Las Colinas

Transcription

Las Colinas - American Chamber of Commerce Executives

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LAS COLINAS | WELCOME
The Las Colinas Urban Center
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THE DELANO
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THE GRAND
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THE LAKES OF
LAS COLINAS
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THE LOFTS
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ke
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HINES
site. Both are on Las Colinas Blvd. between
Northwest Highway and Urban Towers.
Fall of 2009 is the target for the Convention
Center’s opening.
These projects are only part of the picture.
Residential growth is booming, and two
additional town centers are on the drawing
board.
With this news, we welcome you to the
ninth annual Las Colinas Special Section,
published by the Dallas Business Journal and
sponsored by the Las Colinas Marketing
Alliance. Each year we work hard to present
a comprehensive view of Las Colinas
— news, trends and information on the
amenities that make the community such a
special place. We strive to create a piece with
lasting value that will serve as a resource
until the next year’s issue appears.
The Las Colinas Marketing Alliance,
founded in 2004, is a coalition of
stakeholders who work together to
promote the Las Colinas community
and the strength of its brand. Under the
auspices of the Greater Irving-Las Colinas
Chamber and initially funded by the Las
Colinas Association, the LCMA is the goto organization for all Las Colinas issues.
Excitement continues to build in Las
Colinas, and we can hardly wait for
next year, when the projects that are so
highly anticipated now will be changing
the Las Colinas landscape in a decidedly
vertical way.
We hope you share this sense of
anticipation as you read the 2007 Las
Colinas Special Section.
Leanne
Weymouth
is Executive
Director of the
Las Colinas
Marketing
Alliance.
COUSINS PROPERTIES
We wish we could take his advice, but the
story currently unfolding in Las Colinas
makes it too hard to wait.
The current wave of development is
escalating at a phenomenal pace. Two
New Urbanist town centers are nearing
construction starts, and a convention center
is under way.
• Water Street, the urban town
center under development by Gables
Residential and Urban Partners, should
start construction by early 2008. Located on
Lake Carolyn across North O’Connor Blvd.
from Williams Square, Water Street’s first
phase will include 175,000 square feet of
trendy shops and restaurants, 365 upscale
apartments and a boutique movie theater. If
the developers’ names sound familiar, think
West Village — and expect the same of-themoment-yet-classic feel.
• Las Colinas Station plans to begin
its first phase in mid-2008. This highdensity center will focus on office and highrise residential, with a 300,000-squarefoot office tower and 260-unit apartment
tower planned for its first phase. Located on
North O’Connor Blvd. directly across Lake
Carolyn Parkway from a planned DART
light rail station, Las Colinas Station is
transit-oriented development at its best —
high density and even higher style.
• The Irving Convention Center
Complex is doing site preparation work for
a meeting facility that will catapult Irving into
the ranks of convention cities, as well as serve
the needs of local corporations. The City of
Irving, through the Irving Convention and
Visitors Bureau, is developing the project
and master-developing a hotel and mixeduse entertainment district on an adjacent
Las Colinas
Marketing Alliance
Investors
PLATINUM LEVEL
Las Colinas Association,
Founding Member
Irving Convention & Visitors Bureau,
Founding Member
Cousins Properties,
Founding Member
Greater Irving-Las Colinas Chamber,
Founding Member
GOLD LEVEL
Maloney Strategic Communications
BRONZE LEVEL
Four Seasons Resort & Club
I N THIS ISSUE
MEMBERS
URBAN GROWTH
ACCESS
New town centers, residential growth
mark Las Colinas’ renaissance . . . . . . . . . . . . . . . B4
Light-rail line headed for Las Colinas . . . . . . . . . B15
OFFICE MARKET
Las Colinas area home to award-winning schools . . B16
Momentum, new growth keep Las Colinas
office market vital. . . . . . . . . . . . . . . . . . . . . . . . . . . B9
LIFESTYLE
Living well in Las Colinas . . . . . . . . . . . . . . . . . . B18
Las Colinas Medical Center
SUPPORTING GROWTH
VITAL STATISTICS | CONTACTS
CSE Commercial Real Estate
Business-friendly Irving’s Top 10 ways to
facilitate new development . . . . . . . . . . . . . . . . . . B12
A profile of Las Colinas . . . . . . . . . . . . . . . . . . . . B22
Aerial Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B23
Magellan Commercial Realty
ON THE COV ER
Behringer Harvard
TIF District – City of Irving
EDUCATION
The Lofts at Las Colinas
Dallas County Utility
& Reclamation District
Transwestern Commercial Services
Center: The Towers at Williams Square; courtesy of Cousins Properties | Left Column, from top: Rendering of Las Colinas
Station; courtesy of Icon Partners | Las Colinas Towers II; courtesy of Cousins Properties | Dallas/Fort Worth International Airport | The Mandalay Canal Walk;
courtesy of the Irving Convention and Visitors Bureau | Riverside Commons; courtesy of CAPSTAR Commercial Real Estate Services | Water Street; courtesy
of Urban Partners | Gondola on Lake Carolyn; courtesy of Gondola Adventures | Right column from top: The Mustangs of Las Colinas; courtesy of the Irving
Convention and Visitors Bureau | Light-rail train; courtesy of DART | Resort pool at the Four Seasons Resort and Club; courtesy of the Four Seasons Resort and Club
| The Delano; courtesy of Legacy Partners
Paid Advertising Supplement
Rive
Riverside
R
erside Dri
D
Drive
B
en Carpenter, the
founder of Las Colinas,
had a saying: “Never call
a press conference to announce
what you’re going to do. Call it
to announce what you’ve done.”
