New Trophy Tower?

[H-TownChris]

I'm so envy of Dallas right now.

[LarryDierker]

I'm so envy of Dallas right now.

 

Don't be so envy just yet. Be envy if and when it actually happen.

[fkp5]

I love this guy's ambition. I wish Houston had someone with this type of vision for downtown.

[JasnoDTX]

As much as Im a Dallas booster...and want this to happen I'll try not to get too excited until it happens.

[SMF]

This project is 100% assured! Nothing can stop it! It' s practically built already! Everyone in Houston is jealous because these super tall towers are absolutely, 100% certain to be built! There is no chance this will not happen! I'm going to get a condo there and send Houston a post card saying "KISS MY A...." Dallas is unstoppable! Houston sits stagnant.

In all my years of observing major projects being proposed, NEVER have I seen a project so well thought out, so well funded and such well established, seasoned developers make such a convincing statement to the media which leaves no doubt as to what the future holds for land they don't yet own.

[D F W]

As much as Im a Dallas booster...and want this to happen I'll try not to get too excited until it happens.

Yes, I'm the same way but at least we're getting not one site but two sites downtown for possible supertalls.....if only one gets built thats good enough for me. Go Dallas!!!

[Sellanious Caesar]

As much as Im a Dallas booster...and want this to happen I'll try not to get too excited until it happens.

You live in a dynamically fast growing city with a rapidly expanding HNWI population and interest from foreign investors.

You are cutting DAL short. Hope all 4 happen. TX with 4 supertalls total 2 supertalls in DAL and 2 in HOU (Chase and Wells Fargo). 300M+ club.

[cloud713]

This project is 100% assured! Nothing can stop it! It' s practically built already! Everyone in Houston is jealous because these super tall towers are absolutely, 100% certain to be built! There is no chance this will not happen! I'm going to get a condo there and send Houston a post card saying "KISS MY A...." Dallas is unstoppable! Houston sits stagnant.

In all my years of observing major projects being proposed, NEVER have I seen a project so well thought out, so well funded and such well established, seasoned developers make such a convincing statement to the media which leaves no doubt as to what the future holds for land they don't yet own.

You're a Dallas booster? It all makes so much sense now..

How is Houston sitting stagnant? We have over 100 high rises proposed or under construction..

What the hell is Dallas going to do with 1200 condos downtown? Isn't museum tower sitting like half empty? And if any of it is office space, forget about it! There isn't a need for any of this.. I seriously doubt it will happen. Not unless this guy has billions to throw down the drain.

Wait.. 3 million square feet of office space??? Lmfao!!! Oh boy. Thanks for the laugh Dallas.

[cloud713]

.

[swtsig]

May want to check that sarcasm detector cloud.

[cloud713]

May want to check that sarcasm detector cloud.

I thought the last half of the last sentence seemed odd.. But we are talking about that smf kid...

[H-TownChris]

You're a Dallas booster? It all makes so much sense now..

How is Houston sitting stagnant? We have over 100 high rises proposed or under construction..

What the hell is Dallas going to do with 1200 condos downtown? Isn't museum tower sitting like half empty? And if any of it is office space, forget about it! There isn't a need for any of this.. I seriously doubt it will happen. Not unless this guy has billions to throw down the drain.

Wait.. 3 million square feet of office space??? Lmfao!!! Oh boy. Thanks for the laugh Dallas.

Lol, for real what are they going to do with that

[JasnoDTX]

Lol, for real what are they going to do with that

[Pegasus]

You're a Dallas booster? It all makes so much sense now..

How is Houston sitting stagnant? We have over 100 high rises proposed or under construction..

What the hell is Dallas going to do with 1200 condos downtown? Isn't museum tower sitting like half empty? And if any of it is office space, forget about it! There isn't a need for any of this.. I seriously doubt it will happen. Not unless this guy has billions to throw down the drain.

Wait.. 3 million square feet of office space??? Lmfao!!! Oh boy. Thanks for the laugh Dallas.

