JV Nabs Downtown Dallas Tracts Zoned For 5M SF Of Development
Another mixed-use restaurant, office, retail and residential development is coming to the urban core of Dallas, with three firms — Woods Capital, Kaizen Development Partners and Dundon Capital Partners — purchasing two urban core tracts.
The tracts, located at 1012 and 1100 McKinney Ave., are zoned to support 5M SF of building area near Field Street Downtown.
The three companies formed a joint venture to acquire the land and expect to develop 750K SF of office space, 50K SF of retail space and 300 multifamily units supported by a pedestrian-focused restaurant and ground-floor retail as Phase 1.
“Field Street is becoming the most exciting street in the City of Dallas, connecting the heart of Uptown with the Main Street District,” Woods Capital CEO Jonas Woods said in a statement. “The development of upscale office, residential and retail along Field Street over the next few years will create exciting connections between Uptown, Victory Park, the West End, the Arts District and the Main Street District. Our project is the nexus of all of these exciting neighborhoods.”
Nonprofit Shraman South Asian Museum and Learning Center Foundation sold the rights to the 6-acre property to Woods Capital and Kaizen. Those firms then formed a joint venture with Dundon Capital Partners to finalize the acquisition. Thirty-Four Commercial’s Sarah Hinkley represented the foundation in the transaction.
“The complementary skill sets of our combined team make this a limitless opportunity for the community,” Kaizen CEO Derrick Evers said.
Several large office users searching for amenity-rich space in the urban core have already inquired about leasing space.
The first phase of construction begins in the fall of 2020.