RECON for February 7, 2020RECON for February 7, 2020Bryan PopePope
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RECON Real Estate Center
Rendering of The Stack
What's happening in Texas real estate? Demolished Denton retail strip center getting second life, UTSA buys former county jail for downtown campus, and work starts on The Stack in Dallas. Today's RECON has the details on these stories and more. (Rendering via Ashlar Projects.)
February 7, 2020

Triple threat: three firms break ground on The Stack 

​​​​​​​​​DALLAS (Ashlar Projects) – ​​​​​Westdale Real Estate Investment and Management, Ivanhoé Cambridge, and Hines have broken ground on The Stack, a 16-story, mixed-use building in the Deep Ellum neighborhood.

Designed by 5G Studio Collaborative, the Class AA building will have 15,000 sf of street-front retail and 200,000 sf of office space.

Amenities will include electric vehicle charging stations, a tenth-floor terrace, fitness center, bicycle storage, coffee/cocktail lounge, and concierge package delivery.

Completion is scheduled for spring 2021. 

The project will be one of the city's first new construction projects to receive WELL certification, an accredation for buildings promoting health and well-being.
Texas Housing Insight 2019
Read the Center's latest Texas Housing Insight report for more 2019 year-end details and a 2020 housing outlook. 

Denton's Carriage Square to get a second life

DENTON (Denton Record-Chronicle) – Construction is underway to restore Carriage Square, a strip center near the University of North Texas that was demolished in 2018.

The development will have 117,621 sf of ground-floor retail space and four- and five-story sections for multifamily housing. There will also be a parking garage.

The lot was replatted into two in August, drawing a line between West Eagle Dr. and just south of Wilshire St. ​The southern lot has no construction plan yet.

Westdale is the property owner and developer.
Room to grow housing for a new economy
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UTSA buying former county jail for downtown campus 

SAN ANTONIO (Connect Media) – The University of Texas at San Antonio (UTSA) is purchasing the two-acre site of the Central Texas Detention Facility at 218 S. Laredo St. 

The parcel sits between two other pieces of land owned by the university.

UTSA will build its new School of Data Science, National Security Collaboration Center, and College of Business extension on the property. 

The county will demolish the jail and prepare the property for construc​tion.
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Amazon expanding Dallas footprint with 420K-sf lease

DALLAS (REBusiness Online) – Seattle-based Amazon has signed a 419,626-sf, ten-year industrial lease at Eastpoint Distribution Center at 8901 Forney Rd.

The retail giant will use 12 acres on site for van, truck, and car parking.

Freight company Shippers most recently occupied the rail-served property.

Stream Realty Partners represented the landlord, Dalfen Industrial. CBRE represented Amazon.
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Work starts on Uplands Corporate Center phase II

AUSTIN (CBRE) – Construction has started on the second phase of Uplands Corporate Center, a two-building, Class A office campus. 

This phase will add a three-story, 124,405-sf office building and expand an existing parking garage to service the complex.

Work will be complete by the fourth quarter.

Phase one, a 167,369-sf, Class-A building at 5301 Southwest Pkwy., has been fully leased.  

​Amenities at Uplands Corporate Center will include an outdoor amenity center, gym, food truck service, and walking and running trails. ​​​
market viewer screen shotTexas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state. 

JMJ purchases 4.5 acres for Frisco mixed-use tower

FRISCO (Dallas Morning News) – JMJ Hospitality has purchased 4.5 acres in the $1 billion Gate development on the Dallas North Tollway for a hotel and residential tower.

The tower will include a 231-room luxury hotel, 90 residences, a restaurant, and retail space​​.

JMJ bought the land from Dubai-based Invest Group Overseas, which owns the Gate development.

Opening is set for 2024.
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Lantower Residential hands over Magnolia Cove 

HOUSTON (Multi-Housing News) – Lantower Residential has sold Magnolia Grove, a 268-unit apartment community at 12601 S. Green Dr.

Built in 1984, the property has one- and two-bedroom units. Amenities include a clubhouse, swimming pool, and fitness center.

Berkadia represented the seller and secured a Freddie Mac loan on behalf of the buyer, a Dallas-based private investor.

According to Yardi Matrix, the asset was 91.4 percent occupied as of December 2019.
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