ENDORSERS
Staubach Company
BH O’Connor-Crow Holdings
dallasbusinessjournal.com | Dallas Business Journal | October 19-25, 2007
B3
LAS COLINAS | URBAN GROWTH
New town centers, residential growth
mark Las Colinas’ renaissance
M
omentum continues to build
in Las Colinas, where the
new development projects
that have captured this community’s
imagination for the last few years are
nearing the start of construction.
Water Street
Three are set to go in the Las Colinas Urban
Center, the heart of this elite 12,000-acre
master-planned community. All are inspired
by New Urbanism, and incorporate high
densities, mixed uses, walkability and of-themoment design. And all are within walking
distance of the Dallas Area Rapid Transit
light-rail line that is scheduled to arrive in
the Urban Center by 2011, on its way from
Downtown Dallas to Dallas/Fort Worth
International Airport.
In the preliminary stages of site preparation
is the Irving Convention Center Complex, a
250,000-square-foot meeting facility at Las
Colinas Blvd. and Northwest Highway. The
center is the first phase of a master-planned
project that will add a hotel and a mixed-use
entertainment district on an adjacent site. The
City of Irving, through the Irving Convention
and Visitors Bureau, is developing the
convention center and master-developing
the hotel and entertainment projects. The
Convention Center is expected to open in the
fall of 2009.
Up next is Water Street, the town center
URBAN PARTNERS
From plans to reality
planned on Lake Carolyn in the Urban Center,
across North O’Connor Blvd. from Williams
Square. Developers Gables Residential and
Urban Partners intend to begin construction
by early 2008, with completion expected 24
months later. The first phase will include
175,000 square feet of eclectic shops and
restaurants, 365 upscale apartments, and an
FRAM BUILDING GROUP
North Shore
New development:
Planned mixed-use projects
Escena
Location: Riverside Drive and Royal Lane,
northwest corner
Developer: FRAM Building Group
Plans: 1,000+ residential units
(detached, zero lot-line, townhomes,
apartments) • 64,000 sf of retail •
64,000 sf of office space • 19,000-sf
restaurant • Village green • Tennis courts,
pool, basketball courts, community club
Noteworthy: Across Riverside Drive from
La Villita
North Shore
Location: North Urban Center
Developer: FRAM Building Group
Plans: 400,000 sf of office space •
1,000+ residential units • 104,000 sf
of retail • Bandstand, amphitheater,
B4 October 19-25, 2007
clubhouse and boathouse
Noteworthy: Across Las Colinas Blvd.
from Irving Convention Center Complex
• On Lake Carolyn
The Terraces
of Las Colinas
Location: SH 161 and Las Colinas Blvd.
Developer: The Woodmont Company
Plans: 1 million sf of retail, restaurants
and entertainment venues • 200,000 sf
of office space • 200 residential units
• 200-room boutique hotel • 150room hotel overlooking planned lake •
Gardens, terraced walkways, bridges,
paddle boats and walking trails
Noteworthy: Will be Las Colinas’ first
large-scale regional retail complex
| Dallas Business Journal | dallasbusinessjournal.com
art-house movie theater.
Third in line is Las Colinas Station, whose
developer, Icon Partners, plans to begin
construction in mid-2008. Situated on
North O’Connor Blvd. and Lake Carolyn
Parkway, across the street from the planned
Lake Carolyn light-rail station, Las Colinas
Station’s first phase will include a 300,000square-foot office tower and a 260-unit
high-rise apartment project. Construction is
expected to take 22
2 months.
