Investors Mike Terry and Holt Lunsford have announced plans to develop a 14-story office tower in Uptown. The 125,000-square-foot building will sit on Maple Avenue at Mahon Street on a one-acre site now occupied by the Old Warsaw restaurant.
Lunsford and Terry purchased the property from long-time owner Al Heidari. He will continue operating the Old Warsaw restaurant for the duration of its lease through 2015.
“I have watched Uptown undergo major transformations,” Heidari said. “This was an opportune time to sell.”
The deal was put together by Newt Walker of Newt Walker Co. Holt Lunsford Commercial will oversee development, leasing, and on-site property management. Construction is expected to get underway in the first quarter of 2016.
2620 Maple Avenue will have smaller floorplates of 7,500 to 11,000 square feet. The developers are targeting family offices and similar tenants.
“As a family office ourselves, we understand the unique needs and amenities this type of tenant requires,” Terry said in a statement. “We have designed this building with a true owner’s philosophy for tenants that have an expectation of quality. We anticipate a low tenant density rate and relatively low tenant turnover in a club-like atmosphere.”
The partners will move their companies—M. Terry Enterprises and Holt Lunsford Holdings—into the new building once it’s ready. Several other family offices have expressed interest in investing in the project and occupying space there.
New Restaurant Planned
Designed by Gensler, 2620 Maple Avenue will be a “classic glass tower, inspired by the architecture of early skyscrapers.” Along with easy access to the McKinney Avenue Trolley line and Dallas’ Katy Trail, amenities will include a private tenant lounge, underground parking, 24-hour security, and space on the eighth floor that will open to an outdoor balcony.
Plans also include a detached 7,500-square-foot restaurant. The group has hired JLL and Stablemade Retail Group to assist with the search for an operator.
Lunsford said he and Terry have put together a list of potential tenants who fit their target profile.
“We are looking for like-minded individuals who want a special tenant experience,” he said. “We hope to attract those who share our spirit of entrepreneurship, quality, and philanthropy.”