Friday, August 19, 2022 Aug 19, 2022
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Real Estate Briefs

Woods Capital and Mintwood Name Contractor for Santander Tower Revamp

Plus: New 300-unit multifamily development coming to Terrell, SoCal pharma company moving to Richland Hills, Carlson Capital inks Uptown lease, and more.
By Carla McCanna |
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Downtown Dallas is set to get more apartments with an upcoming renovation of Santander Tower (formerly Thanksgiving Tower) at 1601 Elm St. About a dozen floors in the 1.4 million-square-foot, 50-story building in the city’s Main Street District will be converted into 228 multifamily units and amenity space.

The endeavor is a joint venture between building owner Woods Capital and Dallas-based Mintwood Real Estate. A couple of years ago, they also collaborated on an adaptive reuse that transformed floors 49 and 50 of the building into a boutique hotel called The Guild.

Woods Capital and Mintwood have selected AP Construction as the contractor for the project. Work will begin this summer and deliver in Fall 2023. The project will feature one and two-bedroom unit floorplans and a multitude of amenities such as a swimming pool, dog park, fitness room, common areas, and meeting spaces with a kitchen.

“Adaptive reuse is a thrilling trend in today’s real estate industry, and we are exhilarated for the opportunity to be involved in a great project like this,” said Will Pender, president of the AP Gulf States region. “This is an exciting development for the Dallas Central Business District, which is ripe for office-to-residential conversions.”

The mixed-use tower already features office space, on-site dining options, and a hotel. With Woods Capital investing more than $40 million in the Santander Tower already, a full reboot of the building systems has been set to refurbish common spaces and renovate the lobby and plaza.

“We are excited to see this project come to life and bring more housing options to the urban core. By converting vacant office space into luxury, multifamily housing, we can create a more vibrant, mixed-use neighborhood and meet the growing demand caused by migration to the area,” said Jonas Woods, founder, president, and CEO of Woods Capital.

Class A Garden-Style Community Coming to Terrell

Batson-Cook Development Co. and Ventures Development Group have officially broken ground on their newest development: The Southerly at Crossroads, a 300-unit Class A community in Terrell, Texas.

Located at the intersection of I-20 and Spur 557, just off U.S Highway 80, The Southerly at Crossroads will be a significant part of the Terrell Market Center.

Kaufman County is one of the fastest-growing counties in the country. With over 550,000 square feet of retail and services and only a 30-minute drive from downtown Dallas, it has continued to expand as major employers migrate to the area.

The president and CEO of Batson-Cook Development Company, Litt Glover, said: “With apartment demand in Dallas suburbs continuing to outpace other submarkets across the MSA, and supply limited, The Southerly at Crossroads has strong tailwinds already.”

The Southerly at Crossroads sits on 11.5 acres of land and is a garden-style community. The resort-like community will boast various luxury amenities such as a pool with bordering cabanas, an outdoor deck with kitchen space, a fitness center, and co-working spaces. The property is also set to feature a dog park, a game room, various parking garages, unit backyards, and a gated entryway.

“We are very pleased to join with BCDC in providing a second, Class A multifamily component to the Crossroads development in Terrell. This will be our sixth ground-up community in the DFW metroplex, and we look forward to contributing to the growth of this area,” said Rob McConnell, principal at Ventures Development Group.

SoCal Pharma Company Moving to Texas

A Southern California-based pharmaceuticals company, Anything Liquid Manufacturing Inc., will be relocating its headquarters and base of operations to Texas.

Represented by Bradford Commercial Real Estate Services, the company has acquired an 18,242-square-foot warehouse in the mid-cities area, located at 7370 Dogwood Park Dr. in Midway Industrial Park in Richland Hills.

Anything Liquid specializes in the online manufacturing, selling, and distributing of liquid dietary supplements both domestically and internationally. And the company plans to fully relocate within the next two months.

The one-story building sits on 1.19 acres with direct access to TX 121, heavy power infrastructure, an advanced interior, and a 19-space parking lot, according to a release.

The sale was completed following Anything Liquid having the site under contract for six months, and the seller Direct PrintlQ was represented by Bob Scully and Brice Wells of CBRE.

“The acquisition is playing to the theme of companies moving to Dallas-Fort Worth to escape the high taxes and red tape of doing business in California,” said Joe Santaularia, senior vice president and managing partner at Bradford.

“It’s nearly impossible to find a building this size in today’s market. Owner-users have less product to choose from and end up paying a premium to buy,” Santaularia added.

Stream Realty Partners Works with Carlson Capital on Lease in Uptown

Financial services firm Carlson Capital has announced a lease renewal for its corporate headquarters office located at office space at 2100 McKinney Ave.

Represented by Stream Realty Partners, Carlson Capital is continuing its occupation of the top floor of the 19-story, 26,386-square-foot Uptown office tower.

“We love our office location at 2100 McKinney,” said Nancy Carlson of Carlson Capital. “The building provides our employees with a top-of-class work experience and many of the city’s best urban amenities within walking distance.”

Some of the building’s niceties include an on-site fitness center and food services, an outdoor area, great views of the city, and convenient accessibility to the area’s amenities.

According to the managing director at Stream Realty, Craig Wilson, Carlson Capital has been a client of the firm for nearly 15 years.

“Carlson Capital is excited to maintain its high-profile presence in one of the most prestigious buildings in Uptown,” Wilson said in a release. “We’re thrilled to continue to assist them in finding real estate solutions that help their company thrive.”

Trinity Groves Announces New American Fare Restaurant Coming to West Dallas

Trinity Groves Restaurant Group will open its newest concept, Lexy’s Local New American, on Monday, August 15. The new dining spot will feature a collaboration of American fare, global influences, locally sourced produce, and creative cocktails.

