Lincoln Property Co. has snapped up a 4-acre parcel in Uptown Dallas where it plans to construct a luxury mixed-use development.
The Class-A project will be built at 2500 Cedar Springs Road and will include up to 500K SF of office, roughly 250 high-end apartments, a 200-key hotel and residential tower, and 25K SF of food and beverage retail. Plans for extensive green space are also included, according to a news release.
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“This is without a doubt one of the best land sites in the country and we could not be more excited to bring another modern, Class A mixed-use development to Uptown Dallas,” LPC co-CEO Clay Duvall said in the release. “We’re thrilled to have acquired this top tier site and look forward to bringing this incredible new mixed-use project to Dallas.”
The project is in its early stages and a construction timeline has yet to be determined, but executives said they are already in talks with potential anchor tenants.
“Complex developments like this are years in the making, and it’s very early in the process, but we intend to move at pace to get to groundbreaking,” Chase Prospere, LPC senior vice president and office market leader, said in the release.
Lincoln Property Co. has been in acquisition mode since its leadership shakeup last year, fueled in part by a sizable investment from Connecticut-based Stone Point Capital.
The project is the latest in a series of developments headed for Uptown.
Pacific Elm Properties and KDC are developing a 30-story skyscraper that will serve as the new home for Bank of America. Granite Properties has secured several leases for 23Springs, a 626K SF office tower planned for the intersection of Cedar Springs and Maple Avenue.
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