Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/817755
A U S T I N & C E N T R A L T E X A S 8 • May 2017 • Texas Real Estate Business www.REBusinessOnline.com D A L L A S & F O R T W O R T H WESTDALE, KDC BREAK GROUND ON THREE-BUILDING MIXED-USE DEVELOPMENT DALLAS — Westdale Properties and KDC Construction have broken ground on The Epic, a mixed-use de- velopment situated on eight acres at the corner of Pacific Street and Good Latimer Expressway in the Dallas neighborhood of Deep Ellum. The project will consist of a 250,000-square- foot office tower with a fitness center, rooftop café and ground-level retail space, as well as a 164-room hotel and a 300-unit, 20-story residential tower. The Epic, which will be built next to the Dallas Area Rapid Transit Deep El- lum Station, is scheduled for comple- tion in late 2019. CROW HOLDINGS UNVEILS FINAL BUILDING PLANS FOR OFFICE DEVELOPMENT DALLAS — Crow Holdings has released plans for a six-story, 90,000-square-foot building that will be the final structure in the Old Park- land project, a multi-building redevel- opment in Dallas. Launched in 2006, the project includes revamping the historic buildings and grounds of the former Parkland Hospital, a 103-year- old structure that Crow has renovated to serve as its corporate headquarters. The property now features 334,000 square feet of master-planned, Class A office space situated on 9.5 acres on Maple Avenue. Delivery of the build- ing is slated for the first quarter of 2019. STONELAKE UNVEILS LATEST PLANS FOR $250 MILLION MULTIFAMILY PROJECT DALLAS — Stonelake Capital Part- ners has released its latest plans for Trinity Green, a $250 million, 25-acre multifamily project along Singleton Avenue in west Dallas. The com- pany has released updates on Phase III, which features a 355-unit, Class A development with a fitness center, 24-hour coffee bar, pool and outdoor grilling stations. Stonelake will break ground on Phase IV of the develop- ment, which will feature a 324-unit, Class A apartment complex, in the fall. Trinity Green will comprise 1,500 units at full build-out. PRESTON HOLLOW ARRANGES $115 MILLION CONSTRUCTION FINANCING FOR HOTEL IRVING, TEXAS — Preston Hollow Capital, a Dallas-based finance firm, has arranged $115 million in financing for the construction of Westin Irving Convention Center Hotel, a 12-story, 350-room hotel development in Ir- ving. The property will offer 16,000 square feet of ballroom and meeting space, restaurant and retail facilities and a parking garage. Texas-based architecture firm BOKA Powell de- signed the hotel, which will be situ- ated on a 17-acre tract adjacent to the Irving Convention Center at Las Co- linas. Austin Commercial LP is gen- eral contractor on the project, which is slated for an early 2018 opening. HUNT MORTGAGE SECURES $10 MILLION REFINANCING OF MULTIFAMILY PROPERTY DALLAS — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the refinancing of Span- ish Brook Apartments, a 248-unit, gar- den-style apartment complex located at 11511 Ferguson Road in east Dal- las. The loan features a 12-year term, 25-year amortization schedule and an 11.5-year yield maintenance period. To date, the undisclosed, Texas-based borrower has invested $7 million in renovations to the unit interiors and building exteriors of the property. HATHAWAY AFFILIATE BREAKS GROUND ON 100-ACRE LIFESTYLE CENTER THE COLONY, TEXAS — Nebraska Furniture Mart, a division of Berk- shire Hathaway, has broken ground on a 100-acre lifestyle retail center that is part of Grandscape, a 433- acre, mixed-use development located along the Sam Rayburn Tollway in the Dallas-Fort Worth metro of The Col- ony. Upon completion, Grandscape will span 3.9 million square feet of retail, multifamily and hospitality space, with an outdoor amphitheater and a convention center. Two restau- rants, Thirsty Lion Gastropub and Twigs Bistro & Martini Bar, have com- mitted to locations at the property, with openings scheduled for 2018 and 2019, respectively. SHOP COS. BROKERS SALE OF 61,853 SF RETAIL CENTER DENTON, TEXAS — SHOP Cos. has brokered the sale of San Jacinto Plaza, a 61,853-square-foot retail center lo- cated at 2300 San Jacinto Blvd. near Interstate 35 in Denton, a city in north Texas equidistant from Dallas and Fort Worth. At the time of sale, the property was 87 percent leased to ten- ants such as Office Depot, Foot Spa and Mattress Firm. Tommy Tucker and Tim Axilrod of SHOP Cos. repre- sented the seller, a Dallas-based limit- ed partnership, in the transaction. An undisclosed limited liability company from Plano purchased the property. KAIZEN BREAKS GROUND ON CLASS A OFFICE PARK ALLEN, TEXAS — Kaizen Develop- ment Partners has broken ground on Phase I of One Bethany at Watters Creek, a Class A office park located at the corner of Bethany Drive and Wat- ters Creek Boulevard in the Dallas-Fort Worth metro of Allen. Texas-based architecture firm BOKA Powell de- signed the initial phase of the project, which includes a 125,000-square-foot office building with a 570-space park- ing garage. Delivery of the building, which will feature a conference room, fitness center and tenant lounge, is ex- pected within 12 months. MYCON COMPLETES CONSTRUCTION OF $3.5 MILLION MED CLINIC GRAND PRAIRIE, TEXAS — Mycon General Contractors has completed construction of a new, 6,997-square- foot First Choice Emergency Room in the Dallas-Fort Worth metro of Grand Prairie. Situated on 0.9 acres at 901 W. Jefferson St., the $3.5 million, free- standing medical clinic features on- site labs and digital imaging suites. A service station and convenience store previously occupied the site, construc- tion on which began in August 2016. HLC EQUITY BUYS 192-UNIT MULTIFAMILY PROPERTY FOR $13.2 MILLION CARROLLTON, TEXAS — HLC Equi- ty, a Pennsylvania-based investment and management firm, has purchased Toscana Apartments, a 192-unit multi- family community in the Dallas-Fort Worth metro of Carrollton, for rough- ly $13.2 million. Located at 17910 Kel- ly Blvd., the Class B property features a business center, 24-hour fitness cen- ter and resort-style pool. The property was 96 percent occupied at the time of sale. NEWCRESTIMAGE BREAKS GROUND ON TWO HOTELS IN NORTH DALLAS FRISCO, TEXAS — NewcrestImage, a Dallas-based developer, has bro- ken ground on two hotels at Frisco Station, a 242-acre, mixed-use devel- opment in Frisco, as part of a larger hotel campus project. The first two Marriott-branded hotels, an eight-sto- ry AC Hotel and a seven-story Resi- dence Inn, will share a building, total 300 rooms and offer amenities such as an indoor pool, two lounge areas and free grocery delivery service. Both properties are expected to open mid- 2018. The second phase of the project, which will begin later this year, will deliver a 150-room Canopy Hotel by Hilton and a 150-room Hyatt Place. STONELEIGH, REALTY CAPITAL BREAK GROUND ON 234-UNIT APARTMENT COMPLEX CARROLLTON, TEXAS — Chicago- based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story build- ing, which will be located next to a Dallas Area Rapid Transit (DART) sta- tion, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet. The Epic will be located on eight acres in the Deep Ellum neighborhood of Dallas. The mixed-use project will include office, retail, a hotel, apartments and more. This 100-acre retail center will soon be added to Grandscape, a 433-acre mixed-use development in the Dallas-Fort Worth Metroplex.