The owners of one of downtown Dallas’ landmark skyscrapers – the Trammell Crow Center – will start construction by as soon as late this year on a major addition to the property.
JP Morgan Asset Management has hired Dallas-based Stream Realty Partners to develop a building across the street from the 50-story Ross Avenue tower that will include retail, parking, apartments and hotel rooms.
JP Morgan bought the 2.7-acre parking lot at Ross and Olive Street last summer. Since then the new owners have been working on development plans for the property.
The biggest share of the proposed building will include 2,200 parking spaces, which will add to the office leasing appeal for the 30-year-old, 1.2 million square-foot Trammell Crow Center.
The iconic downtown tower is one of several buildings in the central business district that plan to add additional parking to attract and retain office workers.
Stream and JP Morgan are also planning additional features for the new building.
The current design includes more than 350 apartment units, a 200-room hotel and about 25,000 square feet of retail and restaurant space on the ground floor.
JP Morgan is also working with architects on plans for a general overhaul of the Trammell Crow Center, which is one of Dallas’ top office projects.
The building is one of the last 1980s skyscrapers downtown that hasn’t gotten a make over.
Other downtown office towers including Fountain Place and the 72-story Bank of America Plaza on Main Street are also designing new parking garages. With the employee populations increasing in these buildings, companies require more parking for their workers.
“The updating of Trammell Crow Center and the full block development of a mixed-use project across the street on Ross by JP Morgan is another indication of competition in a growing downtown to meet the needs of existing tenants, attract new commercial office tenants, provide expanded parking requirements and add more services,” said John Crawford, who heads the economic development group Downtown Dallas Inc.
By: Steve Brown, The Dallas Morning News