Page 1 of 2
Turtle Creek : 2999 Turtle Creek Blvd
Posted: 28 Sep 2017 02:27
by kingpin
Lincoln Property plans major development with Turtle Creek buyhttps://www.dallasnews.com/business/real-estate/2017/09/21/lincoln-property-plans-major-development-turtle-creek-buy
A key Turtle Creek property with a high-profile location has changed hands, and the new owners are contemplating a major development.
Dallas-based developer Lincoln Property Co. has quietly purchased the two-story office building at 2999 Turtle Creek Blvd. near the Mansion on Turtle Creek Hotel. The 25,000-square-foot office sits on more than 2 acres and is across the creek from the Perot family's new corporate campus.
Lincoln Property is marketing the luxury property to potential office tenants while looking to construct a high-rise behind the existing building.
"We just put the sign up," said Lincoln Property's Worthey Wiles. "We are still trying to evaluate what we can build there."
Constructed in 2004, the French Renaissance-style office building with underground parking was built by late Dallas real estate developer John Eulich.
At an estimated cost of almost $800 per square foot, the exclusive office housed Eulich's real estate and investment companies and his collection of fine art. The property includes the site of the fabled Cipango Club, which operated from 1946 to 1986.
Eulich died last year. One of his companies owned by the family sold the Turtle Creek building to a partnership set up by Lincoln Property. The acquisition was financed with a note from a Fort Worth energy firm, real estate records show. Terms of the transaction were not disclosed.
But the acquisition was likely one of the most expensive per-square-foot property transactions in North Texas this year.
The building and development site are on the edge of Dallas' booming Uptown district. The Perot family's Hillwood development group plans to build a high-rise office project on the vacant block next door.
Lincoln Property could construct a tower on the site behind the low-rise building to house multiple uses. Development sites in the Uptown and Turtle Creek area are scarce and properties trade for high prices.
A half-block building site on Maple Avenue in Uptown is on the market with an asking price of almost $400 per square foot.
Lincoln Property is one of Dallas' oldest and most experienced commercial real estate developers. The company just sold the Turtle Creek Village office and retail center in Oak Lawn, which Lincoln redeveloped. That property fetched more than $100 million at sale, real estate brokers say.
Lincoln also is finishing work on a 25-story office high-rise on Pearl Street in the downtown Dallas Arts District. The 260,000-square-foot tower is next to the Meyerson Symphony Center and will open in January.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 18 Oct 2018 15:42
by Kelley USA
This popped up today in the DMN with a rendering... I know another thread mentioned that an Asian Hotel chain was interested in being a part of the project.
https://www.dallasnews.com/business/rea ... ear-uptown
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 18 Oct 2018 16:01
by Matt777
I guess that means the office building currently there will be demolished after all.
Wasn't another recent proposed development being considered for an "Asian hotel chain," which is likely Mandarin Oriental? Or am I imagining things.
The condos here should do well. It blows my mind that more new highrise condos haven't been developed when all the old ones have been in high demand over the years. Museum Tower and Bleu Ciel were placed in areas with no history whatsoever of luxury condo sales or demand, and the developers wondered why sales were slow. Hopefully this new condo development will show that there is more luxury condo demand in Dallas, in the right areas.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 18 Oct 2018 19:19
by R1070
Sounds like it could be a Mandarin.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 18 Oct 2018 23:24
by NdoorTX
This is exciting and depressing news. The current Cole Smith designed building is a really good interpretation of an 18th century French structure. I wish they could retain it and build a tall, slender tower towards the rear of the property that would house the hotel/ condo portion. It can be a super skinny that finally pushes past 20 floors. Maybe 35-40. Is that allowed here? Poor Cole Smith- an acclaimed local architect at the end of his career and already seeing his work wiped away. His stately home for the Frito-Lay founders has been razed in Preston Hollow and a Greek Revival manse on Strait Lane gone as well.
On the plus side, this does appear to be an interesting tower that breaks from the typical banal box that appears here so often. Plus a Mandarin Oriental is quite the catch for Dallas.
-Sigh-
I imagine something like the MO in Atlanta to re purpose the office building currently on the site.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 19 Oct 2018 02:20
by ContriveDallasite
Lincoln Property is marketing the luxury property to potential office tenants while looking to construct a high-rise behind the existing building.
