2525 McKinnon - West Village Development

[GarrettCarey]

I know everyone has seen the crane......I am curious about the details of the new development between the AACenter and the Crescent. Does anyone know what type of development is it? Inquiring minds want to know!

Also, there seems to be another phase (or a completely new development) across the street from West Village. It is alongside the MATA line next to the golf driving range. Again, does anyone know any details about this development?

Oh yeah, where is everybody? The participation lately seems to be lacking a little. All for now

--rookie

[mdunlap1]

I think the traffic is down because we haven't had an update lately. Has Troy been shipped off again? If you're around, Troy, let us know when we can expect the next major update. I await it eagerly...

:smokin:

[KelleyUSA]

I have actually read about both of these projects. The project near the Crescent and the AAC is going to be a 9 story office building- there was an article in the Friday Business section about this. The developers are keeping pretty low key on this one- and no rendering has been posted yet. As for the other development- I did a bit of digging on this because I am a resident of the West Village. This is actually a different developer and is not a new phase of the West Village. It is being developed by Fairfield Properties. It will be a 7 story residential unit with 10,000 sq. ft. of groundfloor retail. Again, no rendering has been released! Hope this helps!

[GarrettCarey]

Perfect. Thanks for the update. Please keep us all posted when the renderings appear for these projects!

[GarrettCarey]

Has anybody come across a rendering of either of these projects yet? I am curious to see what they will look like.

[GarrettCarey]

I guess no renderings area available.....

Anyway, both developments have made a lot of progress in the last couple of weeks.

I have also noticed the nice addition of trees along the McKinney Ave Trolley Line directly across West Village. It sure will look nice when all the trees and other greenery fill out a little more! Can I get an Amen? woooohooooo!

[KelleyUSA]

Amen!!!!! Yep- they finally put in the trees- it really looks different and I think definitely adds to the overall appeal. The sidewalk where the planted the trees- opposite West Village will actually be brick- they just have the foundation set at this point! I sure wish I could get a list of new tenants or the West Village- I believe they still have 8-10 spaces for lease!

[John T Roberts]

I've been noticing recently that several developments are going up without any renderings being made public.

[GarrettCarey]

why do you think that is...John?

[KelleyUSA]

I know that both the residential projects being built in the CityPlace / McKinney Ave. area are both Fairfield Residential projects. One project does have a rendering at the site on McKinney Ave.. I did notice that the 2 projects have different architects- so I'm wondering if the developer or the architect is responsible for displaying renderings... Of course- it could also be that Fairfield has chosen not to release them right now! Who knows- think I just confused myself!

[GarrettCarey]

uhhhhh what???

[JaeTex]

KellyUSA - could you tell us where you found out the new development was not an extension of the actual West VIllage? Not doubting, just a little disappointed, I would have bet dollars to donuts as it were that I heard it was going to be the same folks. Hopefully the non-West Village part will be done as well as the W.V., or is that hoping for too much?

I'm an architectural/construction idiot, but it looked to me that the part of the development going on directly across from Albertsons was a gargage (i.e. fronting the street, not surrounded by retail/residential a la W.V.) please tell me that is not the case.

[KelleyUSA]

Hey JaeTex,

I'm actually a West Village resident so I try to stay on top of what's going on. I gathered most of my information from the Dallas Biz Journal and the DMN- and of course the people in the leasing office. The current development is a Fairfield Residential project- which is a company based in Grand Prairie (there is even a sign at the site that notifies the project as a Fairfield project). The West Village is a development of Urban Partners with residential designed by Phoenix Property. Now- WV Phase 2 and 3 are still in the works. Phase 2 will be built along Blackburn Ave. and early word on the retail has a Borders Books and a Pier 1 as possible tenants. Phase 3 will be built between the current West Village and the Fairfield Project- but I have no information on the size or what will be included. I hope this helps you out!