This year, the Urban
U
Center welcomed two
more lluxury apartment communities on the
light-rail route: The Delano and Bella Casita
at Las Colinas. Both are trendy in design and
laden with amenities. Across Lake Carolyn,
Monterra, another upscale apartment
community, is nearing completion.
Also on Lake Carolyn, across Las Colinas
Blvd. from the Irving Convention Center
Complex, FRAM Building Group is planning
North Shore, a town center that will include
office, residential and retail components.
“The Convention Center Complex, Water
Street, Las Colinas Station and North Shore,
combined with Las Colinas’ existing amenities,
will offer the total package,” said Maura Gast,
executive director of the Irving Convention
and Visitors Bureau. “More quality hotels,
meeting space, shops and restaurants — and
all in a waterfront environment that takes a
new and different approach.”
Building the dream
Water Street, Las Colinas Station and the
Convention Center Complex, along with
other projects on the drawing board, are set
to transform the Urban Center. Las Colinas’
master plan, created in the early 1970s,
defined the Urban Center as a high-density
24-hour environment — a place to live, work
and play. Now, that potential is on the verge
of fulfillment.
“Success breeds success.
Good projects make
people happy, and they
want more. In five years,
you won’t recognize the
Urban Center.”
— BOBBY STEWART
Principal
CSE Commercial Real Estate
Urban Partners and Gables Residential,
which developed Dallas’ West Village, bring
their hip sensibilities to Water Street. While
the project will have its own distinct flavor, it
also will have the ability to capture the urban
zeitgeist that made West Village a success.
“With Water Street and the other projects,
Las Colinas will have immediate urban feel,”
said Tom Bakewell, regional vice president of
Gables Residential. “With the lake and the
built-in identity of Williams Square across
the street, you can’t replicate it.”
Icon Partners president Paris Rutherford
concurs: “When people step off the train at
Lake Carolyn Station, they should immediately
feel like they’re in Downtown Las Colinas. Las
Colinas Station will have the highest densities
in the Urban Center. We have one chance to do
it right, and we intend to.”
The DART light-rail line plays a key role in
the dream’s realization. Not only is it a catalyst
for development, but it also will connect Las
Colinas with DFW Airport, Downtown
Dallas, and points in between. And the DART
line will connect with Las Colinas’ Area Personal
Continued on page B7
Timeframe: Construction to start mid-2008,
with completion 22 months later • First phase to
include 300,000 sf office tower and 260 high-rise
apartments
Noteworthy: Pedestrian bridge planned across
Lake Carolyn Parkway to the planned DART lightrail/APT station for Phase II
They say: “This is the keystone site on the DART
light-rail line. When people get off the train at Lake
Carolyn Station, they should immediately feel like
they’re in Downtown Las Colinas. We have one
chance to do it right, and we intend to.” — Paris
Rutherford, IV, President, Icon Partners
Water Street
Water Street
Location: On Lake Carolyn, across North
O’Connor Blvd. from Williams Square
URBAN PARTNERS
Developer: Gables Residential and Urban
Las Colinas Station
Partners
Plans: 300,000 sf of shops and restaurants •
300,000 sf of office space • 700 high-end
apartments • Boutique hotel • 36 condominiums •
Boutique movie theater
Value: $375 million
Timeframe: Plans to break ground on first phase
by early 2008; construction to take 24 months •
First phase to include 175,000 sf of shops and
restaurants and 365 high-end apartments
Noteworthy: Piazzas, loggias, esplanade and
restaurants planned on Lake Carolyn • Eclectic mix
of shops and restaurants • Integrates APT station
• Walking distance from planned DART light-rail/
APT station
Role of City of Irving: Plans to build $31 million,
1,630-vehicle parking garage • $16 million
in land reclamation and plaza construction •
$7 million TIF reimbursement for infrastructure
construction
They say: “With Water Street and the other
projects, Las Colinas will have immediate urban
feel. With the lake and the built-in identity of
Williams Square across the street, you can’t
replicate it.” — Tom Bakewell, Regional Vice
President, Gables Residential
Irving Convention
Center Complex
Location: Between SH 114 and Las Colinas Blvd.,
south of Northwest Highway
Developer: The City of Irving through the Irving
Convention and Visitors Bureau
Plans: 50,000-sf exhibition hall • 20,000-sf
ballroom • 10,000-sf junior ballroom • 10,000sf of break-out space/meeting rooms • Executive
board room • Lecture hall with simultaneous
translation capabilities • Hotel and entertainment
district planned for adjacent site
Value: $400 million, with hotel and entertainment
district
Noteworthy: Creates unique meeting and
entertainment destination • Developers working
with area land owners to coordinate project
designs • Incorporates APT system
They say: “The Convention Center Complex,
Water Street, Las Colinas Station and North Shore,
combined with Las Colinas’ existing amenities,
will offer the total package: more quality hotels,
meeting space, shops and restaurants — and all
in a waterfront environment that takes a new and
different approach.” — Maura Gast, Executive
Director, the Irving Convention and Visitors Bureau
Las Colinas Station
Location: North O’Connor Blvd. at Lake Carolyn
ICON PARTNERS
Parkway
Developer: Icon Partners
Plans: 620,000 sf of office space in two towers
• 520 high-rise apartments in two towers • 200room boutique hotel • 30,000 sf of shops and
restaurants
Value: $350 million
We Know Las Colinas
No one knows your business like you do. And when making a critical
real estate decision you need a broker who knows their business too.
