Postby Dmkflyer » 18 Nov 2016 10:29
I think it is quite possible, as that is for the top tier and the range goes down to very typical rents in Uptown.
I think Knox Park as whole is aiming to be Uptown without all of the bars and partying, which I think definitely has a place in this market. While Turtle Creek Does provide this to a degree, it is mostly all condos or office with very little mixed use elements (though, that is changing). Many Turtle Creek area residents are in that same or similar demographic, but it is more quiet with residential only and you just go either to Oak Lawn/Lemmon/Cedar Springs corridors or the other direction and head to Uptown for all of the things one would need or want.
I actually think this has a place in the market, but mainly because of the location it is in and that there is a substantial niche market for it and I think that developers (including this one) know that Knox Park / Knox-Henderson (mainly on the Knox side) is becoming the more mature version of Uptown. I like that they are taking that route.
Many people with high salaries, such as lawyers may be brought in for temporary cases. There are also the unfortunate cases of high-end families going through a divorce where one party will sign a lease in the right place at rents like that. It also seems we will see more high-rise and mid-rise in that area that will create a more dense and high-end, yet quiet neighborhood, which is still right next to Highland Park and SMU and with easy access to Uptown, Downtown, and 75.
What Victory Park could not pull off, I think this area can easily pull off; granted it will be on a smaller scale and will be more organic in growth. I see it as the perfect bookend and I am excited to see that little area start to come to it's full potential. I would really like to see the Restoration Hardware Hotel / Gallery come to fruition as I believe it is making more and more sense as this area continues to change. The costs will easily justify themselves if this is the market they target for many of these types of developments. It is definitely there.
While Sarofim seems for many of us to be painfully slow with moving forward, I see more and more that they know their neighborhood and are taking the right pace that will win over even the Highland Park crowd. I think it is good to have some high-end rental options mixed in with condo options and townhomes (Travis St. Corridor) in this area. Rather than Uptown's 'vibe' spreading north, I think it will spread south to Victory and the biggest challenge will be the street snarling that happens starting around the Crescent and lowest McKinney Ave that I hope will be remedied enough for the two to blend.
I believe a high-end retirement community tucked into a corner on the north end of Knox Park with Access to the Trail and perhaps its own pocket park and very similar to Belmont Village Turtle Creek would go over very well in this area and would be able to pull in another unmet demand. As many empty-nesters bought in Turtle Creek, some are ready to move to buildings with more services for them as they age. I see the area as being a more quiet, somewhat higher-end version of Uptown that still caters to a market that is out there and this really is one of the few places that could do that. I think the Travis Street Corridor north of Fitzhugh could also become somewhat of a version of State Thomas (again higher end) to the Knox Park area and there are already signs that that is beginning (especially on the other side of the Katy Trail. It will be really interesting to watch this little nook develop in the coming years, as again, I see it as more of a slower and more steady, organic process than what you see at the other bookend (Victory Park).
I really like what I am seeing in many neighborhoods all around the central core and I think it is very much possible for each of them to not just try to recreate what another (mainly Uptown) has done. As development continues, I see each of them having their own unique flair, so I am glad that they are already stating they aren't looking so much for the average Uptowner.
Also...
I found this statement interesting: "In downtown Dallas, Provident Realty is working on plans for a high-rise apartment building that would be adjacent to the historic Brewery Building in the West End district."
I wonder when that one will really start moving. It recently seemed sooner than later, but "working on plans" makes it feel a bit further out. I think they have a good handle on who to target in these two very different neighborhoods.
