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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