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Commercial Real Estate

Serra Real Estate Capital, Dallas County Open Mixed-Use Parking Structure in Downtown Dallas

The current property is a prelude to further on-site development that is anticipated in conjunction with the $3.7 billion Kay Bailey Hutchison Convention Center expansion.
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Dallas County and Serra Real Estate Capital have opened a 12-story, mixed-use parking garage at 700 Jackson St. in Dallas. The 480,000-square-foot structure is a prelude to further on-site development that is anticipated in conjunction with the $3.7 billion Kay Bailey Hutchison Convention Center expansion.

Dallas county currently has the master lease on the structure, with Labora Group subleasing 500 spaces. The retail sites are owned by Labora and can be sold individually under a condo structure. The structure’s 1,228 parking spaces—all prewired for EV charging—will bring parking relief for Dallas County and Labora Group.  

The prestressed structure also has the ability to host 15 more stories—that includes the potential for a hotel that would be a walkable distance from the convention center. Dallas County Commissioner John Wiley Price said a hotel use is anticipated.

Designed by Corgan, the structure features a solar panel-ready roof and five ground-level restaurant and retail spaces. Its facade features a perforated, standing seam metal panel.  “So it actually looks like a piece of art rather than a parking structure,” said David Kelly, co-founder and managing director of Serra Real Estate Capital. “More importantly, if you look at the width of the sidewalk, and you look at the storefront glass, what you end up with is three sides of the building are addressable and pedestrian friendly. So we’ll have better landscaping, we have unique lighting, you have storefronts that are addressable so that in the interim, when it is just a parking structure, it will also still have retail and be pedestrian friendly.” 

Dallas County Commissioners had the vision, Kelly said, and OMS and CBRE worked to find available sites. The selected land was owned by City Electric Supply and Labora and their hope was to have a pedestrian-friendly, engaging streetscape in proximity to the convention center, said Kelly. Corgan, Azteca Omega, and H.J. Russell & Co. joined forces to work on a design build concept. “So the end result is a wonderful project that is attractive to the eye, engaging to the pedestrian, and a number that can be built,” Kelly said.

The structure’s double helix design allows it to be operated as two individual garages.  

Kelly noted that the structure is designed in a way that part of the ground-floor retail space can be converted into a lobby. “And if you look at the curb cuts, it’s designed so you can actually get cars in and out through the porte-cochere,” he added.

Dallas County Commissioner Dr. Elba Garcia noted the inclusion of minority-owned businesses on the project—that includes Serra Real Estate Capital, Azteca Omega Group, and H.J. Russell & Co. More than half of the construction team are certified as minority and women-owned businesses. Project contractors also partnered with second chance programs to provide jobs for previously incarcerated workers. “By championing diverse suppliers and small business enterprises, as well as addressing critical needs of our aging infrastructure, we have significantly advanced our goal of building a more inclusive and resilient Dallas County. We are ready for a thriving and bright future,” Garcia said in a press release. 

The $66.8 million project broke ground in November 2021, months before Dallas voters approved a two-cent increase in the city’s hotel occupancy tax to help pay for the convention center expansion. 

Serra Real Estate Capital financed and developed the project using a Credit Tenant Lease structure, with CGA Capital serving as the lender. Construction was a joint venture by general contractors Azteca Omega Group and H.J. Russell & Co. 

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Audrey Henvey

Audrey Henvey

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