First Look: Victory Park’s Newest Luxury Multifamily Garners Sky-High Rents

Creatively fitting a towering multifamily in a neighborhood like Victory Park required deep thought by international developer Hines and their team of architects and designers. The infill development of a former parking lot on the northeast corner of Nowitzki Way and Victory Park Lane, The Victor is now the tallest building in Dallas’ Uptown—and it’s garnering some of the highest rents in the area at about $370 a square foot.

Typically, such a building would be long and rectangular, much like the high-rises you see in downtown Dallas. But such a design would crowd the neighborhood’s urban fabric, Munoz + Albin Principal Jorge Munoz tells me as we walk along Nowitzki Way to tour the site.

Comprised of 344 luxury residences and adjacent to the American Airlines Center, the 40-story tower blends beautifully into the neighborhood. To do so, designers broke the masing of the tower into two distinct shapes to accentuate its verticality: a thin floating glass volume on the east and a masonry volume on the west. Click to read more at www.dmagazine.com.

Suburban Commercial Real Estate Boom Continues Full Steam Ahead as Dallas office Market Struggles

In June, a group of public and private stakeholders approved a new framework plan to build a $130 million performing arts center at the Hall Park development in Frisco. The new venue would not only bring a large, world-class concert hall to the fast-growing Texas city, but it’s reflective of the investment and interest in Frisco and would become yet another major cultural amenity in a city increasingly known for its recreational and amusement offerings.

The plan for the performing arts center is just a drop in the bucket when compared to the investment in Frisco over the last decade. For instance, The Fields mega-development, which will deliver an expansive office park, thousands of new residences, hotels and more on a 2,500-acre site is anticipated to cost upwards of $10 billion. And the development already has a major tenant lined up as the future home of the PGA of America.

What’s happening in Frisco is something that other municipalities could only dream of — the city’s population has bloomed from 110,000 in 2010 to roughly 210,000 today. Frisco is frequently cited as the fastest growing city in the country and it’s also home to the 91-acre Dallas Cowboys’ headquarters dubbed The Star, the NCAA Division I football stadium Toyota Stadium, Comerica Center arena, Dr. Pepper Ballpark, the National Soccer Hall of Fame, the National Videogame Museum, and more.

All of this in a city of just over 200,000 residents. But there’s more on the way.

According to Jason Ford, CEcD and President of the Frisco Economic Development Corporation, his organization is currently working on upwards of 50 prospects at the moment. Ford says that there’s been a tremendous amount of interest in Frisco from corporate heads but the city is also doing the work to be as business-friendly as possible in order to win over as many of these prospects as possible.

Plan for 27-Story Class AA Office Tower in Dallas gets Funding

Global real estate firm Harwood International and JLL Capital Markets recently announced that they have secured joint venture equity for the development of Harwood No. 14, a 27-story, Class AA office tower totaling approximately 360,000 square feet in the Harwood District of Uptown Dallas. Due for completion in second-quarter 2023 and already approximately 45 percent pre-leased, Harwood No. 14 will be anchored by Haynes and Boone, LLP, a high-profile, Am Law 100 law firm. The Class AA tower’s design is heavily influenced by nature, featuring a two-story lobby with monumental stairs blending indoor/outdoor features, landscaped plateaux, a finned curtainwall system that is the first in Dallas, open-air pocket gardens, and a spectacular 17,000 SF rooftop and sky garden. In addition, the tower will present many avant-garde amenities for its tenants as well as expand upon Harwood Hospitality Group’s hotel, restaurant, and bar collection. The architecture, construction, and design teams behind Harwood No. 14 are Kengo Kuma & Associates (design architect), HDF (architect of record), Corgan (associate architect), and Manhattan Construction Company (general contractor). Harwood District was established in 1984 by Harwood International, the masterplan developer. Today, the District spans 19 contiguous city blocks in Uptown Dallas and will grow to include over 11 million square feet of premier Class AA office, residential and retail space utilizing urban gardens, green space and art-filled lobbies. Recent additions are the new Rolex Building, designed by Kengo Kuma and Associates and HDF, Harwood No. 10 designed by HDF, and Bleu Ciel, a 33-story condominium tower designed by Paris-based Jean-Michel Wilmotte and HDF. There are currently 16 Harwood Hospitality Group concepts in various stages of design and construction, with two unique concepts slated to come online this year. The global real estate firm is also under development on a 22-story boutique hotel within the District. The hotel will cater to tenants with its expansive banquet space in addition to its numerous restaurant and bar concepts. Harwood District’s prime location is just south of the Dallas North Tollway, serving as the main artery connecting Dallas’ premier suburbs to the city. The JLL Capital Markets team representing the developer was led by Senior Managing Director Bill Fishel and Senior Director DJ Meagher. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver the best-in-class solutions for clients – whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

