A city-block development project meant to transform downtown Dallas’ Ross Avenue adjacent to Trammell Crow Center is on track to get underway by early 2017, with plans to unveil the design of an upscale boutique hotel, ground-floor retail and an apartment tower this fall.
The major project planned for 2000 Ross Ave. will shape one of the last city blocks in downtown Dallas left untouched by high-rise development.
“We haven’t seen the entry of a lot of good retail on Ross Avenue and there hasn’t been a lot of good retail space built on Ross Avenue,” Ramsey March, managing director of Dallas-based Stream Realty Partners, told the Dallas Business Journal.
“The 2000 Ross site is an opportunity to meet the market demand for retail on Ross Avenue,” he added. “Thus far, there’s been a strong interest level from retailers.”
March said the development group recently completed a study of the immediate area and determined there’s a total of 6 million square feet of office space with a daytime population driven by employees totaling 16,000 people.
Stream Realty is the master developer of the project on behalf of the ownership group 2000 Ross Avenue LP out of New York, which is a fund advised by JP Morgan Asset Management. The fund also owns Trammell Crow Center.
By developing 32,000 square feet of new space for restaurants and retailers, March said there’s an opportunity to transform the Ross Avenue corridor. Plans for the ground-up development includes a 200-key upscale boutique hotel and a 350-unit apartment tower with each tower sitting on a podium of 2,600-stall parking garage and the retail space.
The hotel developer and residential developer have yet to be named, with an official announcement slated for this fall. Dallas-based HKS is designing the ground-up project on the 2.6-acre tract. HOK is the architect designing the renovations at Trammell Crow Center.
The new mixed-use development is in the design process and is being dual-tracked with the renovations at Trammell Crow Center, a 1.2-million-square-foot office tower. Upon completion, Trammell Crow Center will have 10,000 square feet of added retail space to the ground floor of the building.
By: Candace Carlisle
SOURCE: Dallas Business Journal