From the Dallas Morning News: 

"...And a new report by commercial real estate firm JLL says that the central business district leads the area in net office occupancy gains.

Expanding and relocating tenants leased about 558,000 square feet of office space downtown through the third quarter of 2014, according to preliminary data from JLL."

"So far in 2014, net office leasing in the Dallas area totals 1.75 million square feet, according to JLL."

"Overall office vacancies in the Dallas area have dropped to 19.5 percent, the lowest level in more than a decade."

 

According to Forbes Dallas is the fourth fastest growing city in the US. Houston is one of the fastest as well. Leading as number 10. 

I would also like to point out that Dallas, thanks to the DFW airport and the massive Union Pacific railport Dallas is becoming the central logistics hub of the entire North American continent. Massive investment from all over the world is pouring into the city and, instead of building tall in the past two decades, the city did the smart thing and has been renovating and upgrading its current buildings. Dallas is also leading in office job growth as number two behind New York! Suck on that!

[cloud713]

From the Dallas Morning News:

"...And a new report by commercial real estate firm JLL says that the central business district leads the area in net office occupancy gains.

Expanding and relocating tenants leased about 558,000 square feet of office space downtown through the third quarter of 2014, according to preliminary data from JLL."

"So far in 2014, net office leasing in the Dallas area totals 1.75 million square feet, according to JLL."

"Overall office vacancies in the Dallas area have dropped to 19.5 percent, the lowest level in more than a decade."

According to Forbes Dallas is the fourth fastest growing city in the US. Houston is one of the fastest as well. Leading as number 10.

I would also like to point out that Dallas, thanks to the DFW airport and the massive Union Pacific railport Dallas is becoming the central logistics hub of the entire North American continent. Massive investment from all over the world is pouring into the city and, instead of building tall in the past two decades, the city did the smart thing and has been renovating and upgrading its current buildings. Dallas is also leading in office job growth as number two behind New York! Suck on that!

You're serious? Lmfao!!!

Downtown Dallas still has an OVER 25% VACANCY RATE. If you aren't good at math that means over 1 in 4 spaces in downtown Dallas are EMPTY.

"With 26.9 percent of the space empty, downtown Dallas had the highest central business district vacancy among the more than one dozen cities CBRE surveyed."

http://bizbeatblog.dallasnews.com/2014/03/dallas-office-vacancy-dips-below-18-percent.html/

The only reason Dallas didn't "build tall" the last 2 decades and are having to focus on rehabbing old properties is because downtown Dallas is in such miserable shape...

Not to mention the dozens of empty condos in museum tower... This project just seems like a flop from the get go.

And did you just say dfw is becoming the central logistics hub for North America? Omg this is too funny. Don't like 7 of the 8 busiest rail lines in the country run through CHICAGO??? You guys will never pass them.

Oh.. Dallas doesn't lead (or take second) at anything. Dfw might..

[JasnoDTX]

Not to mention the dozens of empty condos in museum tower... This project just seems like a flop from the get go.

 

You guys love to keep mentioning the Museum Tower however its situation does not represent the whole Dallas condo market  or even just the downtown market figures. Its situation is not a microcosm for the city.

And did you just say dfw is becoming the central logistics hub for North America? Omg this is too funny. Don't like 7 of the 8 busiest rail lines in the country run through CHICAGO??? You guys will never pass them.

 

I dont know about all that but major logistics companies from Chicago like ODW are expanding and even moving to Dallas and  seeing massive growth. I know because I worked for them this summer. Also it seems every 3rd Dallasite here is a Chicagoan transplant. Seems theyre all moving here.

 

 

[nativehoustonion]

Dallas always needs Forth Worth to tighten their ass.  These Turkey investors probably fly Turkish Airlines via IAH because they don't fly to Dallas.  Go H-Town!  

[cloud713]

Dallas is also leading in office job growth as number two behind New York! Suck on that!

Lololol

http://houston.culturemap.com/news/real-estate/10-25-14-americas-new-superpower-city-houston-leaves-new-york-in-its-dust-in-key-building-metric-tops-in-us-by-wide-margin/

When it comes to construction cranes, Houston is leading the nation.