If you are considering a commercial real estate transaction in Las
Colinas, you need Magellan Commercial Realty on your side.
Phil Baker and Russell Cosby and their experienced associates are regarded as the Las Colinas experts. In addition to Las Colinas,
Magellan Commercial has the market savvy of assisting clients with real estate transactions all over the Dallas-Fort Worth market area.
Whether you’re considering a lease negotiation, renewal, sale, sale/leaseback, purchase or sale of a building, or a land transaction, we
know Las Colinas. We know about DCURD, PUDs, Las Colinas Supplementary Declarations and the many intricacies of this dynamic
location. The Professionals at Magellan Commercial have handled some of the largest transactions in Las Colinas and some of the
smallest. Regardless of the size or complexity of the deal, you need the Las Colinas experts. Magellan Commercial Realty.
T he L a s C ol in a s E x p e rt s
S in c e 1 9 7 8
511 East John Carpenter Freeway, Suite 290
B6 October 19-25, 2007
Irving, Texas 75062
469 759 5800
|
www.magellanusa.com
LEGACY PARTNERS
The Delano
New
development:
Multifamily
communities
Continued from page B4
Beyond the Urban Center
Transit system, or AP
APT, commonly called the
Las Colinas monorail. The APT serves several
Urban Center office buildings and the shops and
restaurants along the Mandalay Canal Walk.
“DART and the APT will circle the
Urban Center, giving office tenants door-toDFW Airport service,” said Rodney Helm,
vice president of leasing for CAPSTAR
Commercial Real Estate Services. “With the
rail and the new development, the Urban
Center will have more energy and a whole new
feel. Las Colinas is becoming trendy again.”
Indeed, in Dallas/Fort Worth, an area that
holds Places to Be in high esteem, Las Colinas
stands to become the next See and Be Seen spot.
Quite a feat for a community that has been a
traditional corporate enclave for over 30 years.
New development projects are blossoming
outside the Urban Center, as well.
La Villita, the traditional neighborhood
community in northeast Las Colinas, is
approaching build-out. Under construction
are the second phases of Darling Homes
and K. Hovnanian Homes single-family
neighborhoods, City Homes’ condominiums,
Portrait’s townhomes and AMLI’s luxury
apartment community. Lincoln Property
completed its second upscale apartment
project earlier this year.
Portrait is planning a third townhome
community across Riverside Drive from La
Villita. FRAM’s mixed-use — and heavily
residential — Escena is also planned nearby, as
is Hines’ Riverside Village. To the west, at Royal
Lane and Las Colinas Blvd., K. Hovnanian is
planning La Palazzi, a townhome community.
Hines, which bought the Las Colinas Land
Limited Partnership’s 600-acre portfolio
in December 2005, is also working on The
Lakes of Las Colinas on the north side of
the northern-most section of Lake Carolyn.
This gated village will comprise detached
homes whose prices range from $600,000 to
$1.5 million. The Lakes of Las Colinas and
Riverside Village are both scheduled for a
construction start in the first quarter of 2008.
Hines’ land portfolio may be the best measure
of the velocity of growth in Las Colinas: All
but approximately 15 of the original 600 acres
are in development — either planned or under
construction.
