Stream Realty Partners and J.P. Morgan Asset Management held an event Wednesday to unveil renovation and expansion plans for the Trammell Crow Center in downtown Dallas. The existing, 50-story tower will be redone and new construction will go up on a 2.66-acre site just across the street from it on Ross Avenue.
The total projected cost of the project is $135 million and will include redesigning the tower’s ground floor, adding a 9,000-square-foot athletic club, 1.4 acres of outdoor space, and a 9,000-square-foot conference center. The new-construction portion of the project will feature 26,000 square feet of new restaurant space, a 200-room boutique hotel, and a 400-unit residential component. The parking ratio will be 3:1000 once construction is complete.
“The primary objective for this project is to exceed tenant expectations in terms of amenities,” Sara Terry, vice president at Stream, said in a statement. “Restaurants in this part of the city are particularly scarce, despite more than 16,000 office workers within walking distance, and we will meet that need.”
Attendees gathered at the Nasher Sculpture Center as Terry took the microphone to introduce the changes. “We believe [the project] will truly transform Ross Avenue and develop into a very vibrant mixed-use destination for Dallas,” she said.
Kourtny Garrett, president and CEO of Downtown Dallas Inc., also addressed the crowd. “I think this is the type of project that really compliments the venues here, that really contributes back to the spaces in between our internationally renowned venues that will bring more of that street life, more patronage, more activity to the district,” Garrett said.
Construction fences are expected to go up this month, and work is expected to be completed in the fall of 2018. Two architecture firms were involved in the design of the project. HOK worked on the redevelopment of Trammell Crow Center, and HKS worked on the mixed-use project that will be situated across from it.
“This substantial investment in Trammell Crow Center underscores our commitment to Dallas-Fort Worth, where our North Texas portfolio includes $4.8 billion in assets comprising more than 30 million square feet,” Dale Todd, executive director of J.P. Morgan Asset Management, said in a statement. “We are one of the largest property owners in Dallas’ prime urban office market and believe that Ross Avenue’s best days lie ahead.”
The 1.2 million-square-foot Trammell Crow Center is currently 92 percent leased, with flex options available. Leasing for Trammell Crow Center will be led by Ramsey March, Sara Terry, and Scott Sowanick of Stream Realty Partners.