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New Active Adult Community Coming to Frisco

19 Feb 2015, 5:19 am

By Liviu Oltean, Associate Editor

The city council of Frisco unanimously approved the issuance of $70 million in tax-exempt bonds for the development of WholeLife Frisco™, an active adult community. The approval followed a public TEFRA hearing (Tax Equity and Fiscal Responsibility Act), a prerequisite for tax-exempt private-activity bonds.

The active adult community will be developed by WholeLife Cos. in two phases. Phase I will include 176 individual cottage- or bungalow-style residences and a clubhouse, to be constructed on a 122-acre tract southwest of the Witt Road/King Road intersection.

The new homes will average 1,800 square feet and will feature such amenities as two-car garages, open floor plans, gourmet kitchens, extensive landscaping and expansive closets and storage areas. Residents will have access to The WholeLife Club, a private facility that will include a modern fitness center, a resort-style pool and various other entertainment areas.

According to the company’s official website, it is currently working on two other projects: the 156-unit WholeLife Cibolo Canyons community in San Antonio and the 104-unit WholeLife Chattanooga community in Chattanooga.

SkyHouse Dallas Opens Doors with Rooftop Cocktail Party

12 Feb 2015, 9:20 pm

By Liviu Oltean, Associate Editor

Skyhouse Dallas – West View

A rooftop cocktail party to be held on Feb. 19 will mark the official opening of SkyHouse Dallas, a 24-story luxury tower located in the Victory Park neighborhood. Developed by Atlanta-based Novare Group and Batson-Cook Development Co., the tower is part of the SkyHouse® multifamily program, with projects in three states representing an investment of almost $400 million.

SkyHouse Dallas features studio, one-, two- and three-bedroom apartments. The residences have open floor plans, with nine-foot ceilings, floor-to-ceiling windows with upgraded solar shades, hardwood flooring in the kitchens, granite countertops, stainless-steel appliances and spa-style baths with ceramic-tile floors. Community amenities include a rooftop pool, a poolside terrace with outdoor TVs and fireplace, a fitness center, a private library, a coffee lounge and an on-site dog park.

According to an official statement, the tower was designed for Generation Y professionals who want a live-work-play environment. “This is a demographically driven program targeting younger renters who desire convenient, transit-linked and efficient residences. Between the years 2012 and 2017, 4.2 million people will turn 22 every single year, and Batson-Cook expects many in this demographic to find SkyHouse an ideal place to call home,” according to Director of Investments Mark Stewart.

Image courtesy of  Simpson Property Group via official website 

Piedmont Office Realty Trades Properties in Dallas

5 Feb 2015, 8:38 pm

By Liviu Oltean, Associate Editor

3900 Dallas Parkway

Atlanta-based Piedmont Office Realty Trust recently completed two Dallas-area transactions: the acquisition of Park Place on Turtle Creek and the sale of 3900 Dallas Parkway.

The 177,169-square-foot Park Place on Turtle Creek is a Class A office property located at 2911 Turtle Creek Blvd. in the Uptown/Turtle Creek submarket of Dallas. The transaction also included an adjoining five-level parking structure. At the time of the acquisition, the building was 88 percent leased.

3900 Dallas Parkway is a 120,107-square-foot office property located in Plano. Jeff Staubach and Andy Leatherman of JLL represented the buyer, while Piedmont Capital Markets Director Karen Purdy represented her company.

“We are very pleased to announce the completion of these two transactions, as they clearly demonstrate Piedmont’s ability to successfully execute our capital markets strategy. We were able to opportunistically sell one non-core asset to help fund a growth-enhancing investment in a high-quality asset, purchased at an attractive basis and located in one of the best urban infill submarkets in Dallas,” said Joseph Pangburn, Piedmont executive vice president of the Southwest region, in an official statement.

Image Courtesy of Piedmont Office Realty Trust via Official Website

Stream Realty Prepares to Break Ground on Irving Office Project

30 Jan 2015, 5:09 am

By Liviu Oltean, Associate Editor

Building I of Connection Park

Dallas-based Stream Realty Partners will soon start work on Connection Park, a two-building office project in Irving, Texas. Located near Dallas-Fort Worth Airport and other major thoroughfares, the project will be developed in two phases.

Phase I consists of a three-and-a-half-story, mid-rise office building with a patio-ready rooftop. Totaling 141, 219 square feet, it features floor plates averaging 42,000 square feet, with a top floor of 22,000 square feet. In phase II, developers are planning a four-story, mid-rise building. The typical floor plate will range in size between 36,043 and 41,948 square feet.

Both buildings will have a 45-foot standard bay depth, no exterior columns and only five exposed interior columns per floor. In a one-mile radius, tenants of the office park will have at their disposal more than 25 dining options, 24 hotels, five banks, three childcare facilities and more than five fitness centers.

“Occupying the southwest corner of Freeport Parkway and LBJ Freeway, Connection Park provides exceptional ingress/egress to numerous major thoroughfares and close proximity to DFW Airport. An estimated 67,000 cars per day pass by the site, affording corporate users a superior branding opportunity with top-of-building signage. Highlighted by its efficient 42,000-square-foot floor plate, 6:1,000 standard parking and emphasis on collaborative indoor/outdoor areas, Connection Park is tailored to the needs of densely configured office tenants.”

Image Courtesy of Stream Realty Partners 

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

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