A High-Rise in Fair Park?
Why would anyone put a 37-story high-rise tower in a historically blighted area? Developer Vic Russell is the man to ask, since he's doing it—near the north end of Fair Park.
The MMR Realty Advisors managing principal (right, with Henry S Miller’s Andrew Oster at Bisnow’s multifamily summit last month) says transportation was a draw: There’s a DART station across the street and access to I-30 a block away. (Perfect for commuters and heist getaways. DB Cooper, call your broker.) Also, Deep Ellum and the Farmer’s Market (with its new Wood Partners multifamily project next door) are across the highway from the Fair Park tower site around Exposition Street and Robert B Cullum Boulevard, just north of Fair Park.
Someone has to be the catalyst for changing the area, Vic says. (Look at Jack Matthews’ South Side efforts. Jack set the stage for what's grown to include a boutique hotel, hundreds of multifamily units, and coming soon a new Alamo Drafthouse.) Vic tells us plans are under development and he’s in negotiations to aquire the land now. The proposed 286-unit tower will have 10k SF of retail on the ground floor.
Near the proposed tower is an 11k SF Two Podners-anchored shopping center that Vic is also co-developing (in partnership with TPRE and Intercontinental Real Estate Partners) on Robert B. Cullum Boulevard. Two Podners (founded and owned by Fred Conwright and James Runnels) will occupy 54% of the building for its BBQ and seafood restaurant, targeted to open around Christmas. Vic says leasing on the remaining 46% is strong and will be fully occupied when it opens next spring. This site is between an existing Auto Zone and Walgreens (both less than five years old). When he can steal away, Vic tells us his favorite getaway location is South Padre Island.
