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Florida investor snaps up North Dallas tower; plans $4M upgrade
Candace Carlisle
September 15, 2016

 

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A Orlando-based real estate investment firm has acquired an 18-story office tower in North Dallas along North Central Expressway, which further highlights the investment potential seen by real estate gurus in this Dallas corridor.

 

Foundry Commercial, in a joint venture with Boston-based Intercontinental Real Estate Corp., recently closed on Walnut Glen Tower, an 18-story, 464,289-square-foot office tower at 8144 Walnut Hill Lane in North Dallas, for an undisclosed sum.

 

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The Walnut Hill Lane office tower, which was originally built in 1986, has undergone a number of renovations over the past several years, but Foundry Commercial plans to spend $4 million in capital improvements to upgrade and reposition the office building into a modern Class A tower. It is 83 percent occupied.

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The North Central Expressway submarket has a vacancy rate of 12.9 percent, which is lower than the market average of 17.5 percent, according to CBRE's latest research.

 

 

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400 Record will garner an LED lighting system and a chef-driven restaurant

 

Chef Bruno Davaillon, who's transferring from The Mansion Restaurant at Rosewood's Mansion on Turtle Creek, will lead the restaurant. 

 

Davaillon's prior experience includes the St. Regis Los Angeles.

 

An inside look at City Electric Supply's new U.S. headquarters; transformation of 400 Record
Candace Carlisle
September 19, 2016

 

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A massive redevelopment is underway on the former Belo building at 400 S. Record St. — now called 400 Record— transforming the dated 17-story office tower in downtown Dallas into a modern workplace.

 

The drive behind the transformation is coming from building owner Thomas Hartland-Mackie, who is CEO of City Electric Supply. This year, he brought the company's U.S. headquarters into the building.

 

"We're elevating a great downtown building by bringing modern aesthetics and amenities to an already great location," said Hartland-Mackie, in a previous interview.

 

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400 Record is more than 60 percent occupied, with City Electric Supply's U.S. headquarters anchoring the 17-story office tower. The United Kingdom company's headquarters sits on five floors with about 65,000 square feet of space within the tower and oversees 418 retail locations throughout the United States.

 

The corporate office includes a training center with classrooms and a mock-up store to train hundreds of U.S. City Electric Supply employees. The office also includes a store for employees in a stable-like setting that pays homage to the inception of the England-based company in 1953.

 

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The transformation of the office tower, which sits near Union Station and the West End, will give 400 Record a new front door with a restaurant on the street level of Young Street.

 

The restaurant concept is being conceived by Chef Bruno Davaillon and is still under design.

 

Passersby can walk underneath the mezzanine-level of the restaurant, which also features a scaled canopy exterior designed to catch the sun and offer shade to restaurant goers.

 

The paneled canopy will resemble fish scales and will be built with over 25,000 pieces of fabricated metal pieces.

 

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"You'd be hard pressed to miss the restaurant because it will look so iconic," Cavazos told me.

 

That scaled look will continue skyward to the top floor of 400 Record includes a solarium that will have the same canopy structure as the building's restaurant to provide shade for workers in the building.

 

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"From downtown Dallas, you'll see the building on the skyline with a picture frame that's outlined with an LED light," he added.

 

The LED light will likely have a static color of white, but would have the ability to change colors like other office buildings along the Dallas skyline.

 

 

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Two Dallas Midtown stakeholders step up to help build centerpiece of $20B project
Candace Carlisle
September 23, 2016

 

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Two Dallas Midtown stakeholders have stepped up in a big way to help build the proposed centerpiece of the evolution of Dallas Midtown, which is expected — if all plans come to fruition — to be the $20 billion answer to Frisco's $5 billion mile (which actually now totals $6.4 billion).

 

Dallas-based Beck Ventures has pledged $1 million towards the $15 million privately-raised match proposed by the Dallas Midtown Park Foundation. The foundation has asked the city of Dallas to earmark $15 million of the upcoming 2017 bond referendum, which is capped at $800 million.

 

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Another stakeholder in Dallas Midtown — EF Properties — has also agreed to sell a 5-acre parcel of land on the east side of Montfort Road in the Dallas Midtown vision to the city at a $1.9 million discount to market value.

 

EF Properties would be one of five property owners that would need to sell acreage to the city of Dallas to create the 20-acre park. In all, it will take $30 million to acquire the land to build the proposed park.

