Lincoln Property Commercial locks up a key development site north of downtown.
With Uptown Dallas’ office buildings renting up ahead of schedule and at higher than expected prices, developers are hustling to get new projects started.
One of the biggest local commercial property firms has lassoed a prime building site near the Crescent where it plans to build a large office tower and two residential buildings.
Lincoln Property Commercial intends to start construction next year on the big project at Cedar Springs Road and Fairmount Street.
The development would be one of the largest in the area between McKinney Avenue and Turtle Creek.
“We recognize what a special opportunity it is to be able to plan and develop a 4-acre site in the heart of Uptown,” said John Walter, Lincoln Property executive vice president. “We are committing approximately half of the site to open green space, and we hope to transform this site into a vibrant central gathering place for the community.”
The planned office building would have about 525,000 square feet of space.
“We are burying all the parking and delivering three buildings,” said Lincoln vice president Chase Prospere.
The office high-rise would be about 20 floors and the residential buildings closer to 30 stories.
The two residential towers would be along Routh Street facing the Quadrangle shopping center. And the office will face Fairmount.
The buildings at 2500 Cedar Springs will surround a large central park space.
Lincoln has hired international architecture firm Skidmore, Owings & Merrill to design the project.
“They are premier architects in the world,” Prospere said. “We thought Dallas needs a special architect for that site.”
The developer is still working on details of the buildings, but it has already decided about the open space surrounding them.
Plans call for restaurant and retail space on the ground floors.
Landscape architect OJB has been hired to design the gardens and public space.
The block for the development is currently occupied by a variety of commercial buildings.
A previous development plan for the property proposed high-rise office, residential and hotel buildings on the Uptown site. But that project stalled during the pandemic.
Several new office buildings are on the way in the surrounding neighborhood, along with new residential projects.
Across from this site at the Quadrangle, Stream Realty Partners has broken ground on a 12-story office building a new retail space.
And along the same stretch of Cedar Springs Road at Maple Avenue, developer Granite Properties just landed a major tenant and funding for a 26-story office. Bank OZK — formerly Bank of the Ozarks — just signed a lease for more than 110,000 square feet of space in the office project, which would start this summer.
Developer Trammell Crow Co. is expected to break ground any day on a 27-story office tower at Maple and McKinney Avenue across from the Crescent. Plans for the building call for 670,000 square feet of offices, 15,000 square feet of retail and underground parking. The site is currently occupied by the Truluck’s restaurant and the former Gold’s Gym building.
Near the entrance to the Dallas North Tollway on Harry Hines Boulevard, developer Harwood International is building a 27-story office called Harwood No. 14. Scheduled to open in 2023, the 360,000-square-foot high-rise is anchored by law firm Haynes and Boone.
Developer KDC is still working on plans for its Parkside office tower planned on Woodall Rodgers Freeway overlooking Klyde Warren Park. The high-rise would have about 490,000 square feet of space.
Lincoln would like to begin its Uptown project next year, but first it needs zoning approvals.
“We are going to build it all at once,” Prospere said. “We won’t deliver until 2025 or 2026.”
The only Uptown Dallas area office building to open its doors so far in 2022 is already more than 60% leased.
The Link at Uptown, a 25-story high-rise at Olive and Akard streets, is a project of Kaizen Development Partners.
Advertising and marketing firm PMG Worldwide just signed a large office lease in the tower, joining law firm Shearman & Sterling as initial tenants. Several other lease deals are working in the building.