Fort Worth’s Cook Children’s Health plans new Prosper pediatric hospital

The town of Prosper now has two health care firms planning to build children’s hospitals along U.S. Highway 380.

Dallas-based Children’s Heath announced Thursday morning that it bought 72 acres at the Dallas North Tollway and U.S. 380 to develop a medical campus with a hosptial.

A few hours later, Fort Worth-based Cook Children’s Health Care System said it’s also building a new hospital less than three miles away in Prosper’s Windsong Ranch development.

“With more than one million patient encounters each year, Cook Children’s is proud of its far-reaching reputation that attracts patients and families from all over the world,” Rick Merrill, president and CEO of Cook Children’s Health Care System, said in a statement. “Our full intent is to offer leading edge technology and services that when combined with our integrated delivery model brings an outstanding patient and family experience.”

The Cook Children’s hospital will be located west of the tollway on Cook Children’s north campus, a 23-acre site at Windsong Parkway and U.S. 380.

The medical firm is already building a first-phase primary and urgent care services center on the property that will open this fall.

Steve Brown, Real Estate Editor

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Plano approves $1 billion redevelopment plan for Collin Creek Mall

The Plano City Council voted unanimously Monday night to grant final approval for Centurion American Development Group’s plan to redevelop Collin Creek Mall into a mixed-use project with housing, entertainment and office space.

The 100-acre project on U.S. Highway 75 would also include a Crystal Lagoon water feature, retail and entertainment venues, and a luxury hotel.

The redevelopment will have 2,300 apartments, along with houses and senior living units. There will be almost 9 acres of parks and 1.6 miles of hiking trails.

A 200-room hotel, restaurants, apartments and a water feature would be constructed in the first phase of the Collin Creek Mall project.(Centurion American Development)

A 200-room hotel, restaurants, apartments and a water feature would be constructed in the first phase of the Collin Creek Mall project.
(Centurion American Development)

Steve Brown, Real Estate Editor

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New Plano building will house hundreds more USAA workers

San Antonio-based insurer USAA has opened the addition to its Plano office campus.

The 150,000-square-foot office is in Legacy business park, east of the Dallas North Tollway on Legacy Drive.

The new building joins two existing office buildings that previously housed about 400 workers.

USAA says it now has more than 1,200 workers in its offices in Plano and Dallas.

 

Steve Brown, Real Estate Editor

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Planned Allen City Center project would include apartments, office and future retail

Developers are seeking approvals to build a four-block mixed-use project in the old heart of the city of Allen.

The 12-plus-acre project is planned on the east side of U.S. Highway 75 at Main Street.

Called Allen City Center, the project would include an office building and four apartment blocks with 850 urban-style residential units.

The five-story office building would face U.S. 75. The tallest buildings would be five floors.

“We bought about 40 different tracts,” developer Jim Leslie said. “We are trying to do something like Addison Circle,” the high-density residential and retail project in the heart of Addison.

The development includes a small park and space for future retail use. JHP is the architect.

Leslie, who also worked on the Frisco Square development in Frisco’s historic district, said the project would be built in several phases.

Most of the apartment development in Allen has been on the west side of U.S. 75.

The property being considered for the project is mostly vacant or occupied by older homes.

Steve Brown, Real Estate Editor

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Want to buy a skyscraper? Dallas has plenty for sale

A big chunk of the Dallas skyline is for sale.

Six towers — including the city’s tallest, Bank of America Plaza — are being offered to investors willing to make a bet on Dallas.

Sellers are hoping to catch the eye of buyers with recent good news about Dallas’ downtown.

“If you look at the leasing activity in the central business district in the last 24 months vs. the previous decade, there is no argument that a paradigm shift is occurring,” said Chad Cook, CEO of Dallas-based investor Quadrant Investment Properties. “The mojo has been incredible the last 12 months in particular.”

Quadrant recently put its 22-story Saint Paul Place office tower on Ross Avenue on the sale block. The property firm remodeled the 36-year-old high-rise and wants to cash in on the investment.

Cook said major investors see the upside in downtown Dallas real estate. “You would be hard-pressed to find another central business district in the country that offers this kind of opportunity,” he said.

Cook would say that, of course, since he’s trying to sell his building.

But other property owners downtown have the same idea.

More buildings have come to the market in just the past few months. It’s the largest number of Dallas skyscrapers to hit the market at once in decades.

Steve Brown, Real Estate Editor

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North Texas home sales, prices inched higher in March

North Texas home sales rose slightly in March.

But the 1 percent year-over-year gain in sales of houses by real estate agents wasn’t enough to erase declines earlier in the year.

For the first quarter of 2019, sales of houses were down 3 percent in the real estate agents’ multiple listing service compared with the same period last year.

Real estate agents sold 21,009 North Texas houses during the just-completed quarter.

That was down from the record sales in first quarter 2018, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Dr. James Gaines the chief economist with the Real Estate Center said he anticipates the D-FW home market will improve a bit for the spring and summer.

Steve Brown, Real Estate Editor

Is it time to start building more offices in Uptown and downtown Dallas?

Uptown and downtown Dallas’ office market may be ready for some new construction.

The office tower in Uptown’s $350 million Union development is more than 90 percent leased. And the nearby Park District’s PwC Tower just hit 85 percent leased to office tenants.

The only big block of totally new office space downtown is at the Luminary Building, where about 80,000 square feet is still up for grabs.

Researchers at commercial property firm JLL estimate that during the current development cycle, 3.2 million square feet of office buildings have been delivered in Uptown and the central business district. About 2.5 million square feet of that space has been leased.

With no new office projects starting up in the last 12 months, it’s likely that all of Uptown and downtown’s new buildings will be full before another property can be built and put on the market.

Steve Brown, Real Estate Editor