[GarrettCarey]

I finally found a rendering! It will be an 8 story midrise with a total of 106,377 sq ft. It is going to be a nice addition to the area.

http://www.loopnet.com/Attachments/E7DEA025-3D77-47FB-8AB8-1E51EC4B8145.jpg

[KelleyUSA]

Nice job with the rendering- now if you could just find something for the Fairfield project in Cityplace! Building does look nice though!

[bloodandpopcorn]

I also think the building looks great--but I wish it would be built more in mind for the current 'uptown' style, with little or no setback form the street and shops, restaurants, or coffee houses lining the first floor. I hope that's the case and its just not reflected in the rendering.

[ibryant]

Here's some more info for you all...this was in today's globest.com news. Looks to be just another office tower, not much creativity and definitely not mixed-use. I question the building of this structure. It seems like it will probably draw most of its tenants away from the CBD. What does everyone else think?

2525 McKinnon
Wilcox, PM Realty Fine-Tune Plans to Woo Tenants
By Connie Gore
Last updated: Aug 2, 2002 12:07PM

DALLAS-A Wilcox Realty Group team is pounding the streets on behalf of a double building assignment that includes a soon-to-be-returned 50,000 sf of class A office space while a PM Realty Group duo is looking to land office tenants for a 106,000-sf spec project rising in Uptown. That's the kind of jockeying going on around Dallas as brokers are held to the fire to find takers for new and old space alike.
At the second-quarter close, about one million sf was under construction in the metro area, says Holliday Fenoglio Fowler LP's research department. The "Stealth" building, as it's being called around town, is part of the action, with delivery still a year away. It's the first spec office building to rise in Uptown in probably five years, PM Realty's Bernard Deaton, senior vice president, tells GlobeSt.com.

Deaton and Kurt Cherry, assistant vice president, are courting the crowd on behalf of a Texas-based joint venture, JLM McKinnon Ltd. The eight-story building at 2525 McKinnon is building out an infill site to deliver an upscale address for what Deaton says is the "bread and butter of the Uptown market"--mid-size and small office users. "Even though it's a down market, they felt there would be a demand for it and I think they're right," he says.

The marketing center will open in mid-September at the developer's office at 2305 Cedar Springs. In the interim, Deaton and Cherry are making the calls and talking to the prospects. When the building's done, PM Realty also gets the property management for structure, designed by Robert Boyd Architects Inc. and being built by Henry Building Inc.

Across town, Wilcox's Greg Hoffman and Mike Pierre have taken over for Trammell Crow Co. at CMD Realty Investors' two-building Dominion Plaza and One Stratford Park, both North Dallas buildings.

One Stratford Park at 18383 Preston Rd. has its 92,247 sf of class B space riding at 60% occupancy. Keller Williams, the residential and home mortgage company, is the lead tenant.

Dominion Plaza East is a 56,641-sf, three-story building at 17300 Preston Rd. while its sister structure, Dominion Plaza West, is a 14-story, 262,054-sf design at 17304 Preston Rd. Washington Mutual is Dominion's lead player.

Dominion Plaza West has 30,000 sf of vacant office space, but lease settlement talks will soon put another 50,000 sf on the direct space market, Hoffman explains to GlobeSt.com. Given today's office scenario and that haunting "20-something" vacancy rate shrouding Dallas, Hoffman says the short-term strategy is simply to "hit the market hard."

[KelleyUSA]

Further West Village Development:

The building boom under way in Uptown will mean good things for book buyers.

The developers of West Village and Cityplace Development have an agreement with Borders to put a bookstore in the next phase of construction along McKinney Avenue.

The Borders book and music store would be built across from the West Village retail and apartment buildings.

[GarrettCarey]

The committment from Borders Bookstore is huge. I think it will a new dynamic to the area. I sure wish we could get a Borders or Barnes & Noble DT somewhere.....perhaps near West End.

[KelleyUSA]

I went to the West Village this past weekend- had to visit the old stomping ground. It appears to be coming along nicely- the Club Nikita is opening this Friday and they have 2 other tenants in the process of building- The Glass Slipper and Bella Bella. Of course, the Borders will be a great addition. And GC- I think we will see a Barnes and Noble DT- I beleive that's a high priority for the Downtown Partnership. I remember Laura Miller even asking Fort Worth officials how they were able to land B&N DT. But I think we'll see that happen!