First Look: The $500 Million Omni PGA Frisco Resort

Omni Hotels & Resorts has kicked off development of its latest resort, which will sit next to the PGA’s new headquarters in Frisco. The PGA announced in 2018 announced plans to move from Palm Beach, Florida. Its new headquarters will anchor a 600-acre, mixed-use development that will also include three golf courses, a putting green, retail shops, and the $500 million Omni PGA Frisco. (Scroll down to click on an images gallery.) Key players were on hand May 4 to officially break ground on the project. Peter Strebel, president of Omni Resorts, talked about how the deal came together and Omni parent company TRT Holdings’ Bob Rowling, founder, and his son, Blake Rowling, who serves as president. Peter Strebel speaking at Tuesday’s groundbreaking. The Rowlings “live and breathe golf,” Strebel said. “So, when they heard the PGA was thinking of moving its headquarters to Texas, especially Frisco, they jumped all over that, because they knew that that would be a place where they would want to be involved.” As plans progressed, the Rowlings remained fully committed, despite difficulties brought on by the pandemic. “Candidly, I cannot think of anybody who may have had a more challenging year this past year than Bob Rowling,” Gov. Greg Abbott said of the founder of Omni’s parent company, TRT Holdings, at the groundbreaking event. “There probably was no industry in the United States, maybe the entire world, that was more challenged over the COVID year, than the hospitality industry.” Click to read more at www.dmagazine.com.

Kalterra Capital Sells 213-Unit Apartment Complex in Waxahachie

Kalterra Capital Partners has announced the sale of Park Place, a 213-unit apartment complex, located at 240 Park Place Blvd, in Waxahachie, Texas. The project is Kalterra’s second sale this year and one of three ground-up multifamily developments in Kalterra’s portfolio expected to transact in 2021. The 12-acre site falls within the rapidly growing Ellis County submarket, located 30 miles south of the DFW Metroplex. Just east of Hwy 287 and directly adjacent to Waxahachie’s Sports Complex, the project will serve the growing demand for Class-A luxury apartments in the county. Kalterra plans to begin construction on a second conventional multifamily development and an active adult development in Waxahachie this year. Park Place is another example of a successfully executed high-end multifamily product in suburban markets. The multifamily development is the first of three for Kalterra in Waxahachie this year, with more active developments in the works coming soon. The contemporary design includes luxurious interior and exterior finishes designed to meet the needs of diverse professionals seeking high-quality amenities and low maintenance living. The project includes lifestyle-focused amenities such as a resort-style pool, well-appointed fitness center, large dog park, private yards, attached garages, and a walking trail. Premium Property USA also partnered with Kalterra in the closing of Park Place. Kalterra has experienced success due to its ability to develop design-forward communities in key submarkets. The company is building a legacy to challenge the status quo, maintain an investor focus, and move quickly and efficiently to deliver outstanding results to its investors.

Mintwood Real Estate Debuts First Ground-Up Residential Development

It’s early afternoon in the Bishop Arts District on a Tuesday, and it’s easy to see the lure of the North Oak Cliff neighborhood. Parking along North Bishop Avenue is tight as locals wander into shops and fill benches outside of eateries. I meet developers Katy Slade and Nick Venghaus outside of La Reunion, where we order a few glasses of water and iced coffee. The two long-time industry leaders ventured out about two years ago to launch Mintwood Real Estate and, along the way, have put in some groundwork for future projects and helped turn two vacant office floors in Santander Tower into a chic hotel called The Guild. Today, we were there to talk about their first ground-up project. Katy and Nick were both previously at Gables Residential for a little over a decade. She was on the development team, and he was running construction. They did a lot of really cool mixed-use deals, including the Gables McKinney Ave. The duo makes for the perfect partnership as Nick has a great capacity to understand complicated construction projects, and Katy excels at researching and understanding the needs of the market to build innovative projects. It all ties into how they could build 55 units on the site of a former 10 unit apartment building on Melba Street. Click to read more at www.dmagazine.com.