty until recently. There has been some activity as of last summer/fall with the addition of new storefront along the dart rail line, a new roof, and some other work. Don't know what the plans are. I am sure with the 1001 Ross and the new West End station going in immediately across the station they will have at the very least some resturant looking to move in to that building. That will be close to 350 apartsments in that immediate area not including the condos already there a block away near the JFK museum. El Centro bought the Paramount Plaza building a block away at the corner of the Dart rail and Market. So those tenants will be kicked out for El Centro's new nursing school going in.

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The white building and one attached to it are part of the Awalt Furniture Company complex. The oldest building in the set is now rehabilitated, but these two buildings await rehabilitation while a fourth is already demolished (the parking lot). Recently the street level space has been restored and cleaned up and new windows have been installed to "stabilize" the buildings. The larger building in back steps out onto the West End light rail station. Here are some older photos, before renovation began.

Awalt Buildings

807 Elm and 804-806 Pacific

PIC_Awalt-Bldg-807-Elm.jpg

PIC_Awalt-Bldg-804-806-Paci.jpg

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You said Ross, so that means that I've probably driven past the thing a couple of dozen times during my visits to Dallas over the past few years. Is it part of the West End District "officially"?

The white building is on Elm. The back red building is on Dart Rail, and you can see 1001 Ross ave in the picture. The one with the brick and metal paneling. There is a parking lot cady corner from 1001 Ross and on the other side of the red building that is now a construction site for the West End Station apartments posted in another thread.

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Work starting on Uptown high-rise

Alta Rosewood to be neighborhood's largest residential building

http://www.dallasnews.com/sharedcontent/dw...se.379108e.html

11:08 PM CDT on Friday, March 23, 2007

By STEVE BROWN / The Dallas Morning News

stevebrown@dallasnews.com

"Developers have broken ground on the biggest residential building yet in Dallas' Uptown neighborhood.

The 375-unit Alta Rosewood residential tower is being constructed a block from the Crescent by Atlanta-based Wood Partners and the California Public Employees' Retirement System, or Calpers. The 22-story tower is one of a handful of such projects going up in the same neighborhood and will be ready for residents in late 2008.

Located at McKinnon and Hunt streets, the glass-clad apartment building is being built near the southern entrance to the Dallas North Tollway. And it's next door to Rosewood Property Co.'s office tower project at Cedar Springs Road and Pearl Street......"

".....A 425-space parking garage, outdoor pool and fitness center will be on the lower levels of the project. The building was designed by Atlanta-based architect Preston Partnership...."

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Ritz-Carlton Phase II

http://www.emediawire.com/releases/2007/6/emw534254.htm

"...Dallas, Texas (PRWEB) June 20, 2007 -- Leading the charge in the renaissance of Uptown Dallas, The Residences at The Ritz-Carlton, Dallas, the city's first residences under the famous Ritz-Carlton brand, will soon break ground on Phase II, The Tower Residences and Regency Row. Scheduled for completion in mid 2009, The Tower Residences and Regency Row homes are the newest additions to The Ritz-Carlton, Dallas neighborhood, affording an unprecedented, elegant lifestyle in Dallas that reflects the style, luxury and top-notch service that is expected from a Ritz-Carlton. Phase I of The Residences have already been sold, driving the demand for a second phase.

The Tower Residences will feature a 23-story Regency-style tower consisting of 96 residences with a variety of floor plans, ranging from one- to three-bedroom residences to penthouses. Also included are four elegantly appointed Regency Row homes separate from the tower. The Tower Residences will be adjacent to The Ritz-Carlton, Dallas and connected by way of a glass and cast stone, air-conditioned walkway on the second floor, making many of the hotel's personalized services and amenities an extension of each resident's home. Prices range from $700,000 to $8 million...."

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Ritz-Carlton Phase II

http://www.emediawire.com/releases/2007/6/emw534254.htm

"...Dallas, Texas (PRWEB) June 20, 2007 -- Leading the charge in the renaissance of Uptown Dallas, The Residences at The Ritz-Carlton, Dallas, the city's first residences under the famous Ritz-Carlton brand, will soon break ground on Phase II, The Tower Residences and Regency Row. Scheduled for completion in mid 2009, The Tower Residences and Regency Row homes are the newest additions to The Ritz-Carlton, Dallas neighborhood, affording an unprecedented, elegant lifestyle in Dallas that reflects the style, luxury and top-notch service that is expected from a Ritz-Carlton. Phase I of The Residences have already been sold, driving the demand for a second phase.

The Tower Residences will feature a 23-story Regency-style tower consisting of 96 residences with a variety of floor plans, ranging from one- to three-bedroom residences to penthouses. Also included are four elegantly appointed Regency Row homes separate from the tower. The Tower Residences will be adjacent to The Ritz-Carlton, Dallas and connected by way of a glass and cast stone, air-conditioned walkway on the second floor, making many of the hotel's personalized services and amenities an extension of each resident's home. Prices range from $700,000 to $8 million...."

Wow. I thought Phase II had already started construction. This looks like a fluff press release to try to boost sales. Notice that they don't specify a date for ground breaking or even a month, just "soon," and then proceed to recite all of the superlatives they can come up with regarding the project...

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Wow. I thought Phase II had already started construction. This looks like a fluff press release to try to boost sales. Notice that they don't specify a date for ground breaking or even a month, just "soon," and then proceed to recite all of the superlatives they can come up with regarding the project...

Actually they are just finishing up the Hotel. It should be open within the next 2 months. Ground breaking has already started. The base or hole is almost complete but they are waiting for a crane. This is an ongoing problem with all of the new buildings going up in Dallas. They are out of cranes.

http://www.dallasnews.com/sharedcontent/dw...s.1b526958.html

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Another one announced:

0720woodall.jpg

$200 million Uptown high-rise project planned

12:00 PM CDT on Thursday, July 19, 2007

By STEVE BROWN / The Dallas Morning News

http://www.dallasnews.com/sharedcontent/dw...s.8e5ba5aa.html

Two developers are teaming up for the largest and most expensive project yet in Dallas' booming Woodall Rodgers Freeway corridor.

Granite Properties and Gables Residential said Thursday that they plan to spend $200 million to construct two towers on Akard Street just north of the freeway.

A 24-story residential tower and a 20-story office building will be included in the project, which is next door to the El Fenix Restaurant.

Granite and Gables plan to start work will start in January on the big development.

...

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