Houston has more than 50 office buildings under construction totaling 17 million square feet, far more than any other city in America, according to the CBRE commercial real estate firm.

Houston has more than twice as much office construction as the No. 2 city — New York.

The number of carpenters, bricklayers and painters working in Houston right now is off the charts. The total of building permits issued in September was the highest monthly total ever, says the Greater Houston Partnership. Houston’s commercial construction permits were up a whopping 193 percent last month.

To say optimism is high in the Houston office market is an understatement. In addition to the buildings actually under construction, there are more than 100 proposed office projects on the drawing boards — which may or may not get built.

The number of carpenters, bricklayers and painters working in Houston right now is off the charts. The total of building permits issued in September was the highest ever.

When construction gets this robust, you get kind of worried. After all, this is Houston, Texas, which was the foreclosure capital of the world in the late 1980s. We developed the term “see-through buildings” because so many of the new office towers stood completely empty for years, waiting for their first tenants.

So, is Houston getting overbuilt? Do we have a bubble developing?

“The short answer is no,” says office leasing veteran Sanford Criner of CBRE.

The construction surge is tapering off, Criner says. As long as the spigot slows down the flow of new projects pretty soon, there shouldn’t be any probably filling up the new buildings, Criner believes.

Houston’s economy leads the nation in job growth. Almost 120,000 new jobs were created over the last 12 months — a huge boom in hiring and that means companies need more office space.

So right now Houstonians are watching major alterations to the city’s skyline — in downtown, Uptown and in the hot suburban markets, also.

Houston’s biggest office tower construction zones:

1. The Woodlands. The biggest construction project in Houston right now is the Exxon Mobil campus south of The Woodlands. When completed next year it will have 20 buildings with 10,000 employees, including some 2,000 employees being transferred in from other parts of the country.

But there’s more underway in The Woodlands area, including Hughes Landing and Southwestern Energy’s building on Interstate 45.

2. Downtown. Hines is dominating the downtown construction scene right now with its 609 Main at Texas, catty-cornered from the Rice Lofts. Work began on the building this summer and the 48-story skyscraper will be ready in 2016. Also, Hilcorp is constructing a downtown building on the site of the now-defunct Macy’s store.

Skanska just demolished the Houston Club building and it plans to build the 35-story Capitol Tower there. Not yet started, but clearly on the downtown drawing boards: Crescent’s Six Houston Center, a 50-story tower for Chevron and the 41-story One Market Square.

Will they all be built? Probably not.

3. Energy Corridor/West Houston. Too many to list. A bit closer in on the Katy Freeway, you have MetroNational doing a big building in Memorial City for Air Liquide and Midway is planning more office space at CityCentre. In the Energy Corridor, Trammell Crow, Hines, Skanska and others are doing projects.

4. Others around town. Transwestern is building a huge tower in Uptown for BHP Billiton. A one million square-foot tower is being built in Westchase for Phillips 66. And Midway has a nifty infill project near Kirby Drive called Kirby Grove.

If this sounds like a phenomenal amount of office construction, you’re right. It is.

But even though there are a lot of new buildings rising, much of the new office space is pre-leased before the groundbreaking, says Sara Rutledge, CBRE director of research and analysis.

Vacancies are shrinking and rental rates are up in Houston. For the prime “Class A” buildings, rents are up a sizable seven percent over a year ago, Rutledge says.

And even though the current building boom with 17 million square feet under construction is impressive, it doesn’t match up to the early 1980s when Houston was crazily overbuilt.

Over a five-year period in the early 1980s, skyscrapers rose like mushrooms after a thunderstorm and 70 million square feet was constructed, highlighted by 24 million square feet in 1983 alone, CBRE reports.

But there’s always a downside. The current construction boom could bring some pain into the office market.

The new office buildings will likely do just fine. But office towers that are getting a little long in the tooth will be challenged. The 30-year-old skyscrapers that used to be the cat’s pajamas may be forced to reduce rents or suffer increased vacancy.