Located in Trinity Groves at 3011 Gulden Ln. Suite #116, Lexy’s will replace the former Casa Rubio and Souk Mediterranean space. The site enjoys a 4,700-square-foot dining room space that can seat 141 customers and a 15-seat bar. Additionally, the space features a 125-seat, 2,500-square-foot patio area.

The design of the restaurant was led by John Paul Valverde of Coevál Studio and displays a modern, regency-style interior with pink and blue accents, “whimsical” chandeliers, floor-to-ceiling windows, and a “playful yet intimate” mood.

The restauranteurs are Julian and Alexa Rodarte, who, with the guidance of chef and director of culinary Aubrey Murphy, will deliver a menu highlighting fresh seafood, Texas Wagyu, and seasonal produce from local North Texas farmers.

“Back in 2016, I met Julian shortly after leaving my corporate marketing job and began working with him to brand Beto & Son, then started consulting for restaurants in various cities,” said Trinity Groves director of marketing, Alexa Rodarte. “After spending an extended amount of time away from Dallas, we knew we wanted to create our first concept entirely together at Trinity Groves, which led to Lexy’s. This new concept is a compilation of the life experiences that Julian and I have had together, including our adventures around the world.”

Velocis Acquires 90,000 SF of Rockville Office Space

Dallas-based private equity real estate investment firm Velocis announced the acquisition of the two-building Research Square this week.

According to the release, the 89,640 square feet of office space is spread across two buildings on 7.45 acres and located at 1500 & 1550 Research Blvd. in the Shady Grove area of Rockville, Maryland.

In a joint venture with Altus Realty, Velocis acquired the office space in the heart of one of the top life science markets in the U.S. The Shady Grove area is a well-known biotech and life science cluster, home to various public health research and regulatory agencies such as the National Institutes of Health and the U.S Food and Drug Administration.

Planning to blend in with surrounding life science sites, Velocis and Altus Realty will be converting the office space into a life science facility with lab space. With architecture and design firm Gensler at the reins, construction for the conversion is scheduled to begin in January 2023.

“This project has perfect bones for an immediate conversion to life science,” said Al Troup, partner at Altus Realty. “We’ve been looking for the right opportunity within the I-270 corridor for the past 24 months. This property possesses the base building attributes and location we think are required for an immediate transformation that will enable a speed to market in an area with strong pent-up demand for lab space. We look forward to partnering with our friends at Velocis.”

Munsch Hardt Commits to Lease at Ross Tower for Corporate Headquarters

Texas-based law firm Munsch Hardt Kopf & Harr has committed to a long-term, 15-year lease in the 45-story, 1.1 million-square-foot Ross Tower at 500 N. Akard St.

“Our partnership is elated Munsch Hardt has chosen to renew its lease and recommit to Ross Tower on a long-term basis,” said Hunter Lee, Dallas partner of HPI and the owner of Ross Tower. “The Firm’s tenancy is a cornerstone of the list of fantastic tenants which make up our building, and we are proud to continue to serve them.”

With HPI and Stream Realty Partners, the commercial law firm has signed on to renew and relocate its current occupancy in the building to three new consecutive floors.

Munsch Hardt currently has about 176 employees stationed in Dallas and has focused on growing the firm over the last decade.

“As a firm which was founded in Dallas in 1985, the extension of Munsch Hardt’s lease underscores our longstanding commitment to this community,” said Phil Appenzeller, CEO of Munsch Hardt. “By offering top-quality offices at the intersection of Uptown and Downtown Dallas, we will continue to attract top-tier talent and serve our clients for many years to come.”

S&P DJI Reports Dallas as Third-Highest Annual Home Price Gain in Country

S&P Dow Jones Indices, a global resource for index-based concepts, data, and research, has released its most recent S&P CoreLogic Case-Shiller Indices, which measures U.S home prices.

As of May 2022, the report shows an overall increase in home prices across the U.S, and Dallas ranks as the third-highest increase in price gains in the country. In fact, in May, all 20 major cities reported increases before and after seasonal adjustments, the report says.

At 36.1 percent, Tampa was the fastest-growing city in price gains, followed by Miami at 34 percent, and then Dallas at 30.8 percent.

“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” said the director at S&P DJI, Craig J. Lazzara, in the report. “Despite this deceleration, growth rates are still extremely robust, with all three composites at or above the 98th percentile.”

Lazzara added, “A more-challenging macroeconomic environment may not support extraordinary home price growth for much longer.”

Phase Two of Luxury Apartments Underway in Frisco

The second phase of The Links luxury apartments has officially begun, according to private real estate investment companies Carbon Companies and Greenway Investment Company.

Construction on The Links for this second phase will include 315 apartment units located in four buildings at 15950 Paramount Way and PGA Parkway in Frisco. Phase Two will also come complete with a pool, clubhouse, and various amenities.

Surrounding a 2-acre park center, the properties will feature 11-foot ceilings and smart home technology in each apartment home, along with a valet living service, a resort-style pool, a modern finish, and flex working spaces.

The Links is a master planned development that will include a total of four phases and 1,310 units. Just last year, in December 2021, Phase One of the development included 375 units and is already fully leased.

Construction on The Links Phase Two is expected to deliver in February 2023, according to the release, and pre-leasing on the units will begin in December 2022.

“Phase One leased up in just six months, and the need for upscale housing in this area still remains strong,” says Ed Garahan, CEO of Carbon Companies. “The Links’ incredible location and best-in-class amenities will ensure it is a dynamic part of the Frisco landscape for years to come.”

Author

Carla McCanna

Carla McCanna

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