The ownership behind Trammell Crow Center has unveiled plans to invest $135 million in renovating and expanding the iconic tower and build an adjacent ground-up development that will act as a corporate magnet in the city’s central business district.
This is the first major renovation to the 32-year-old tower — one of the tallest skyscrapers in downtown Dallas — since it was built by legendary developer Trammell Crow.
J.P. Morgan Asset Management, which advises several institutional investors owning the tower, and Dallas-based Stream Realty Partners unveiled its renovation and development plans at the Nasher Sculpture Center on Wednesday night.
“This substantial investment in Trammell Crow Center underscores our commitment to Dallas-Fort Worth, where our North Texas portfolio includes $4.8 billion in assets comprising more than 30 million square feet,” said Dale Todd, executive director of J.P. Morgan Asset Management, in a statement.
“We are one of the largest property owners in Dallas’ prime urban office market and believe that Ross Avenue’s best days lie ahead,” he added.
J.P. Morgan Asset Management owns Trammell Crow Center at 2001 Ross Avenue and the adjacent 2.66-acre development site. Plans for the project include re-facing the exterior of the 50-story, 1.2 million-square-foot office tower with an updated lobby, two added restaurants and completely redone entrances to the building.
The adjacent mixed-use development, upon build-out, will include a 400-unit high-rise residential tower, a 200-key boutique hotel, a 2,000-space parking garage and 26,000 square feet of retail space that could accommodate upwards of eight restaurant sites. The parking garage and retail are part of the initial phase of the project.
The hotel — an undisclosed flag has already been selected — is expected to get underway in 2018 upon completion of the initial phase. The high-rise residential tower will get started following the hotel.
“When you look at why Legacy is so successful and why CityLine makes so much sense for State Farm, it’s all the same factors: They want amenities for their employees, they want retail, they want hospitality and they want housing in a mixed-use environment,” Ramsey March, managing director of Stream Realty, told the Dallas Business Journal.
By: Candace Carlisle
SOURCE: Dallas Business Journal