Older generation buildings need to make major upgrades — with new elevators, new air conditioning, better restaurants — or else they will slip into the lower tier, Criner says.

Ralph Bivins, editor of Realty News Report, is a past president of the National Association of Real Estate Editors.

Top U.S. Cities for Office Construction

1. Houston - 17.1 million square feet

2. New York – 7.9

3. San Jose – 7.3

4. Dallas/Ft.Worth – 6.1

5. Washington, DC – 5.4

6. San Francisco – 4.9

7. Boston – 4.7

8. Seattle – 3.8

9. Chicago – 3.6

10. Philadelphia - 3

Ranked by Millions of Square Feet. Third Quarter 2014

Source: CBRE Econometric Advisers

[SMF]

I have already purchased my condo on the north side of one of the 80 story towers so that I will have a view of the Dallas skyline and the other super tall tower going up on the other side of down town. I suggest you all do the same because these units will go very quickly. I'm kind of surprised there are any units left in this glorious Turkish project. Dallas is better than New York. Nobody's moving to Houston anymore.

All Houston has is a 40 story tower while Dallas has two 80 story towers and two 60 story towers being built as we speak. It's time Houston faces reality and accepts the fact that Dallas has the tallest towers in Texas right now and there is nothing you can do about it except drool.

[cloud713]

Not to mention the dozens of empty condos in museum tower... This project just seems like a flop from the get go.

You guys love to keep mentioning the Museum Tower however its situation does not represent the whole Dallas condo market or even just the downtown market figures. Its situation is not a microcosm for the city.

And did you just say dfw is becoming the central logistics hub for North America? Omg this is too funny. Don't like 7 of the 8 busiest rail lines in the country run through CHICAGO??? You guys will never pass them.

I dont know about all that but major logistics companies from Chicago like ODW are expanding and even moving to Dallas and seeing massive growth. I know because I worked for them this summer. Also it seems every 3rd Dallasite here is a Chicagoan transplant. Seems theyre all moving here.

How does museum tower not represent the market for million dollar condos in downtown? Yeah, Chicagoans are moving all over Texas. Doesn't meam dfw is going to overtake Chicago as the major North American logistics hub.

[Houston19514]

Exclusive: Turkish developer to buy land near Dallas City Hall for $1.2B multitower project

http://www.bizjournals.com/dallas/news/2014/10/24/exclusive-turkish-developer-to-buy-land-near.html?full=true

"These towers would be the tallest west of the Mississippi," Sarimsakci told the Dallas Business Journal in an exclusive interview. "We are going to do it. We have the land under contract and Dallas needs to shine.

 

What a joke.  I don't know what this guy's game is, but for those expressing ridiculous concerns about Dallas always getting everything cool, let me just match and exceed this proposal.  I am announcing today that I am starting negotiations to acquire development rights to a large parcel of property in downtown Houston on which I will build a mixed used complex including 2 towers of more than 100 stories each.  There will be major retail on the lowest seven levels, 2 or more 5-star hotels, 4,000 luxury condominiums and a billion square feet of office space. 

 

 

A little background of the "Turkish developer:"

http://cityhallblog.dallasnews.com/2014/05/for-600-million-developer-proposes-garage-fancy-grocery-and-two-70-story-residential-towers-for-pacific-plaza.html/

 

Developer Unveils Plans To Turn Eyesore Across From City Hall Into Hilton Hotel, Apartments Developer Behind 1401 Elm Redo Says Plans Call For "Early March" Construction Start

 

Turk Who Was Going to Redo 1401 Elm Now Has Big Plans For the Very Big 500 S. Ervay

 

Turkish Developer Outlines Plans for $125-Mil Mixed-Use Redo of 1401 Elm Street

[nativehoustonion]

Take note: Hines has another property Downtown Houston.  I did not see any cranes in Downtown Dallas.  609 Main is now going upward. Sacramento (SMF) I think he is sleep walking.  I hope he does not fall off his balcony. 

