Huge downtown Dallas project still in works, with potential to reshape Arts District, real estate exec saysDeveloper believes in Arts District as Uptown is almost built out
https://www.bizjournals.com/dallas/news ... plans.htmlFacing the same challenges as everyone wanting to build office towers in the post-pandemic era, an Atlanta-based developer hopes to get moving soon on a huge project that would bring life to a desolate corner of the Arts District.
In 2021, with the help of a $20 million loan from Bank OZK, Portman Holdings bought about 3.6 acres at 2500 Ross Ave. The company then revealed plans to build three high-rises, the tallest being up to 50 stories, with 450,000 square feet of office space, 800 to 900 residences, retail and public green space.
The project, Dallas Gateway, is still on the drawing board, according to Scott Miller, vice president of development at Portman Residential, who shared the latest updates in December on local commercial real estate podcast Working Title with Zach Sams. Miller said he's unsure when the three-year project will begin but that he hoped to get started in 2024.
Miller said the Dallas project is phased so the buildings can start separately of each other. The first building will be a multifamily tower with some retail, and an office component is still planned later down the line.
"We're still bullish on office — cautiously optimistic would probably be the better word — but we still plan on building office in the future," Miller said. He mentioned that as tech tenants in Austin started pulling back on office space, the company switched an office component of its development there to multifamily.
Miller is especially a big believer in the Arts District. He said Portman's site has several advantages in size and location. The company has a big footprint for downtown with 3.5 acres and is also eying an adjacent 8 acres.