Pacific Elm Forms New Venture With $4B Development Pipeline
A new development and management venture has plans to develop $4B in retail and mixed-use properties across Texas, Los Angeles and Nashville.
Dallas-based Pacific Elm Properties and Ignite-Rebees, which is itself a joint venture, are partnering to launch a company called 3-O Real Estate Partners, the firms announced Wednesday.
3-O will be led by Pacific Elm CEO Jonas Woods, who is stepping down from the company he founded in 2021, and the founders of Ignite-Rebees: Tristan Simon, Mark Masinter, and Tom Paterson.
The release said the new firm will develop and operate projects in Dallas, Austin, Houston, San Antonio, Nashville and Los Angeles with 2M SF under management and a $4B development pipeline.
“3-O is focused on developing one-of-one, enduring real estate projects that unite place, culture, and hospitality,” Woods said in the release, “By combining our team’s large-scale development and investment expertise with a creative, hospitality-driven approach, we are uniquely positioned to create destinations of lasting cultural and financial value.”
Woods is being replaced in the top spot at Pacific Elm by the company’s chief investment officer, Billy Prewitt, who was also a founding member of the company, according to the Dallas Business Journal.
Pacific Elm has six “Class-A towers” totaling 4.4M SF and 10 acres of developable land in its existing portfolio, according to its website. Its assets include Dallas’ 50-story Santander Tower, One Dallas Center, a 30-story residential and office tower, and 23-story 2100 Ross in Dallas’ Arts District.
It also has 9.2M SF of projects in its pipeline planned across Dallas and Raleigh, including a 30-story regional headquarters for Bank of America in Dallas.
In December 2024, Pacific Elm delivered the first phase of an adaptive reuse project at Dallas' Santander Tower called Peridot Residences, with 291 units. The project’s second phase is set to add 105 units.
Ignite-Rebees’ website lists six projects in Dallas, Austin, Houston and Reno, Nevada, though two of the project pages are down.
The firm's projects include a partnership with Acadia Realty Trust to develop Henderson Avenue, a mixed-use development in Dallas.
In Austin, it is part of a partnership redeveloping a 37-acre strip mall into retail, office, residential and hotel. And in the same city, it is partnering with Brandywine Realty Trust to develop a 66-acre, transit-oriented mixed-use community called Uptown ATX.
CORRECTION, SEPT. 26, 7:15 P.M. ET: A previous version of this story incorrectly described Pacific-Elm's role in the 3-O venture. This story has been updated.