[JasnoDTX]

/How does museum tower not represent the market for million dollar condos in downtown?/

 

Because all the condos downtown are not priced at a million dollars.

 

Why should the million dollar price range represent the condo segment as a whole?

[SMF]

 

What a joke.  I don't know what this guy's game is, but for those expressing ridiculous concerns about Dallas always getting everything cool, let me just match and exceed this proposal.  I am announcing today that I am starting negotiations to acquire development rights to a large parcel of property in downtown Houston on which I will build a mixed used complex including 2 towers of more than 100 stories each.  There will be major retail on the lowest seven levels, 2 or more 5-star hotels, 4,000 luxury condominiums and a billion square feet of office space. 

 

 

A little background of the "Turkish developer:"

http://cityhallblog.dallasnews.com/2014/05/for-600-million-developer-proposes-garage-fancy-grocery-and-two-70-story-residential-towers-for-pacific-plaza.html/

 

Developer Unveils Plans To Turn Eyesore Across From City Hall Into Hilton Hotel, Apartments Developer Behind 1401 Elm Redo Says Plans Call For "Early March" Construction Start

 

Turk Who Was Going to Redo 1401 Elm Now Has Big Plans For the Very Big 500 S. Ervay

 

Turkish Developer Outlines Plans for $125-Mil Mixed-Use Redo of 1401 Elm Street

 

But I have already given the Turkish developer a down payment for my condo because he said he was going to make Dallas shine, on the quiet south side of downtown behind city hall, 2 blocks from the Ghetto. He told me that even though all his other major projects and super tall skyscrapers have fallen into to the toilet, this one REALLY won't this time and he has learned his lesson and he is going to open a Subway franchise next to city hall so their is something to eat near city hall. He said almost all the condos are already sold and that if I didn't give him a check for $30,000 I would be homeless in Dallas. Are you calling me some kind of idiot or something?

[nativehoustonion]

I don't believe it there is a height limit to LUV Field.  That is why the buildings are about 600 feet.

[cloud713]

/How does museum tower not represent the market for million dollar condos in downtown?/

Because all the condos downtown are not priced at a million dollars.

Why should the million dollar price range represent the condo segment as a whole?

Because these will likely be very expensive condos? The hotel segment is marked as "ULTRA-luxury/high end" so I doubt he is going to go for a dramatically different demographic for the other aspects of the project..

[tigereye]

  

But I have already given the Turkish developer a down payment for my condo because he said he was going to make Dallas shine, on the quiet south side of downtown behind city hall, 2 blocks from the Ghetto. He told me that even though all his other major projects and super tall skyscrapers have fallen into to the toilet, this one REALLY won't this time and he has learned his lesson and he is going to open a Subway franchise next to city hall so their is something to eat near city hall. He said almost all the condos are already sold and that if I didn't give him a check for $30,000 I would be homeless in Dallas. Are you calling me some kind of idiot or something?

[JasnoDTX]

I don't believe it there is a height limit to LUV Field.  That is why the buildings are about 600 feet.

 

Not sure what this Turkish plan height limit is zoned for.. But what you say is not true for all of downtown.

The Perot/HOK project next to fountain place is zoned for NO height limit.

[tigereye]

Not sure what this Turkish plan height limit is zoned for.. But what you say is not true for all of downtown.

The Perot/HOK project next to fountain place is zoned for NO height limit.

Perot's 1.75 acre site is zoned for 1.5 mil sq feet. That would put it in the neighborhood of the new 50-story Chevron Tower here, which is for 1.7 mil square ft on 2 acres.

[nativehoustonion]

Downtown Houston has plenty of cranes.  We are building multiple skyscrapers going up.  I saw one building in Downtown Dallas very nice but 23 floors.  Just wait till you see Houston's skyline it will be flawless.  There is a height limit. Trammel crow 686 feet tall, 1700 Pacific is 655, Thanksgiving Tower is 645. Energy Plaza is 629 feet tall.  So these Turkish developers are building supertalls on the otherside of Bank of America which is for sale?