 

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"The park is an integral part of the Dallas Midtown project," Beck, who also sits on the Dallas Midtown parks board, told the Dallas Business Journal."It's on the city's vision plan and office tenants, retailers and restaurants want to know the park is happening. It's important to stakeholders that the city will make good on a commitment that happened two years ago."

 

Land for the Dallas Midtown park would need to be acquired sooner rather than later since market values on the land is likely to rise as Beck Ventures begins the initial $400 million phase of its portion of the mixed-use development, he said.

 

"Now is the time to acquire the land for a park before you have escalating prices due to inner city development," he said.

 

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"Dallas needs to step up and allocate $15 million of its bond money to create a centerpiece of this $20 billion development."

 

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Dallas hotel developer to build new Virgin hotel in the Design District
Candace Carlisle
September 26, 2016

 

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The developer behind Victory Park's W hotel has been selected to build the new 18-story Virgin Hotels Dallas in the city's Design District.

 

Dallas-based Gatehouse Capital Corp., led by CEO Marty Collins (who the Dallas Business Journal profiled two years ago), was selected to develop the 240-room luxury hotel, which will feature meeting spaces and a rooftop terrace.

 

"Gatehouse Capital has demonstrated it is the premiere lifestyle hotel developer in the country with its development of W Hollywood, W Dallas, W San Diego and W Silicon Valley, among others," said Bill Hutchinson, president of Dallas-based Dunhill Partners and managing partner in the group that owns much of the Design District.

 

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Construction on the new Virgin Hotels Dallas is slated to begin in March 2017.

 

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18 hours ago, Sic'EmBears said:

Dallas hotel developer to build new Virgin hotel in the Design District
Candace Carlisle
September 26, 201

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Construction on the new Virgin Hotels Dallas is slated to begin in March 2017.

 

Odd article.  A developer has now been chosen to build the hotel???   EDIT:  the real news (that Candace apparently missed in her DBJ article) is that the project had formerly included a residential component, which has now been dropped.

 

Construction was also slated to start in Spring 2016, Summer 2016, October 2016.  Interesting project to follow. 

Edited by Houston19514
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More information on the country's fourth Virgin Hotel. Expect a slight redesign.

 

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The owners of the coming-soon Virgin hotel in Dallas' Design District have dropped plans for residential units and have taken on a new partner to help develop the  $80 million-plus project.

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Now, developers have decided that the site for the first Virgin hotel in Texas is "simply too tight to accommodate both uses adequately," said Lucien "Luke" Crosland, owner of the Dallas-based  Crosland Group and Crosland Investment Properties Inc. 

 

Demolition work has begun on a 25,000-square-foot brick showroom and warehouse on the site now. 

 

 

Read more here.

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Construction Updates - 09/28/2015

Skyhouse Victory Park and The Ascent looming over the American Airlines Center - Home of the Dallas Mavericks (NBA) and Dallas Stars (NHL)
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Cineopolis takes shape in the distance.
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Katy Station rises just beyond the new Camden Apartments in Victory Park
victory_park_09-28_05.jpg

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Marriott's European brand AC coming to new dual-branded hotel to be built across from Galleria Dallas
Maria-Halkias
September 29, 2016

 

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Civitas Capital Group and Atlantic Hotels Group said they have secured construction financing to build a new 256-room AC Residence Inn by Marriott across from Galleria Dallas.

 

Both the AC and the Residence brands will be under the same roof.

 

The five-level building is scheduled to open in spring 2018 on a long vacant corner that used to house a Chevrolet dealership. The property at Noel Road and the frontage road of LBJ Freeway is also near a planned redevelopment of Valley View Center. 

 

 

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Site of demolished 95-year-old mansion to be converted to townhomes.

 

I'm still saddened by the loss.

 

Townhome builders are reshaping Old East Dallas with new housing
Steve Brown
September 23, 2016

 

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Builder Larkspur Capital Partners plans to turn the empty lots at Live Oak Avenue and Bennett Street into a complex of 54 townhouses and more than 30 apartments.

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"This will probably be the biggest townhouse project in East Dallas," said Carl Anderson, who founded Larkspur with his brother Chris in 2013.

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The townhouses start at more than $350,000 with the smallest units near 1,450 square feet.

 

"Each one of them is a little different," Anderson said.

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Larkspur's new project on Live Oak Street will be built on sites that previously held old apartment buildings.

