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Commercial Real Estate

Real Estate Briefs: Cranes Are Down And Pre-Leasing Opens at Fountain Place

Plus Invesco Real Estate and Perot Development Company break ground on 2.4 million SF logistics center project, and so much more.
As the crane comes down at AMLI Fountain Place and pre-leasing begins, the 45-story luxury high-rise apartment building in the Dallas Arts District is nearing completion of the original vision for two Fountain Place towers. AMLI Fountain Place is scheduled to open in mid-May.

AMLI Fountain Place is the residential sibling tower to Dallas’ original Fountain Place. It is located precisely where the original architect Henry Cobb (founding partner of the internationally renowned firm formerly known as I.M. Pei & Partners) envisioned a second twin tower more than 30 years ago when the original Fountain Place office building was constructed.

Once complete, AMLI Fountain Place will be the tallest residence and the only for-rent high-rise living experience in the Dallas Arts District.

The residential and office towers surround the recently renovated Fountain Place plaza, a terraced water garden designed by landscape architect Dan Kiley. Goddard Investment Group spent more than $70 million renovating the existing Fountain Place office tower, including improvements to the plaza and adding a new parking garage and retail space.
Downtown Sheraton Finishes Renovations

The Sheraton Dallas Hotel, Downtown Dallas’ largest hotel, has completed the final phase of its multimillion-dollar renovation project. FlickMars designed the hotel, and the architect was DLR Group. Swinerton served as general contractor for the project. Renovations include all 1,840 guest rooms, public areas, food and beverage outlets, and the 230,000 square feet of flexible meeting and convention spaces.

Five new food and beverage concepts are now in place at Sheraton Dallas offering a variety of options for guests and locals; Open Palette, which serves modern American all day; Moka Pot Coffee Shop; Draft Sports Bar and Lounge, complete with 12 local beers on tap and a high-energy lounge; an intimate cocktail lounge named The Parlor; and an open market.

Bright Realty gets go-ahead from City of Lewisville on 140-acre Crown Centre Development

Bright Realty received approval last week from the City of Lewisville that allows for the build-out of its Crown Centre mixed-use development. On 140 acres at the southwest corner of SH 121 Business and the SH 121 frontage road, the site includes up to 2,000 multi-family units, 3 million square feet of office space, up to 500 hotel rooms, and covered parking. Crown Centre will also have three open spaces with lakes and trails that connect its 35 buildings, outdoor event space, and 140,000 square feet of other non-residential commercial uses, including retail and open green space.

Already under construction is a four-story office building with 109,000 rentable square feet at the southern end of the development at SH 121 and Regent Way. Construction is currently 60 percent complete with a delivery date of mid-2020.
Iconic Dallas Hotel Updates Luxury Feel With Renovated Meeting Spaces

The Fairmont Dallas hotel, which celebrated its 50th-anniversary last year, has completed a renovation of its meeting spaces, including the nearly 18,000 square-foot Regency Ballroom, hallways, and pre-function areas. The renovated spaces blend contrasts of a soft navy blue with white and hues of pale gold to create an updated luxury feel.

Jackson-Shaw Acquires Almost 170 Acre in South Forth Worth

Jackson-Shaw is building bringing industrial development to the intersection of Altamesa Boulevard and Campus Drive. Named 46 Ranch Logistics Park, the project will have 2.2 million square feet of industrial space, beginning with a speculatively built first phase of 560,000 square feet in three buildings, with additional land available for build-to-suits up to 800,000 square feet under one roof.

Separately, an undisclosed manufacturing company has purchased 45 acres of the 169 acres to build its new state-of-the-art manufacturing facility.

2.4 Million Square Foot Logistics Center Project Breaks Ground at DFW Airport

Invesco Real Estate and Perot Development Company have now broken ground on the first development phase for a massive logistics center project, DFW Park 161, which will eventually total over 2.4 million square feet on 196 acres in Irving, at the east end of Dallas Fort Worth (DFW) International Airport.

Phase one of the project will encompass three global e-commerce hubs known as Logistics Centers 9, 10, and 11, totaling over 1 million square feet and developed on a speculative basis due to expected keen marketplace interest. Phase two of the project will be a future build-to-suit e-commerce hub, Logistics Center 8, potentially exceeding 1.4 million square feet in size.

