Tower project plans move ahead at DART’s Mockingbird Station

DART’s planning committee this week will get an update on a developer’s vision for a huge high-rise complex at the transit agency’s Mockingbird Station.

Developer Trammell Crow Co. has been working with DART since early this year to craft a plan to construct an underground parking garage and residential and commercial towers on surface parking lots at Mockingbird Station.

The project would include two 20-story residential buildings with 682 units and 19,000 square feet of retail space on the site just east of North Central Expressway.

“Trammell Crow Co. is working in conjunction with DART as the master developer on this transit-oriented development site, which is anticipated to feature a mixed-use project containing office, retail, hotel and residential, which will be developed under Trammell Crow Co.’s residential subsidiary, High Street Residential,” Joel Behrens, Trammell Crow principal and head of High Street Residential’s Dallas-Fort Worth office, said in a email.

Almost 760,000 square feet of buildings would be constructed on land where cars now park for DART’s adjoining station.

To build the transit-oriented development, the developer will have to construct an underground parking garage adjacent to the station plus additional parking in the new buildings.

“Our goal is to create a vibrant site that can stand the test of time and provide a transit-oriented development encompassing live, work, and play,” planners for the project say in a presentation to DART.

Steve Brown, Real Estate Editor

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Dallas’ is one of top 10 U.S. markets hit with a housing slowdown

It’s no secret that Dallas’ home market has a winter chill.

Home sales have slowed along with the rate of home price increase in North Texas.

The market changes have put Dallas’ home market on the list of the 10 cities hit hardest by a housing slowdown, according to a new report by Realtor.com.

“In the last few months, the real estate market has actually begun slowing down–including in some of the big cities that have been leading the go-go post-recession housing boom,” according to Realtor.com. “To be clear, prices aren’t always dropping in these places, which are predominantly located on the West Coast.

“Mostly, they’re decelerating, coming back down to earth.”

Steve Brown, Real Estate Editor

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Sky-high Uptown Dallas land sales signal a new round of high-rise building

Dallas-Fort Worth development activity is winding down.

After several years of booming construction all over the region, commercial building starts are lower by about a third this year.

But while some developers are hitting the pause button in Plano, Richardson and other ‘burbs, Dallas’ hot Uptown market is gearing up for another round of construction. A string of big land sales in the area just north of downtown Dallas is setting the stage for the next series of high-rise projects.

Kaizen Development announced plans a few weeks ago for a 22-story, 300,000-square-foot office tower to be built near the intersection of Akard Street and Cedar Springs Road. The triangular building site is next door to the huge Union project, which will have two towers and a lower-level shopping center.

Kaizen Development reportedly paid almost $400 per square foot for the 1-acre building site, which is now occupied by an old office and a vacant church.

At the same time, we got word that two central Texas developers — Austin-based Endeavor Real Estate and San Antonio-based Kairoi Residential — have acquired prime building sites on Maple and McKinney Avenue where they’re planning high-rise buildings.

Kairoi paid almost $375 per square foot for its Maple Avenue block across from the Crescent.

Steve Brown, Real Estate Editor

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Chicago buyer snaps up I-45 industrial park and lands lease with Amazon

A Chicago-based property developer and investor has purchased a major industrial park in Wilmer.

And the new owner of the Southport Logistics Park says it has signed a lease with Amazon for one of the two buildings in the project.

Logistics Property Co. purchased the 252-acre industrial park on Interstate 45 in Wilmer. Terms of the sale were not disclosed.

Dallas’ Port Logistics Reality and Diamond Realty Investments, a subsidiary of Mitsubishi Corp., originally built the project which is near Union Pacific Railway’s intermodal facility and the FedEx Ground hub on I-45.

The big property buy represents Logistics Property’s entry into the Dallas real estate market.

Steve Brown, Real Estate Editor

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McKesson, nation’s sixth largest company, is moving corporate HQ from California to Irving

<p><span style="font-size: 1em; background-color: transparent;">McKesson's campus in Irving has a museum-like display with models of a doctor's office, pharmacy counter and hospital room to demonstrate how the company helps keep pharmaceuticals and supplies in stock.</span></p>(Ben Torres/Special Contributor)

McKesson’s campus in Irving has a museum-like display with models of a doctor’s office, pharmacy counter and hospital room to demonstrate how the company helps keep pharmaceuticals and supplies in stock.
 (Ben Torres/Special Contributor)

 

McKesson Corp., the nation’s largest pharmaceutical distributor, announced today that it will relocate its headquarters from San Francisco to Irving in April.

The company, which delivers prescription drugs and medical supplies, has more than 75,000 employees globally and had revenue of $208 billion last year. It ranks sixth on the Fortune 500 list, behind only Walmart, Exxon Mobil, Berkshire Hathaway, Apple and UnitedHealth Group.

With its move, McKesson will become the second-largest company by revenue to be based in North Texas, surpassing AT&T Inc. The largest, Exxon Mobil, is also headquartered in Irving.

By Melissa Repko, Staff WriterConnect with Melissa Repko
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First look at Baylor Scott & White’s huge new East Dallas office campus

Developer KDC has released details about the new office campus it’s building for healthcare giant Baylor Scott & White.

The 300,000-square-foot office project is under construction on the edge of Dallas’ Deep Ellum district.

The more than $70 million project is in the 3700 block of Elm Street near Baylor’s East Dallas hospital campus.

Architects Perkins + Will and Corgan designed 5-story office complex, which has a white exterior with lots of glass.

Austin Commercial is the general contractor for the project, which will take 23 months to build.

The office center includes a large parking garage on one end.

Hundreds of Baylor administrative employees who now work in downtown Dallas and in other locations will be consolidated into the new building when it opens in 2020.

Steve Brown, Real Estate Editor

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