Alta Lakeshore Lofts
Location: Urban Center
Developer: Wood Partners
Units: 341 luxury apartments
Noteworthy: On Lake Carolyn and
DART light-rail line
Status: Under construction
AMLI at La Villita,
Phase II
Location: La Villita
Developer: AMLI Residential Properties
Trust
Noteworthy: Second phase of AMLI’s La
Villita apartment development
Status: Completed
Bella Casita
Developer: Westwood Residential
Units: 268 upscale apartments
Noteworthy: Near planned DART light-
rail/APT station
Status: Completed
The Delano
Developer: Legacy Partners
Noteworthy: Near planned DART light-
rail/APT station
Status: Open
Lincoln Las Colinas
Location: North of Northwest Highway
Developer: Lincoln Properties
Units: 900 for-lease townhomes • 800
upscale apartments • 250 detached
homes
Noteworthy: Site wraps around the
south side of Lake Carolyn
Status: Planned; to be developed in three
phases
2007 International
TOBY Winner
Lincoln Lakeside
at La Villita
Developer: Lincoln Properties
Noteworthy: Second phase of Lincoln’s
La Villita apartment development.
Status: Completed
Monterra
Developer: The Spanos Corporation
Noteworthy: Two sides front on Lake
Carolyn
Status: Nearing completion
Managed and Leased By
972.432.3600
www.WilliamsSquare.com
B7
New development:
Single-family communities
City Homes at La Villita
La Villita
Developer: City Homes
Units/Type: 97 condominiums in Phase I
Location: East and north of Lago de
• 47 in Phase II
Noteworthy: Units designed as
townhomes • Only single-family property
on Lago de Claire
Status: Some units in Phase I are open;
Phase II is under construction
Cottonwood Hill Estates
Location: Story Road between Walnut
Hill and Northgate
Developer: Twin Oaks Homes
Units/Type: 66 detached homes
Noteworthy: French Renaissance
design • Builder developed Villas of
Cottonwood Creek Townhomes
Status: In development
Emerald Valley
Location: Ranch Trail and Olympus
Boulevard
Developer: Monterey Homes
Units/Type: 117 detached homes (Phase
I) • 87 detached homes (Phase II) • 126
townhomes (Phase III)
Noteworthy: Emerald Valley is outside
the contiguous boundaries of Las
Colinas, but deed restricted by the Las
Colinas Association
Status: Under construction; Phase I
approaching completion
Hunters Ridge
Location: Kinwest Parkway at Bradford
Pear Drive
Developer: Ashton Woods
Units/Type: 200 townhomes in Phase I
• 110 in Phase II
Noteworthy: Near North MacArthur
Boulevard retail and restaurant district
Status: Phase I completed; Phase II
under construction
Hunters Valley
Location: Ranch Trail Parkway
Developer: MHI
Units/Type: 80 townhomes
Noteworthy: Hunters Valley is outside
the boundaries contiguous boundaries of
Las Colinas, but deed restricted by the
Las Colinas Association
The Lakes of Las Colinas
Location: North of Spur 348, between
Riverside Drive and the planned Las
Colinas Blvd. extension
Developer: Hines
Noteworthy: Gated executive
community • Prices up to $1.5 million •
Property fronts on Lake Carolyn • Offers
oversized lots
Status: Planned for construction start in
late first quarter of 2008
La Palazzi
Location: Royal Lane and Las Colinas
Blvd., northwest corner
Developer: K. Hovnanian Homes
Noteworthy: Across Las Colinas Blvd.
from Citigroup • Near North MacArthur
Blvd. retail district
Status: Planned
B8 October 19-25, 2007
Claire in La Villita
Developer: Darling Homes and K.
Hovnanian Homes
Units/Type: 226 detached homes in first
phase • 141 in second phase
Noteworthy: Spanish Mission style •
Located between Lago de Claire and
Campión Trails
Status: 219 homes sold in first phase •
Second phase in development; 70+ lots
sold
Palladium at Las Colinas
Developer: Palladium USA
Units/Type: Two high-rise condominium
towers and 50 townhomes
Noteworthy: On DART light-rail line and
Lake Carolyn • Palladium developed The
Grand Treviso and Canal Side Lofts
Status: Planned. To be developed in two
phases, with home sales beginning in
early 2008
Portrait Homes
at La Villita
Developer: Portrait Homes
Units/Type: 77 townhomes • 51 in
second phase
Noteworthy: Spanish Mission style •
Loft and traditional floorplans
Status: Some homes in first phase
occupied; second phase under
construction
Portrait Homes III
Location: Riverside Drive and La Villita
Blvd., southwest corner
Developer: Portrait Homes
Noteworthy: Across Riverside Drive
from La Villita
Status: Planned
Positano Las Colinas
Driving the growth
With Las Colinas’ biggest growth surge
since the 1980s under way, these questions
arise: Why Las Colinas? Why now?