[John T Roberts]

I saw my name mentioned and I apologize for not responding quickly. I really don't check over here as much as I should. One of the reasons for lack of renderings may be security. I know that developers and architects are releasing much less information on projects ahead of time. Our firm has not changed its policy since 9-11. However, most of the time, our clients control press releases.

I was in the area last weekend and these projects are taking shape. It is good to see some construction happening in the area. KelleyUSA, you have asked about Barnes & Noble locating to Downtown Fort Worth. I know that the Bass Family attracted them. I think one of the selling points for the lease is that it was next door to a multi-screened/stadium seating theater, next door to both a restaurant and a club, office space was in the same building, a world-class performance hall was across the street, many more restaurants and entertainment venues were within a few blocks, and finally residential close by. This B&N is very successful with heavy traffic at all hours of the day and night.

I think a B&N could succeed in Downtown Dallas if the mix of other activities was right. I also think that the West Village area is ripe for a Border's.

[gc]

Well the website is finally online for the 2525 McKinnon building.

Check it out: 2525 Mckinnon (http://www.2525mckinnon.com/)

[crescentboi]

That's a great link, thank you for that. Everyday during my lunch break I go outside the Crescent and look at the building. Its great bein able to see its progress. I just wish that they would have made the exterior more visually appealing/intricute.

[gc]

Just in case anyone has not seen this in person. It is actually further along now than the photo shows, but this is all i've got!

(photo courtesy of the Dallassky.com website)

[jsoto3]

most buildings look more interesting under construction than they do finished. in my opinion, this will be one of them.

[gc]

jsoto, you are typically more pessimistic than I am, however, I think you may be right on the money here. Maybe they'll install some kind of lighting system that will amaze us all..........or not.

[CTroyMathis]

For views from the place, go down and check them out with the flash buttons.

<iframe name="cwindow" style="border:0px dotted gray" width=800 height=800 src="http://www.2525mckinnon.com/view.htm"></iframe>

[gc]

by the way, the name of the Fairfield apartment development across from West Village is "The Bryson at Cityplace." I still haven't found anything on Fairfields website, but that is the name so keep your ears and eyes open for announcements.

[crescentboi]

Awesome! Thanks for the name Garrett. I'll keep an eye on it!

[gc]

I drove past the 2525 McKinnon development yesterday and nocited that they had installed some trees and shrubs around the building. Apparently, they have completed the outside and are now working to finsih out the inside. Anyways, the landscaping around the building really made it look better. I wish I had a camera.

[gc]

More than you wanted to know about the company that has its name on this building now.
--------------------------------------------------------------------------------------------------------------

Not so much a challenge as an opportunity
Christine Perez - Senior Writer
http://dallas.bizjournals.com/dallas/stories/2004/05/03/focus6.html?page=1

Things are off to a solid start at The Retail Connection, launched late last year by Steve Lieberman, former president of The Weitzman Group, and Alan Shor, former president of Zale Corp.

Over the past month, the firm moved into new headquarters space in Uptown, opened a branch office in San Antonio and launched a development division. It also won high-profile leasing assignments from clients such as Reef and Equity One.

"Several of the clients we're working with had historically handled their properties in-house," Lieberman said. "The fact they picked us when listing their properties for the first time shows confidence in the platform we're building."

On the tenant-rep side, The Retail Connection's client roster includes Bed Bath & Beyond, The Gap, Office Max, Famous Footwear and Houston's restaurants.

Lieberman had worked at The Weitzman Group since it was founded by retailing guru Herb Weitzman in 1989. Most of the brokers now on board at The Retail Connection also came over from Weitzman. David Wilson, who runs TRC's new development group, Connected Development, previously worked for Cencor Realty Services, Weitzman's development and property management affiliate.

