The numerous activities that characterize Dallas make this city very exciting. Heading into 2015, locals should expect various exciting things.
From new hotels to major renovations, expect numerous changes the upcoming year. In case you’re wondering which projects these are, check this out.
Victory Park Tower
Hines, an international real estate company, publicized plans to put up a new 23-story office tower in Victory Park with expectations to host some of the huge corporate tenants. Designed by Paine Architects, the building is nearly fully leased with tenants such as Ernst &Young.
The location of the iconic tower will be at Victory Avenue. The office building will provide future tenants a matchless location with better access to major highways, housing options, and great entertainment.
While construction is expected to start by the end of the year, completion will take place early 2017. The building will feature prominent visibility and comprise 15 office space levels with panoramic views of Downtown, Uptown, Trinity River, American Airlines Center, and the striking Margaret Hunt Hill Bridge.
Developers intend to replace the old architectural themes with a bold new appearance. The planned tower is a sharp contrast from other Victory Park buildings, which favored brick exteriors and light-colored concrete in a comparable design theme.
The new office tower will also feature a fitness center, on-site restaurant, a rooftop terrace, and conference center.
Renovation of First National Bank Building
Olympic Property Partners-a New York-based developer and investor realized its plans to purchase landmark skyscraper in Dallas. The real-estate investor closed its purchase of the 52-story tower at Elm Street.
The 49-year old skyscraper, which has been vacant since 2010, will undergo remodeling to comprise restaurants, market-rate apartments, and high-end retailers.
In partnership with Texas development group-BDRC, Olympic Partners along with city officials hope a full-scale renovation will convert an inactive and largely deserted segment of the city into a mixed-use property.
Situated in the central business district of Dallas, the building’s renovation is expected to cost $170 million. The new owners aim to transform the building into a 24-hour community that will appeal to a younger generation of employees that wish to work and live in the same community.
The team expects to renovate the tower into a complex with residential units and office space. Dallas city has agreed to offer up to $50 million in tax-increment funding, a reimbursement that originates from a unique fund of additional tax income.
However, this will only be available a year after the redevelopment obtains an occupancy certificate. The developers plan to complete the building in 2016.
Dream Hotel
Plans by a joint venture comprising New York-based Hampshire Hotels and numerous Dallas investors are currently underway to construct a 16-story boutique hotel in Uptown Dallas. The 128-room hotel will be on McKinney Avenue at Bowen Street.
It is estimated that the project will cost $50 million. The property will feature a restaurant, pool deck, and nightclub/lounge. Wyndham Hotels and Resorts will offer reservation marketing and services through a long-term licensing contract.
The investors chose the location based on the foot traffic. The opening of the hotel is scheduled for March or April 2015.
For more information on the exciting things happening in Dallas, contact us at Apartment Agents or leave a comment if you know of other exciting events.
Image: Victory Park Tower