“The evolution of the Urban Center is
remarkable to follow,” said Icon Partners’
Rutherford. “Not often do you have an area
with a mature brand, a great location, a major
airport, established jobs, a rail line on its way,
a business-friendly city and thousands of
acres of undeveloped land. There’s no other
opportunity in the country like it.”
Indeed, Las Colinas’ perennial strengths stand
it in good stead: its location in the center of the
North American continent and the Dallas/
Fort Worth Metroplex, next door to the world’s
third-busiest airport; its high development
standards and its corporate base, which includes
the global headquarters of seven Fortune 1000
companies and over 2,000 more; outstanding
access; and its rich complement of business and
leisure amenities.
The City of Irving and the Las Colinas civic
community set the stage for growth with their
business-friendly policies and support for highquality development. “The growth Las Colinas
is experiencing today is a byproduct of the City
of Irving’s leadership — plain and simple,” said
Rutherford. “Their vision and willingness to
work with stakeholders opened the gates for
intense growth, where all projects will be built to
urban standards and will look and operate better
than any others in the Southwest.”
Said Rick Bidne, president and CEO of the
Las Colinas Association, the community’s
property owners organization: “Las Colinas
standards are indeed high, and by design. At
the same time, the stakeholders here work to
encourage growth — high-quality projects of
lasting value that will enhance the community
for the long term.”
The market demand for close-in housing —
and the retail amenities that accompany it —
play a role in Las Colinas’ current growth.
“Dallas/Fort Worth has grown so much
that Las Colinas is not a suburb anymore,”
“DART and the APT will circle
the Urban Center, giving office
tenants door-to-DFW Airport
service. With the rail and the new
development, the Urban Center
will have more energy and a whole
new feel. Las Colinas is becoming
trendy again.”
 RODNEY HELM
Vice President of Leasing
CAPSTAR Commercial
said Bobby Stewart, principal for CSE
Commercial Real Estate. “It’s now considered
an infill location. Land is available, and prices
are relatively affordable.”
The DART light-rail line has played a
major role in the Urban Center development
boom. But Las Colinas’ growth is active
beyond that area.
“The success of La Villita opened everybody’s
eyes,” said Stewart.“Not only are the apartments
leasing, but the first two developers — Lincoln
and AMLI — turned around and sold their
projects within months of opening.”
“It’s not a tough decision to develop luxury
multifamily in Las Colinas,” said Spencer Stuart,
regional partner and senior vice president of
Legacy Partners, which built The Delano. “The
area has led in occupancy and rent growth for
the last 10 years. Las Colinas has high-quality
infrastructure and a strong property owners
association that helps maintain value.”
The pieces are in place, and development is
moving into high gear. Bobby Stewart likens it
to a series of stepping stones. “Success breeds
success. Good projects make people happy,
and they want more. In five years, you won’t
recognize the Urban Center.”
Location: Tuscan Drive and Las Colinas
Boulevard
Aloft Hotel
Developer: North American Properties
Units/Type: 170 flats, lofts and villas
Noteworthy: Villas configured as
duplexes • Lofts and flats in separate
mid-rise buildings • Across Las Colinas
Boulevard from Citigroup and Fluor
campuses
Status: First two phases sold out. Some
villas occupied
Riverside Village
Location: La Villita Blvd. and Riverside
Drive
Developer: Hines
Noteworthy: Outstanding access to SH
161 and I-635 • To include zero-lot-line
homes
Status: Planned for construction start in
late first quarter 2008
Villas of Alto Vista
Location: Wingren Drive at Alto Vista
Drive
Developer: Randle Custom Homes
Noteworthy: New development in
an established neighborhood near Las
Colinas’ southern boundary
Status: In development
New development: Hotel and retail
Aloft hotel and
adjacent retail center
Four Seasons Resort and
Club Improvements
Location: SH 114 and O’Connor Blvd.,
Villas: Adding 34 guest villas to the hotel’s
existing 90 villas
Other improvements: Adding lagoonstyle pool and new tennis show court •
Relocating and redesigning Kids for All
Seasons • Relocating Racquets restaurant
• Renovating guest rooms in hotel tower
Status: Under construction; operations
and guest services not affected
behind the Flower Clock
Developer: Champ Hospitality for Starwood
Hotels and Resorts (hotel) • Greenway
Investment Company (retail)
Rooms: 136 hotel rooms in five stories •
30,500 sf of boutique shops and restaurants
Noteworthy: Urban design and loft-inspired
hotel rooms • Aloft is the limited-service
brand of W Hotels
Momentum,
new growth
keep Las Colinas
office market vital
By CYNTHIA COWEN
Vice President of Business Development
and Leasing, Cousins Properties
I
f the Las Colinas office market
could be described in one word,
that word would be momentum.
