Postby I45Tex » 13 Nov 2023 20:44
The best way to build a land use and get the project built is not to build a small project -- and risk less money upfront, but at the cost of forever accepting a lower profit ceiling, if you will -- but to build multiple things that can provide additive complements for each other.
Turtle Creek is North Texas' hub for both executive business travel and luxury leisure travel, as well as for condominiums, but none of those three is growing like gangbusters right now (though by no means in recession either). A fourth, fifth, or sixth market niche would be good to get this thing firing on all cylinders.
If the Four Seasons Dallas' developer identified more specific draws to add to this project, like those Equinox Gyms that've been mentioned or its equivalent, and a universal studios indoor holodeck multiplex, and a neuralink spa that lets your pet talk to you about its desire to stay here for several more days, etc, then it might make it make perfect sense to financiers.
Miami even now is not a national hub of business travel, but the very intown waterfront location and relative acceptance of money laundering via international condo presales have given this developer enough confidence (in a metropolitan market that for all I know may not even be short on vacancies of the most expensive beachfront inventory, after all) to pitch both a 400- and an 800-foot tower for condominiums with attached hotel construction.
Mandarin or Four Seasons are sure to make do with managing whatever a developer can get built, but the Miami funding suggests to me that a Dallas location of either one could use an on-site magnet of more than just executive business travel.