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Wood Partners Makes Progress on Luxury Apartment Community in Downtown Dallas

24 Jan 2015, 2:37 pm

Alta Farmers Market

By Liviu Oltean, Associate Editor

Atlanta-based Wood Partners recently started work on the development of Alta Farmers Market, a 313-unit apartment community in downtown Dallas.

Located on Cesar Chavez Boulevard, the 262,000-square-foot Alta Farmers Market will feature a structured parking garage; a club room; a fitness facility; two courtyards with a pool and two water features; a grilling area; a fire pit; and an outdoor social lounge.

“We broke ground on Farmers Market just over a month ago and are making great progress,” said Wood Partners development associate Ryan Miller in an official statement. “With the revitalization of the Dallas Farmers Market next door and a resurgence in Deep Ellum, our residents will have great access to restaurants and entertainment in the area, all while being in close proximity to the downtown office market.”

By using the National Association of Home Builders’ formula to determine the impact of the residential community, the developers have determined that the 313-unit project will add more than $23 million in local income and $2.5 million in taxes, with expectations to create more than 100 jobs.

The project has been slated for completion in late 2015.

Image courtesy of Wood Partners via Official Website

New Westin Hotel to Anchor Iconic One Main Place Building

14 Jan 2015, 12:12 pm

By Liviu Oltean, Associate Editor

The Westin Dallas Downtown

Starwood Hotels & Resorts Worldwide and New Orleans-based KFK Group recently made public plans to open a 323-key Westin hotel in the iconic One Main Place building. The hotel is part of an adaptive re-use project that will add hospitality and retail components to the iconic office building.

Dubbed The Westin Dallas Downtown, the new hotel will anchor One Main Place, which is located at 1201 Main Street in downtown Dallas. According to an official statement, the hotel will feature a dedicated entrance parallel to Elm Street, a second-floor hotel lobby, a three-meal restaurant, a modern bar and more than 27,000 square feet of meeting space.

In addition to the hotel, One Main Place will house 50,000 square feet of retail space and more than 600,000 square feet of Class A office space. The hotel is expected to be opened sometime in December 2015.

“The addition of a high-caliber global brand like Westin and improvements to One Main will add to the vibrancy of Downtown and the Main Street District, and will provide a luxury hotel option to conventioneers and visitors,” said John Crawford, CEO of Downtown Dallas Inc.

Berkshire Group Picks Up 325-Unit Aura Medical District in Dallas

8 Jan 2015, 5:41 am

By Liviu Oltean, Associate Editor

Berkshire Medical District

Boston-based Berkshire Group just expanded its footprint in Dallas with the acquisition of Aura Medical District, a newly constructed, 325-unit apartment community. Redubbed Berkshire Medical District, the asset is located northwest of Downtown Dallas at 4730 Fairmount St., in the proximity of two major transportation arteries and three blocks away from a Dallas Area Rapid Transit station. Berkshire acquired the asset from Trinsic Residential Group for an undisclosed amount.

The garden-style community comprises 10 three-story and two two-story residential buildings that feature townhomes and one- and two-bedroom floor plans that range between 695 and 1,279 square feet. Residents of the community also have access to a clubhouse and a resident lounge, an executive conference center, a fully equipped fitness center, a pool area and a pet-friendly park.

“Consistent with our investment strategy, we view Dallas as having favorable expected growth prospects, strong underlying fundamentals and proximity to major centers of employment,” said David Olney, managing director & head of multifamily investments for Berkshire Group. “We believe the submarket around Berkshire Medical District is undergoing revitalization. Employment growth is expected from anticipated expansions at the area’s major medical centers and increased air traffic flying in to Love Field, and we are seeing new retail moving in.”

Image courtesy of Berkshire Group and Trinsic Residential Group via official website 

NewcrestImage Breaks Ground on New Hyatt House Hotel in Frisco

18 Dec 2014, 9:08 pm

By Liviu Oltean, Associate Editor

Hyatt House Frisco Rendering

NewcrestImage recently broke ground on a new extended-stay hotel in Frisco. Dubbed Hyatt House Frisco, the project is the first new-build Hyatt House hotel in Texas. Located at 2875 Parkwood Blvd., the asset is within walking distance of the Frisco Conference Center, the Dr. Pepper Ballpark, Dr. Pepper Arena and the Stonebriar Centre mall, and less than a mile from the future practice facility of the Dallas Cowboys.

“We’re thrilled to welcome NewcrestImage to Frisco,” said Mayor Maher Maso in an official statement. “We’re proud NewcrestImage chose Frisco to develop its Hyatt House hotel, a premier property that will attract new tourism and business opportunities to our growing community. We look forward to working with NewcrestImage on future partnerships that build upon Frisco’s reputation as a major destination for sports, entertainment and conventions.”

The 132-room hotel has been slated to open sometime toward the end of 2015 and will be managed by NewcrestImage. Upon completion, it will feature studio and one- and two-bedroom suites that come with a bevy of amenities, such as a living room-like lounge, complementary hot breakfast, laundry facilities, complimentary Wi-Fi, flat panel HDTVs and a 24-hour workout room.

Hyatt’s Real Estate and Development Vice President, Jason Gregorek, also expressed his optimism regarding the new project, considering it “a great addition to the area as it continues to grow, and … an ideal home base for business and leisure travelers visiting the many corporate facilities, sports arenas, and music and culture venues in the area.”

Image courtesy of NewcrestImage

Hines, AEW Capital Management JV Closes on Parc 114

11 Dec 2014, 6:27 am

By Liviu Oltean, Associate Editor

Parc 114

A joint venture of Hines and AEW Capital Management recently closed on Parc 114, a master-planned business park in Irving. The acquisition entailed six industrial buildings that total 404,777 square feet and an 18.5-acre plot that could accommodate as much as 191,262 square feet of additional industrial space.

At the time of the purchase, two of the six buildings were under development and set to open doors sometime in June 2015. The remaining buildings are 100 percent leased to tenants such as Nautilus Hyosung America, Chrysler Group LLC and Nissan.

Located in the Dallas-Fort Worth Metroplex, the industrial park is adjacent to DFW Airport, south of State Highway 114, which makes it a suitable option for companies that transport goods via the airport or for those that need fast access to the DFW Metroplex.

“Parc 114 is a great project that offers direct access to DFW International Airport and to major thoroughfares,” said Blake Kendrick, managing director for Stream Realty and broker representative for Parc 114. “The tenant base in the project is unmatched and provides a foundation to expand the project with two additional buildings.”

According to an official statement, the two companies plan to start work on the 18.5-acre plot in the first quarter of 2015. The new buildings will have a complementary design and will feature 30-foot clear heights, 52-foot column spacing and a 1.8/1,000-square-foot parking ratio.

“Parc 114 represents an excellent opportunity for Hines to expand its industrial presence in Dallas and to provide additional shallow bay space in a key location directly adjacent to the airport. We look forward to taking advantage of the dynamic market fundamentals in the airport submarket by providing exceptionally functional, modern buildings in a highly visible, master-planned setting,” stated Hines Director Charlie Meyer.

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