A Q&A with the developer: https://therealdeal.com/texas/dallas/20 ... ellum-buy/
Excerpts:
RXR is making a play for Texas.
The New York City office landlord closed on a 100-year-old building in Dallas’ Deep Ellum entertainment district. The two-story building at 2625 Elm Street was previously a school owned by Uplift Education. In keeping with CEO Scott Rechler’s support for office-to-residential conversions, the firm plans to convert it to multifamily.
RXR’s focus on high-growth Sunbelt metros comes as it sloughs off its outdated Manhattan office buildings. In May, the firm defaulted on a $240 million loan and gave back the keys to a 33-story office tower in New York’s Financial District. Yet, it scored Manhattan’s second-largest commercial real estate loan in 2023 when it modified a $1.2 billion loan for an office building located at 1285 Sixth Avenue.
What are RXR’s plans for the building?
The broad strokes? Multifamily. Obviously, subject to change, somewhere between seven and 10 stories, about 300 apartment units. Whenever we build multifamily housing, we always include a full amenity package. There will probably be a little bit of retail associated with it as well.