Lieberman said associating established industry names with a new brand "hasn't been a challenge as much as it has been an opportunity. "We're proud of our association with The Weitzman Group and had a very positive experience there," he said. "At the same time, all of the brokers had our own individual identities. Now we have the chance to establish a culture that is absolutely what we want versus partially what we want."

The fledgling company has received widespread support, Shor said.

"I look at our three constituencies," he said. "First, the people who have joined us -- largely people who had worked with Steve, understood what we were trying to do, believed in it, and came over in droves. Then there are all of the clients, a huge volume of business that put their trust in us. Thirdly, all of the partners who have expressed interest in us. We have been literally overwhelmed with big institutional players, publicly held companies, who have said, 'We want in.' To me, that's the greatest evidence that the business plan we put together is successful."

The Retail Connection recently moved to its new home at 2525 McKinnon Street in Uptown. It leased a full floor in the building but has subleased a portion to a law firm and a national real estate advisory firm. The company opened a San Antonio office in March, and plans to open a third location, in Houston, sometime this quarter. "We could have opened multiple offices months ago but we want to make sure the right infrastructure is in place," Lieberman said. "There's no rush. We plan to be doing this for a long time."

Shor said he didn't want to get back into the bureaucracy of corporate America after leaving Zale.

"I wanted to be able to make decisions and see the results of those decisions instantaneously," he said. "At The Retail Connection, we've planned something unique. Now we have to execute it, and I'm confident we'll do that. "We're not there yet, but we're on our way toward creating what will be a very dominant force in the industry.

[mikedsjr]

To me, it would be better to put the stairs further apart. Although I like the fact that it gives you the ability to put the corridors on either side of the core.

I'm kind of mixed on that building.

[gc]

Shea Commercial to convert uptown office building into office condos
http://dallas.bizjournals.com/dallas/stories/2004/11/15/daily11.html?jst=b_ln_hl

Shea Commercial, a Scottsdale, Ariz.-based developer and broker of office condominium properties, is converting an eight story, 109,000-square-foot Dallas office building into office condos. The project, at 2525 McKinnon St. in uptown Dallas, will cost an estimated $20 million to develop. The building is across the street from the Crescent Hotel, the future Ritz Carlton, and is within walking distance of the American Airlines Center.

"The uptown area is one of the most desirable locations in Dallas, but most small to mid-sized businesses have been priced out of office ownership until now because purchasing an entire building is cost prohibitive," Peter Meyer, principal at Shea Commercial, said in a written statement. "We believe that converting existing buildings in desirable urban locations into office condos is the ideal solution for businesses that want the benefits of ownership, but only require limited space."

Businesses can purchase from 2,500 square feet to entire floors of the building and can customize the space to meet their needs. Shell space will sell for $220 per square foot. Meyer predicts that this conversion will be the first of many by Shea Commercial in the uptown area and Central Business District. "Our research shows that many businesses located in these areas want to own their office space because it is often cheaper than leasing, builds equity and the space appreciates in value," he said.

Shea Commercial opened an office in Dallas last year.

[drumguy8800]

Uhh. Does this building have a low occupancy rate or something? What prompted the change?

[slfunk]

Uhh. Does this building have a low occupancy rate or something? What prompted the change?

This is a good way to market a building and location to small businesses looking to own. Basically instead of leasing the space from an owner, the business owner takes ownership. Take for example you have JCPenney, EDS, Dr. Pepper and a lot of other office buildings in Plano and the like in Dallas where the company owns the building. There are a lot of small companies that look to own their property much like a home owner. This allows for the business owner not having to worry so much about leasing, but instead buy into maintence of the building and taxes.

This is a good a thing and will help create diverse real estate.

[gc]

Yeah, it is 100,000 sq ft and has only leased about 25,000 over the last year. It was purely a spec build.

[Columbus Civil]

Does anyone have a picture of the building?

[gc]

http://forum.dallasmetropolis.com/attachment.php?attachmentid=57

http://www.2525mckinnon.com/

[Columbus Civil]

Oh, ok. I know The Retail Connection and Sterling Bank are there now. I wonder if they'll stay after the conversion.