The growing economy has played a
major role in Las Colinas’ recovery, and
should continue to do so: Dallas/Fort
Worth currently leads the nation in job
growth, with 91,000 jobs added in the
year ending July 2007, according to the
U.S. Bureau of Labor Statistics. Even
allowing for the downward adjustment
that often follows such announcements,
the job market is robust. Real estate
growth, by nature, lags job growth, so
the momentum from current increases
should continue well into 2008.
Colinas: At least 17 office projects have
changed hands since October 2006 (and the
previous Dallas Business Journal Las Colinas
Special Section). In the previous 12 months,
The Towers at Williams Square
Urban Center growth
The New Urbanist projects springing up
in the Urban Center ahead of the Dallas Area
Rapid Transit line, slated to arrive in the Urban
Center in 2011, are already having a positive
effect on office leasing. Gables Residential and
Urban Partners plan to break ground on Water
Street, their West Village-style town center
on Lake Carolyn, by year’s end. Icon Partners’
Las Colinas Station, another Urban Center
mixed-use project, is steadily moving closer
to construction. North Shore, on a site across
Las Colinas Blvd. from the Irving Convention
Center Complex, is on the drawing board. Two
luxury apartment communities on the light-rail
line, The Delano and Bella Casita at Las Colinas,
opened earlier this year.
Office tenants are drawn to the Urban Center
and its future. First Choice Power, which signed
on for 61,400 square feet in Las Colinas Tower
II, specifically cited its desire to be in a highgrowth area as a primary reason for choosing
the Las Colinas Urban Center. (Proximity to
DFW Airport was another.) Just as the current
wave of residential and mixed-use growth in
the Urban Center anticipates the DART rail
line, office tenants are anticipating the urban
atmosphere — and the lofts, shops, restaurants
and entertainment venues that will define it.
Other positive influences on the market
include the completion of the George Bush
turnpike, which exponentially increased Las
Colinas’ access to the northern suburbs and
the opening of DFW Airport’s International
Terminal D.
Asset sales, major renovations
Confidence in the market continues, as
evidenced by the rate of asset sales in Las
B9
COUSINS PROPERTIES
LAS COLINAS | OFFICE MARKET
LAS COLINAS | OFFICE MARKET
at least 18 office buildings sold.
Equastone continued the buying spree
it began in 2006, adding a three-building
portfolio totaling 798,200 square feet. CBREI
acquired two buildings totaling 429,700
square feet, which brings its Las Colinas
portfolio to six buildings and 2.4 million
square feet.
Almost all Urban Center office buildings are
at some stage of a major renovation — recently
completed, under way or planned. The Urban
Center skyline took shape between 1978
and 1988, making the youngest of its office
assets nearly 20 years old. In addition to lobby
updates, the typical Urban Center renovation
is adding a fitness center, conference center and
café — an amenity package intended to bring
buildings in line with market expectations.
Additionally,
the
former
Atmel
semiconductor plant — with 622,000 square
feet of space on 39 acres of land, sold to
Maxim Integrated Products earlier this year.
Market momentum
Leasing activity has been strong across a
wide range of tenant sizes. Major leases include Verizon’s 293,500-square-foot exten-
sions at MacArthur Ridge I; Sprint Nextel’s 100,000-square-foot extension and
Research in Motion’s 111,000-square-foot
new lease at the newly remodeled Riverside
Commons; Avelo Mortgage’s relocation to
250 East John Carpenter; Argyle Solutions’
move to 7880 Bent Branch; First Choice
Power’s headquarters relocation to the recently updated Las Colinas Tower II; and
Health Management Systems’ relocation to
Corporate Point, also newly renovated. Additionally, a handful of large deals are circling the market.
Rents have taken a definite turn upward,
both in the Urban Center and beyond.
Occupancy rates are hovering in the low
80s. The Towers at Williams Square,
considered Las Colinas’ top office project —
and traditionally the first to fill up when the
market rises — has logged over 95 percent
occupancy for the last two years.
Occupancy rates are high enough to give
developers the itch to build: Opus West is
developing the first of two 112,000-squarefoot spec office buildings in Las Colinas.
