A property at 2525 Turtle Creek Blvd. has gone to market, bringing a prime development site into one of Dallas' most landlocked urban environments.
The Turtle Creek Gardens Condominiums Homeowner's Association put a 4.5-acre infill property up for sale, offering buyers a rare chance to snap up a build-to-core development opportunity in Turtle Creek.
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The site is zoned to accommodate multiple uses, including hotel, office, multifamily, age-restricted living and retail. The property houses a 1960s building with 108 condo units.
Developable acreage is rare in Turtle Creek; CoStar Group noted last year that Dallas' Uptown-Turtle Creek area lacks developable lots and has little room left for ground-up development.
“The bottom line, there is not a lot of space for new construction in this submarket,” CoStar Managing Director of Analytics Paul Hendershot told Bisnow at the time. “The fact that it's landlocked, there are really not that many opportunities to build new spaces. We may see some of the older properties either renovated or even torn down to build new spaces.”
The listed property in Turtle Creek is surrounded by families with average household incomes around $133K per year. The Oak Lawn/Turtle Creek district is projected to see population growth of roughly 15% over the next five years, according to Cushman & Wakefield.
Cushman & Wakefield's Chris Harden, Ryan Duffie, Ben Fuller and John Carr are representing the seller.
“The property is situated in one of Dallas’ most exclusive urban districts, adjacent to some of the highest valued real estate in all of North Texas, including the Rosewood Mansion and Mandarin Oriental hotels,” Harden said in a statement.
“Combined with the growing affluent population in this submarket, this is a generational, ‘build-to-core’ development opportunity.”
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