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"These will range from 2,000 to 2,400 square feet — pretty good size for a townhouse," Anderson said. "Construction will start in the first quarter, and we hope to deliver the first townhouses in early 2018.

 

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Project location

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2121 Flora:

 

40-story high-rise on the way in Dallas’ Arts District
Steve Brown
October 4, 2016

 

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Developers have filed permits to build a 40-story residential tower in downtown Dallas' Arts District.

 

The high-rise will be one of the tallest buildings started downtown in almost two decades.

 

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Developer ZOM Holdings just applied for building permits to construct the 416-unit apartment tower, which also is to include retail and restaurant space.

 

The building permit is valued at $132 million.

 

Dallas architect Graham Greene, one of the partners in the project, confirmed that the Arts District Tower is close to a start.

 

"We're moving forward," Greene said. "The construction will take 18 to 24 months."

 

Along with the tower, the project will include 52 artists lofts in a low rise building fronting on Flora Street.

 

 

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Bright idea: Tower redo on Dallas tollway will include a light show
Steve Brown
October 4, 2016

 

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New owners of the 24-story Occidental Tower at LBJ Freeway and the Dallas North Tollway are spending up to $9 million on the first major overhaul of the high-rise since it opened in 1985.

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Now the 570,000-square-foot building is getting a makeover and a new name - Pinnacle Tower.

 

Leasing agents with Stream Realty Partners are betting that interior upgrades and an eye-popping outside lightshow will bring the tower attention from businesses looking for office space.

 

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The dark stone and glass tower is getting a bright modern lobby and other cosmetic improvements.

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That's why the renovations will include addition of a large fitness center, a new tenant lounge area and upgraded restaurant facilities on the ground floor.

 

"We are creating a really big outdoor lounge as well," Terry said.

 

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Construction on the remodeling project started this week and the first phase of the work will be finished in March.

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To bring attention to the exterior of the tower lighting will be added including an LED strip along the 24-story tall knife-edge on the front of the high-rise.

 

"We are having starburst lighting installed on the side towards the tollway to make it pop out," Terry said.

 

 

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Developer kicks off apartment projects near Love Field and Galleria mall
Steve Brown
October 5, 2016

 

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Builders have started construction on a new apartment community that's part of the $200 million West Love development near Dallas' Love Field.

 

Irving-based apartment developer JPI is building the Jefferson West Love project near Mockingbird Lane and Maple Avenue.

 

The 368-unit rental project\ at 2411 W Mockingbird Ln is part of the 35-acre West Love mixed-use development.

 

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Designed by GFF Architecture, Jefferson West Love is scheduled to open in the summer of 2018.

 

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JPI has also started construction on an apartment project located along the Dallas North Tollway north the Galleria Dallas shopping mall.

 

The 324-unit Jefferson Landmark apartments are being built at 14300 Dallas Pkwy between the tollway and Inwood Road.

 

The Farmers Branch apartment community will open in early 2018 with a resort-style pool, fitness center and yoga studio and a coffee bar for residents.

 

 

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DART seeks development partner for Mockingbird Station adjacent real estate
Candace Carlisle
October 6, 2016

 

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Dallas Area Rapid Transit (DART) is marketing its real estate to a potential development partner with the help of Cushman & Wakefield's Dallas office, the brokerage firm recently announced, for an 11-acre tract of contiguous land along the rail line at Mockingbird Station.

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DART's executives have begun an initiative to build up the transit-oriented development on rail stations in North Texas, such as Irving's $1.5 billion proposed Hidden Ridge mixed-use development and Richardson's $1.5 billion CityLine development anchored by State Farm Insurance.

 

The Mockingbird Station tract is especially attractive to real estate developers. Last year, a CBRE Global Investors fund acquired Mockingbird Station at the northeast corner of Mockingbird Lane and North Central Expressway in Dallas.

 

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DART is looking for developers to propose an agreement that enhances the quality of life for pedestrians and residents, increase transit ridership and enhance the value of the DART-owned property.

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"An aggressive marketing effort to seek developers for the designated areas at Mockingbird Station should provide us with creative solutions benefiting the community and the city, a public-private partnership collaboration and long term economic benefits for the agency," he added.

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"Dallas is a strong real estate market, and we expect a lot of interest in this property because of its location, walkability and outstanding demographics," said Cooper, a senior managing director at Cushman & Wakefield.

 

"To participate in the development of such a prominent high-barrier-to-entry site is a rare and exciting opportunity," she said.

 

 

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