The big news from Big D real estate this week was the groundbreaking on a $500 million mixed-use development next-door to the CityLine development in Richardson. It’s designed to connect to the adjacent development housing the new State Farm Insurance Corporate Campus. “We want the two developments to flow together seamlessly,” said Joe Altemore of BC Station Partners, which just bought the land. “It will look like one master developer planned the whole thing.” Roads and walkways will connect the neighboring developments that reside on opposite sides of the Dart commuter train rail line.
BC Station Partners bought the 54-acres in recent weeks and has sold large parcels to both Trammell Crow Residential, and Transwestern. Trammell Crow Residential will start construction next month on a 1,250-unit apartment development. Good, Fulton and Farrell Architects will be the architect responsible for the urban design the developers have envisioned.
Transwestern plans to construct a 450,000-square-foot office tower at the northeast corner of North Central and Renner Road. There are also plans for a hotel there.
BC Station Partners has been working on the entire development tract for more than five years. Two years ago, it sold the 186 acres at Plano Road and Bush Turnpike to developer KDC to build CityLine, which includes offices for State Farm Insurance and Raytheon.
Axiometrics Inc reported that apartment rents in both Dallas and Fort Worth were up more than 5% in January versus a year ago. In the Dallas area, average rents were just under $1,000 a month, which was a 5%+ increase versus January 2014.
In Fort Worth renters are paying an average of $891.70 a month, a 6.4% increase over last year.
As Dallas – Fort Worth led the country with 140,000 new jobs last year, developers and home builders are still playing catch-up, to accommodate the robust population growth.
Westdale just unveiled plans to makeover a block of Deep Ellum — what Westdale is calling 2800 Deep Ellum. It’s the block bound by Elm Street, Crowdus Street, Main Street and Malcolm X Boulevard. Take a sneak peek at the 2800 Deep Ellum plan, which The Urban Design Peer Review Panel viewed and applauded last week.
Masterplan has been retained by property owners of 8750 N Central Expressway to seek a rezone from office to mixed-use 3. They’re seeking more flexibility to take advantage of all the site and location have to offer.
After buying the Bank of America motorbank on Woodall Rodgers in 2013, Ross Perot Jr. is seeking out the top architects in the world for design plans for a new office tower. With zoning allowing 1.5 million square feet, with no height restrictions, Dallas may be getting it’s first landmark high-rise, since the 55-story Chase Tower, which opened on Ross Avenue in 1987.
Speaking of downtown Dallas offices, for the first time in more than 20 years, downtown has been the top office leasing market in North Texas.
AWH Partners LLC bought the 536-room Westin Dallas Park Center on LBJ Freeway near North Central Expressway.
Bradford Commercial Real Estate Services has purchased the 11-story Citymark tower, near the Dallas North Tollway at 3100 McKinnon St.
Let’s look forward to another great week in Dallas real estate. If we can answer any of your real estate questions, we would love to help. Reach me directly at 214-690-9682.
Enter your email at the top left to get daily Dallas – Fort Worth real estate updates.
Follow our Texas Lots & Land scoopit page.
Follow me on twitter @troycorman