Kurt Griffin and Nathan Orbin, co-leads for Cushman & Wakefield’s Industrial Agency Leasing team in Dallas-Fort Worth, are the project’s designated leasing brokers. The three-phase one buildings are expected to be available for lease by early 2021.
Premium Office Space Coming to Far North Dallas

SHB Development, a commercial real estate development, sales, and leasing company, and  Stream Realty Partners (Stream), a full-service national real estate investment, development, and services company, have announced the construction on 17230 N. Dallas Parkway will come to completion in April of 2020. The two-story office building will contain 48,000 square feet of office space with a best-in-class amenity base. The building offers smaller organizations the opportunity to occupy the entire area.

Rhett Miller and J.J. Leonard of Stream’s Dallas team will lease the property on behalf of SHB Development.
Overland Grove Community Donates Site for Forney Elementary at Master Planned Community

Wynne/Jackson, a Dallas-based real estate development firm that specializes in creating master-planned developments, including Overland Grove in Forney, has donated a 12-acre site in Overland Grove to the Forney Independent School District. The 12-acre site is planned for the construction of a future Forney ISD elementary school. Forney ISD Superintendent Justin Terry said, “As we prepare to add over 8,500 new students over the next 10 years, this school site has given us another option to build in a location to best meet the needs of our growth.”

The 336-acre Overland Grove project is planned for the development of over 1,000 single-family residential lots with an estimated economic value exceeding $300 million. Phase one of 327 lots was completed in 2019, and lots were delivered to two of the largest public homebuilders in the country, both with a strong presence in North Texas, Taylor Morrison, and Lennar Homes. Homes are priced between $275K and $400K.
Courtland Development Brakes Ground on New Industrial Building

Courtland Development has broken ground on a new speculative industrial building at Mountain Creek Business Park. The 76,335 square foot property, known as Mountain Creek 9, will be located at 4972 South Merrifield Road, just off Mountain Creek Parkway, and with I-20 visibility. This final industrial building realizes the masterplan vision for Mountain Creek, which originated almost twenty years ago. Retail and residential development plans are in the works on adjacent land and in Courtland Farms. Alliance Architects with Pacheco Koch engineers designed mountain Creek 9 and the contractor is FCL Builders. Anticipated completion is early October 2020.
Prestonwood Place Announces Renovation Plans




Renovation plans have begun at Prestonwood Place, a 133,000 square foot retail center adjacent to Village on the Parkway and Prestonwood Town Center at the intersection of Belt Line Road and Montfort Drive. The renovation will bring 50,000 square feet of office space and includes a full renovation for all of the building facades, as well as the addition of a new 15,000 square foot park. Construction will occur in four phases, and the overall project is slated to complete by early 2021. Northwood Retail, who operates Prestonwood Place, will oversee the renovations. The transformation of the retail center can already be seen in its new tenant mix of Shake Shack, Flower Child, and Club Pilates.
Ownership Group Completes the Latest Phase of $10 Million Upgrade to Dallas Office Tower

New York-based real estate firm JMC Holdings has completed significant upgrades to Lakeside Square, an office tower located at the intersection of Lyndon B. Johnson Freeway and North Central Expressway in Dallas. The 409,544 square foot property was their first acquisition in the market. Upgrades to the property include a redesigned lobby, new tenant lounge, café, and coffee bar, expanded conference facilities, refurbished fitness center, and upgraded mechanical systems.

JLL is the exclusive leasing partner for the property, with Trevor Franke and Gini Rounsaville leading the marketing and leasing efforts.
Pacesetter Homes Expands Footprint to North Texas with 12 New Communities

New to the region, Pacesetter Homes has expanded into the North Texas market with six new communities now open in Anna, Melissa, Oak Point, Prosper, and Rockwall. The builder has plans to open six more communities in 2020 across Dallas-Fort Worth and has nearly 1,200 lots under contract. Lots are currently being developed, and communities will be open later this year in Meadow Run in Melissa, Green Meadows in Celina, Woodland Creek in Royse City, Lavon Farms in Lavon and Aubrey Creek Estates in Aubrey.