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‘It’s the centerpiece of Uptown’: The Crescent to add residential component

Crescent Real Estate LLC has plans to add a multifamily tower and ground-floor restaurant to the edge of its iconic Dallas development.

Update: This story originally published on April 2, 2024. It has been updated to include early renderings of some of the urbanism elements of project and how it will fit in to the overall Crescent complex.

What can be done to enhance the development that defined modern-day Uptown Dallas?

That is the question the development team at Crescent Real Estate LLC pondered as it evaluated what it would do with the half-acre tip at the crossing of Cedar Springs Road and Maple Avenue.

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“It’s the centerpiece of Uptown. It’s one of the most important projects in the state and the country. You’re never done,” said Joseph Pitchford, managing director, development for Crescent Real Estate.

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With offices, hotels and retail in the area, investigation led the Crescent team to consider the “last piece” at the development: 24-7 residents at the site.

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Located on the northern end of the complex, Crescent’s proposed new structure, dubbed Crescent Point Tower, would cover what is primarily a small park and a parking garage entrance.

The tower would include about 215 apartment units, set to rise as high as 415 feet across 30 levels. The units would be large, averaging 1,675 square feet.

A ground-floor restaurant and abundant tree cover, along with green space and widened sidewalks, has been worked into the corner’s design to enhance public-realm activation.

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“The Crescent already offers an unrivaled mixed-use environment. Crescent Point Tower will be the capstone, the realization of the ultimate destiny of the campus,” said Crescent founder and chairman John C. Goff.

Crescent has spent the majority of its time up to this point focused on the urbanism elements of the project in a sub-area within the Uptown neighborhood charged with change.

Across the street, 625,000-square-foot office project 23Springs, a joint venture from Plano-based Granite Properties and Highwoods Properties, is well underway.

Lincoln Property Co., headquartered in Dallas, recently revealed it closed on the land for a Class A mixed-use project a few blocks away.

Crescent, which is based in Fort Worth and has an office in Dallas, is also developing a 31-story residential tower designed by Richard Keating at 2811 Maple Ave.

“Everything we do is to enhance the Crescent and the neighborhood. Hopefully our track record of almost $2 billion worth of investment in Uptown makes it clear we want to continue to improve the district and neighborhood, block by block, product by product,” said Pitchford. “This product will be no different.”

Drop-off zones will be worked in between the residential tower and luxury retailer Stanley Korshak. When Crescent determined it would develop the corner plot, the firm’s first meeting was with the store’s owner, Crawford Brock.

The Crescent has 4,000 underground parking spots. Studies showed there’s a surplus of about 800 parking spaces already at the complex. The parking garage entrance the building will cover is used sparsely compared to several other access points.

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Crescent has tapped Pelli Clarke & Partners, which the firm utilized for McKinney & Olive and the American Airlines corporate campus, for the design of the residences. OJB, the firm behind Klyde Warren Park, will handle landscape architecture.

Crescent hasn’t started true architectural design yet.

“The design of the building is a riddle to be solved. We want it to be complementary to the Crescent, but I can promise you it’s not going to be identical to the Crescent,” said Pitchford. “It’s time for a new and fresh aesthetic interpretation of the Crescent. Let’s put it that way.”

A fund organized by Crescent acquired the iconic office and retail structure from J.P. Morgan Asset Management for $700 million a few years ago. The ownership group spent millions in renovations on the building following the buy, adding fresh art and an expansive fitness center in the office portion.

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The 2021 purchase of the Crescent marks the third time Crescent has held its namesake property since the 1990s.

Crescent also recently revealed it would move forward with the addition of another office building within its Crescent Fort Worth development.

“We have confidence the cycle will return,” said Pitchford. “We’re in a unique part of the cycle right now, particularly on the capital markets side, but demand is strong.”

Crescent will present the Crescent Point Tower project before the Oak Lawn Committee on Tuesday, April 2.

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