While a tough interest rate environment continues to leave many developers and real estate investors on the sidelines nationwide, Dallas-Fort Worth is not short on activity.
Whether it’s firms formally getting underway on projects or positioning themselves to be ready to take advantage of a more attractive capital market environment, the first quarter of 2024 saw a handful of notable deals move forward.
It’s a backdrop that calls attention to what a slower year means for North Texas.
Here’s a look at some of the notable transactions and deal announcements that hit between Jan. 1 and March 31 of this year.
Acquisitions
Lincoln Property Co. secures land for Uptown project: The Dallas-based commercial real estate firm has officially bought four acres along Cedar Springs Road.
All in, the development will include 400,000-500,000 square feet of office space, about 250 luxury apartments, a 200-key five-star hotel and residence and 25,000 square feet of food and beverage retail.
Sands Casino owners snap up property once held by Mark Cuban: The Las Vegas families that acquired a controlling stake in the Dallas Mavericks have also bought more than a dozen acres on Stemmons Freeway at Inspiration Drive in Dallas’ Design District from companies set up by Cuban.
Hillwood purchases 1,380 acres in Celina: The local firm has plans for 4,000 homes on the land for a community called Ramble. Developers also set aside 18 acres for apartments and 64 acres for commercial and retail buildings.
Larkspur Capital’s purchase of Dallas Medical District site: The Dallas-based firm plans one day to put a mixed-use project on nine acres in the fast-changing corridor.
Triumph Financial acquires office building for a new HQ: The fast-growing Dallas-based financial holding company will move just shy of 500 employees into the property initially.
Office
Crescent Fort Worth to grow with another office building: Crescent Real Estate plans to expand its Crescent Fort Worth development with a new eight-floor office building along W. 7th St. between Van Cliburn Way and Boland Street.
Crescent has plans for two ground-floor restaurants at the property and has already received interest in the spaces. It is also weighing the idea of incorporating a private club.
Arapaho Station to move forward: Plans for a new office building near DART’s forthcoming Silver Line station in Addison have been in the works since 2021. VanTrust Real Estate is behind the development, with Thirty-Four Commercial leasing the project.
Mixed use
Fate greenlights $800 million project: Located between Ben Payne Road and Crawford Avenue, Lafayette Crossing is proposed to include 186 single-family homes, almost 1,300 apartments and almost 900,000 square feet of commercial construction, among other development features.
Fields West forges ahead: Work is set to get underway on two office buildings, in addition to retail and parking garages, later this year at its Fields West development in Frisco.
Energy Plaza redo makes way for other conversion projects: Todd Interests has transformed a former downtown office building into new plush rental residences and updated office space, now dubbed The Sinclair.
Dallas firms join forces for hotel-residential tower: Headington Cos. and Pacific Elm Properties are working together on a 30-story residential and hotel high-rise to be built across the street from the landmark Fountain Place tower in downtown Dallas.
Two local firms team up for development at Castle Hills: Weitzman and JPI formed a joint venture to develop a Lewisville site south of Rayburn Tollway featuring 760 apartments plus retail space on land adjacent to Weitzman’s existing Castle Hills Marketplace center.
Residential
New rental home communities on the way in Aubrey, Melissa: Legacy Partners is teaming up with Los Angeles-based investor Resmark Cos. to build two single-family rental home communities.
35-story residential project to rise along Pearl Street: Swiss investment management firm Empira Group plans to move ahead with a residential high-rise near Plaza of the Americas in downtown Dallas.
Walsh community to expand: Fort Worth’s Walsh community will add 339 homesites this year, expanding its Overlook Park and Lake Park neighborhoods as part of its next phase.
Green Brick Properties, Hersh Family Investments team up for Celina community: Rainwater Crossing will bring nearly 2,000 home sites to the fast-growing Collin County city.
Luxury homes planned for Dallas’ Lake Highlands: Stillwater Capital and Forestar Group plan to put homes on a vacant 4.5 acres along Walnut Hill Lane.
Trademark Property Co. gets underway with Fort Worth rental community: The developer, based in Fort Worth, has started construction on a five-acre development meant to hold 307 apartments and 14 townhomes, along with a restaurant building.
Three BTR communities on the way: Chicago’s CoreSpaces will bring three build-to-rent communities to Frisco, Fort Worth and Rowlett.
Zale Properties’ plots The Grove at La Frontera: The Dallas builder landed funding earlier this year for a 396-unit mixed-use community at 8100 South Collins St. at Debbie Lane in Arlington.
Hines files building permits for Victory Park high-rise: The Houston-based developer’s plans showed intentions for 480 dwelling units and an 835-car parking garage next to the One Victory Park office tower in Dallas.
HOSPITALITY AND RETAIL
Margaritaville Resort to anchor $6 billion Lake Texoma community: The $100-million, 250-room property has been incorporated into the 3,100-acre Preston Harbor community.
$220-million music venue on the way in McKinney: Notes Live and the city of McKinney are expected to get underway with construction later this year on a high-end, open-air amphitheater.
Las Colinas hotel completes rebranding to Ritz-Carlton: Formerly a Four Seasons resort, the 400-acre hotel and resort near Carpenter Freeway in Irving has officially changed flags.
Loews Arlington Hotel opens its doors: The latest addition to Loews’ footprint in Arlington’s Entertainment District brought with it dining options, a manmade beach and the largest ballroom in North Texas.
Billingsley Co. adds retail to International Business Park: The Dallas-based firm plans to build three retail buildings at the complex that features about a dozen office buildings spanning more than 1.4 million square feet.
Industrial
Major expansion ahead for Passport Park: Trammell Crow Co. plans to add three additional warehouses totaling more than 1.75 million square feet of space near DFW Airport.
Seven industrial buildings part of Rowlett project: Jackson-Shaw’s Lakeview Business Center will include more than 1.8 million square feet of construction in Rowlett’s North Shore district.
