yet another announcement
California company to build in Uptown
Residential/retail tower planned
http://www.bizjournals.com/dallas/s.../23/story2.html
Sandra Zaragoza
Staff Writer
One of the last undeveloped sites in Uptown's popular State-Thomas neighborhood may soon sprout an 11-story residential/retail building.
Beverly Hills, Calif.-based Califco L.L.C. , a developer and manager of real estate, has plans to build the mixed-use project on a 1/3-acre lot at the corner of Hall and North Central Expressway, north of downtown Dallas.
Califco is a subsidiary of California-based SEJ Properties L.P., which owns Plymouth Park shopping center in Irving.
"With the scarce amount of land left in the Uptown area, along with the revitalization of the downtown area, our firm was motivated to develop in the area and offer residents something different," said Jonathan Shokrian, regional director of Califco L.L.C.
Blaise McGinley of Dallas-based Orange Studio Inc. , which has been tapped to design the building, says preliminary plans call for a tower with 13,000 square feet of ground-floor retail and 25 to 30 residential units. Parking may be sandwiched between the retail and the residences or may be underground.
The site marks the northern entrance to Uptown's State-Thomas neighborhood and is behind the Wal-Mart Neighborhood Market.
Dallas-based R. L. Ross Co. represented Califco in the land transaction, which is expected to close soon. A purchase price was not disclosed. In the meantime, Califco plans to work with Clear Channel Communications Inc. (NYSE: CCU), which owns a 3,000-square-foot parcel with a large billboard next to the site. Califco plans to either purchase the parcel or work with the company to find a solution. If the billboard remains, "we would try to incorporate it into the development," McGinley said.
The estimated cost for the project is $10 million. The company is soliciting bids for a contractor.
Califco will be watching the residential market to determine whether the units will be condos or apartments. Construction may begin as early as this fall, Shokrian said.
A mixed-use project will fit "spectacularly on that site," said Tracy Curts, executive director of the Uptown Public Improvement District, an entity that is funded primarily by a 4.5 cents tax per $100 in property value that works to improve the appearance of Uptown.
Popular district
Major urban residential developers such as Post Properties Inc. (NYSE: PPS) and Gables Residential Trust (NYSE: GBP) helped to transform the State-Thomas neighborhood, adding upscale apartment buildings, some of which are now being converted to condos.
Condos in new projects in the Uptown market are moving rapidly with units selling in the $400,000 range, said Michael Puls, president of Foley & Puls Inc., a residential consulting and research company.
With national homebuilders in the area and projects under way such as the 202-unit high-rise Azure and 144 condos at the W Hotel & Residences, "the area south of Mockingbird will be extremely competitive (for condo developers) in the next five years," Puls said.
Califco's project will be one neighbor away from Post Properties' "588," an 11-story, 127-unit complex that is undergoing conversion into condos. The one- and two-bedroom units are selling for $200,000 to $300,000 each.
Hot retail site
Post Properties serves as witness to strong demand from retailers in the neighborhood. Post boasts about 45,000 square feet of street-level retail in four of its residential properties. The retail space is more than 90% leased, according to the company.
Shokrian said Califco saw that demand.
"A reason we decided to go mixed-use was that most of the residential developments in the State-Thomas area -- with the exception of a few properties -- lacked ground retail," Shokrian said.
David Valdez, vice president of Henry S. Miller Commercial's international division, will lease the retail portion of the project.
"With the visibility and the access -- it has a lot of promise," Valdez said. "We want tenants that are going to be destination tenants, such as a day spa, tanning salon or a Pei Wei restaurant. Those types of tenants will make that corner really successful."
Valdez believes the development will attract neighborhood residents as well as draw from the east side of Central, where many new residential projects are popping up.
Jack Gosnell, executive vice president for Dallas-based United Commercial Realty's UCR Urban, said there's a need for more neighborhood support services in the area.
"If you go up and down McKinney Avenue, you'll struggle to find a (retail) location," he said. "Just the Wal-Mart traffic alone will support it. Your density is there."
must say, if you live on top of this, you will have an awesome view watching new projects go up downtown and in the Lo-Mac area as well as those like CityLights and some of those in the Bryan Place area.
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