Current plans for Water Street, Las Colinas
Station and North Shore include a combined
1.3 million square feet of office space, to be
Office-building sales
Maxim Integrated Products
semiconductor facility
SF/Class: 622,000/Clean-room
and office space
Buyer: Maxim Integrated Products
Seller: Atmel Corporation
125 East John Carpenter
SF/Class: 450,000/Class A
Buyer: Equastone
Seller: Crescent Real Estate Equities
MacArthur Ridge II
Buyer: Hines
Seller: California State Teachers’
Retirement System
Atrium at Office Center
SF/Class: 237,600/Class B
Buyer: Pacifica
Seller: Nationwide Life Insurance
Waterway Tower
Buyer: Cornerstone Real Estate
Sterling Commerce
Buyer: Wells Real Estate Funds
Seller: SBC Asset Management
Advisors
Seller: Bandera Ventures
MacArthur Center I & II
Buyer: Equastone
Las Colinas Commons
Buyer: Behringer Harvard
Seller: Crow Holdings
Canal Plaza
Buyer: CBREI
Seller: Bandera Ventures
Buyer: CBREI
Seller: Verizon
MacArthur Plaza
Buyer: Falcon Southwest
Seller: Kennedy Associates
Westpoint I
Buyer: Triple Net
Seller: Brandywine Realty Trust
Overlook at Las Colinas
Buyer: SMA Equities
Seller: Cornerstone Real Estate
Sterling Commerce
Advisors
Gateway West I
SF/Class: 64,800 sf/Class B
Buyer: Benbrooke Realty Investment
Seller: Private transaction
Gateway West II
Buyer: Gateway II Investors
Seller: Aero Properties
Buyer: Big Brothers Big Sisters of
5100 North O’Connor
Buyer: Equastone
North Texas
Seller: Legacy Hillcrest Investments
MacArthur Ridge I
STREAM REALTY PARTNERS
600
Lease transactions over 20,000 square feet
Verizon. 253,500-sf extension at
MacArthur Ridge I
Archon. 152,000-sf corporate headquarters
relocation within Las Colinas to The
Commons of Las Colinas III
Research in Motion. 111,000-sf new
lease at Riverside Commons
Sprint Nextel. 100,000-sf extension at
Riverside Commons
Avelo Mortgage. 97,900-sf new lease at
Argyle Solutions. 82,600-sf new lease at
7880 Bent Branch
First Choice Power. 61,400-sf new lease
at Las Colinas Tower II
Health Management Systems. 59,400-
sf relocation at Corporate Point
Fox Sports Net Southwest. 32,000-sf
extension and expansion at 100 East Royal.
Franklin American Mortgage. 25,700-sf
new lease at The Towers at Williams Square
Interstate Hotels & Resorts. 22,800-sf
Opus Corporate Center Las Colinas
STREAM REALTY PARTNERS
new lease at The Point at Las Colinas
New development: Office
B10 October 19-25, 2007
Opus Corporate Center-Las Colinas.
Citizenship Immigration Services.
112,000-sf spec office building at 2101
West John Carpenter Freeway. Opus West,
developer. Under construction; second
112,000-sf building planned.
50,000-sf headquarters at SH 114 and
Longhorn Drive. Pannatoni Development
Company, developer. Under construction.
Las Colinas is only
the beginning.
The Strategic Partners portfolio is
expanding in the Dallas area.
BOMA Winner
Urban
The
TOWERS
on Las Colinas Blvd.
CANAL
C E N T R E
750CANyON
drive
Strategic Partners now has nine buildings in Dallas,
linked by quality space and outstanding tenant
service. The 5-Star Worldwide program helps to attract and retain valuable
employees and actively takes care of a wide range of corporate needs –
from conference facilities to fitness centers, food service to transportation.
Want to know more? Call Bill Lokey, John Fancher, Susannah Wallace or
Allison Fannin today.
Bill Lokey, Jr. Tel: 972-910-9744
Cell: 972-567-8139 [email protected]
John Fancher Tel: 972-910-9360
Susannah Wallace Tel: 972-910-9760
Allison Fannin Tel: 214-751-7402
The information contained herein has been obtained from the owner of the property or from a source deemed reliable. While CB Richard Ellis, Inc. has no reason to doubt its accuracy, we do not guarantee it.
Reprinted for web use with permission from the Dallas Business Journal , October 19-25, 2007 | Reprinted by Scoop Reprint Source 1-800-767-3263.

Las Colinas - American Chamber of Commerce Executives

Transcription

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