Crescent & Beck Ventures On Their Combined $525M (plus) Projects
At the top of the project list for Crescent Real Estate Equities managing director Joseph Pitchford (right, with SWA Group’s Chuck McDaniel) is the construction of the almost 600k SF $225M McKinney & Olive mixed-use tower next door to the Ritz-Carlton in Uptown (533k SF office and 50k SF of retail). Joseph says Crescent has build-to-suit and multi-tenant in Dallas, Houston, Fort Worth and Denver. Crescent’s goal is to build legacy and niche projects, he says. Legacy office buildings are high-rises larger than 200k SF with traditional 25k SF floor plates. Then, there’s the niche play—illustrated by the 250k SF three-building acquisition in the West End. To be successful, Joseph says Crescent feels it needs to be doing both types of projects.
Beck Ventures CEO Scott Beck says his agenda is full with the urban infill $300M (first phase) of redevelopment of the old Valley View Mall into Dallas Midtown. Demolition of the old mall will happen this year, creating ample room for corporate users and high-rise multifamily buildings. That area can be re-gentrified because of its population density, Scott says. About one-third of the Dallas population lives within three miles of the Valley View site. He’s got a long-term plan for the old mall site, which was built—and zoned—in the 1960s. Because of fractured zoning, it’s been difficult to make things happen there, but Scott is patient. His vision is structured to build out over the next 10 to 20 years.