[gc]

Shea Identifies New Office Target; Starts With $20M Uptown Plan
By Connie Gore - November 15, 2004 08:12am
http://www.globest.com/news/160_160/dallas/128613-1.html

DALLAS-Shea Commercial, with word leaking out to the street, has unveiled a $20-million plan to convert a 25%-leased, class A office building in Uptown to condos. It's the first mid-rise makeover that the Scottsdale, AZ-based developer has attempted, but talks are under way to undertake similar projects in New York City and Chicago. For now, Shea's focus is 2525 McKinnon, an eight-story, 109,000-sf building with a parking ratio of three spaces per 1,000 sf. Peter Meyer, Shea's principal in Dallas, tells GlobeSt.com that building owner, Warner Stone of Dallas, and Wilcox Realty Services came to him to discuss the idea after two years of leasing produced three tenants for a two-year-old asset viewed as a prime candidate for office condos. Not only is the building situated in the heart of Uptown, one of the city's most in-demand pockets, but it's probably the only "for sale" office condo product in the 6.1-million-sf inventory of class A space.

Meyer says he's received numerous calls as word got out about the plan. In the coming weeks, the team will begin to market the space at $220 per sf and a 2,500-sf minimum buy-in. "If the space goes as quickly as we believe it will, I think you'll see that price go up a little bit," he says, adding expected condo finish-outs will run from $30 per sf to $40 per sf. The Retail Connection, which has its headquarters on the building's sixth floor, along with Sterling Bank and Seneca Investments, with offices on the first and third floors respectively, will have the option to replace leases with deeds or Shea will market their spaces to investment circles, Meyer says. He predicts the building will be sold out within a year, perhaps sooner. The office building sits on slightly less than an acre, right across the street from the 1.1-million-sf Crescent, the future Ritz-Carlton Residences and within walking distance of American Airlines Center, anchor to the $100-million, mixed-use plan for Hillwood's Victory redevelopment.

Meyer says talks are now underway with three other building owners in Uptown to expand the plan. If the plans come to fruition, there will be close to another 300,000 sf partitioned for sale in the prestigious submarket. "It's just a location that nobody's been able to offer before," he says. Shea is building about 800,000 sf of office condos in Dallas/Fort Worth, but it's all single- and two-story product so the plan is to cross-market 2525 McKinnon with the rest of the portfolio.

Meanwhile, Shea will deploy the mid-rise strategy to gain market inroads in Chicago and New York City. The team will head to the Big Apple in 10 days to continue talks for sites in Brooklyn and the Bronx, according to Meyer. The plan's been gelling for nearly six months as the team targets markets with strong demand "and not a lot of opportunity to purchase," he says. "We believe that converting existing buildings in desirable urban locations into office condos is the ideal solution for businesses that want the benefits of ownership, but only require limited space."

[freewaytincan]

Well, now that I know which building it is, that should be an interesting conversion.

[St-T]

Is a 'condo - office' conversion a common practice or is this something new?

[slfunk]

This may be a new term, but has been in practice in a small scale for sometime. I've heard of this for sometime. Essentially this allows a company to get similar tax breaks that others get from ownership of property. I have not heard of any marketing for a long long time. Doctors have been doing this for ages. They will often times buy a space (or condo as they call it) in a medical office plaza. This is partly why Medical Office Constrution is so hot right now.

[Hunter Wadle]

They just built that building like a yeaer or two ago!

[jsoto3]

That's the most hideous building in Uptown, which is such a shame for such a prominent site. Too bad they can't just bulldoze it and build a mixed-use residential tower.

[crescentboi]

I actually don't think it's that bad....at least it's coverd in granite and not stucco or something of that cheap nature for a midrise.

[clipper]

I agree. That building looks like it was covered in bathroom tiles from Home Depot. Should have never been built. And they are wanting $220 per square foot for it! Good luck. I feel sorry for the tenants now in there as they are going to have their parking and lobby filled up with doctors' clients and such.

[tamtagon]

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