Even the casual observer of the Dallas/Fort Worth Metroplex’s real estate landscape understands that big things are underway in the area. Just up the Dallas North Tollway and Central Expressway, companies like Toyota-North America, FedEx Office, and State Farm are buying and building campuses ahead of transitioning their operations to the North Texas area. Downtown Dallas got a much needed shot in the economic arm with the August announcement that two Southern California companies were relocating to the KPMG Centre Tower at 1717 Harwood.
News this past week shows that the hits just keep on coming for D/FW. In an exclusive story in the Dallas Business Journal, Candace Carlisle reported how the investment group behind the $170 million redevelopment of 1401 Elm Street in downtown Dallas recognizes the increasing value of the area and is planning additional downtown property purchases before the turn of the year.
The group, comprised of Olympic Property Partners, LLC out of New York and the Fort Worth-based BDRC Partners, already has contracts on a small handful of properties around 1401 Elm Street. “We are under contract to purchase two other properties in downtown Dallas, and we expect to close on them at the beginning of December,” Seth Weinstein, a principal with Olympic told Carlisle. “We are also in negotiation to buy other properties and expect to close them at the end of this year, or the beginning of 2015.”
The purchase and redevelopment of these properties continues the decade old trend of trying to make downtown Dallas less a sector for commerce that closes down after 5 p.m. and more of a livable city center. BDRC and Olympic have announced their intentions to convert 1401 Elm (renamed The Olympic) into 500 luxury apartments with 150,000 square feet of retail space. While some office space was originally conceived for the location, those plans have given way to heightened interest among potential retail clients.
Recognition by top-tier national and international companies, redevelopment of a downtown setting, and the fact that Fort Worth was awarded the ‘Best Downtown in 2014’ by Livability.com, are the writing is on the wall that says Dallas/Fort Worth is undergoing a real estate renaissance. The expert professionals at KW Net Lease Advisors are well positioned as North Texas natives to partner with you in identifying and adding the right property investment to your real estate portfolio. Contact KW Net Lease Advisors today to learn about the emerging opportunities across the Dallas/Fort Worth Metroplex: (817) 200-7620.