Let's hope they mean what they say.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 19 Oct 2018 10:34
by cowboyeagle05
The renderings clearly show the original building is gone. Lincoln is obviously glossing over the teardown hoping no one will object and make a thing of it. They have the legal right to do so but it is a lovely building I hate to see leave.
Look at this shiny thing over here..........
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 19 Oct 2018 11:24
by tamtagon
That's money for you -- when built, this had little chance of lasting for long, but having the nicest office in the nicest part of town for the last several years of a real estate career more than paid off.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 19 Oct 2018 12:30
by cowboyeagle05
I mean it is out of scale with the rest of the neighborhood at this point. So that is two luxury brand hotels supposedly coming to Turtle Creek. One here and one at 2727 Turtle Creek.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 19 Oct 2018 18:04
by Tucy
Where did this"Asian hotel" idea come from?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 22 Oct 2018 15:27
by dch526
NdoorTX wrote:I wish they could retain it and build a tall, slender tower towards the rear of the property that would house the hotel/ condo portion. It can be a super skinny that finally pushes past 20 floors. Maybe 35-40. Is that allowed here?
Sky House tried to build a tower near hear a few years ago before going with the 2nd tower in Victory Park. The reason why it didn't happen had to do with the FAA denying the height increase to something like 290' I believe FAA had it capped around 250' So, that will probably be about the max height for this site as well.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 22 Oct 2018 16:06
by Kelley USA
Tucy wrote:Where did this"Asian hotel" idea gone from?
It came from an update in Candy's Dirt... Here's the paragraph from the article:
2999 Turtle Creek
Built in the 1990s by developer John Eulich, the property changed hands last July, being purchased by Lincoln Property Company. The plan was to retain the French Renaissance building while constructing a high-rise behind. There’s plenty of space on the two-acre dog-leg parcel. Word comes to CandysDirt.com that plans are firming up for the high-rise with a five-star Asian hotel rumored to have signed a deal. If true, it would mark the third five-star hotel within a block – The Mansion flanked by 2999 and Prescott’s unnamed hotel at 2727 Turtle Creek. I wonder if 2999 Turtle Creek will also have bazillion dollar condos? Stay tuned.
Lincoln is also due back at the Oak Lawn Committee and City Plan Commission in October with revised plans for their contentious Lincoln Katy Trail project.
That’s quite a lot of goings-on in such a small space.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 22 Oct 2018 18:23
by Tnexster
If not Mandarin, what other Asian flag could it be?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 22 Oct 2018 19:37
by Matt777
Tnexster wrote:If not Mandarin, what other Asian flag could it be?
The Peninsula is the only "well known" brand that I can think of. Imagine getting both a Mandarin Oriental and a Peninsula Tower in this area!
There's also Banyan Tree and Raffles but neither have locations in the USA, yet. Rosewood, while founded in Dallas, is now technically a Hong Kong based company.
An outlier could be a Chinese brand with deep pockets wanting to make a splash with an American hotel.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 23 Oct 2018 17:07
by CTroyMathis
While it is likely to be a struggle to be approved locally or by the FAA for a lot of extra height, this project has a reach-out at the FAA for up to 325'.
https://oeaaa.faa.gov/oeaaa/external/se ... 26&row=496
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 25 Mar 2019 11:00
by DPatel304
I walk by this place fairly often, and this is the first time I noticed this sign there. It's possible it has been there for a while and I just never noticed it though.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 25 Mar 2019 11:56
by eburress
Good for you for walking anywhere over there. With Lee park (or whatever it's called now), Turtle Creek, and the Katy Trail, there's so much good stuff to walk to but it's still so rare that anybody does.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 25 Mar 2019 13:22
by DPatel304
eburress wrote:Good for you for walking anywhere over there. With Lee park (or whatever it's called now), Turtle Creek, and the Katy Trail, there's so much good stuff to walk to but it's still so rare that anybody does.
Haha, thanks! I actually live basically right across the street from where I took this picture, so not really much of a walk for me.
I am trying to make more of an effort to just walk and use public transit these days. I figured sit on this forum just waiting for Dallas to become this thriving city with tons of street life, but I've realized that all cities have to start somewhere, and walking the streets is sorta my way of contributing to the revival of Dallas. One person won't make much of a difference, but eventually other people will notice me walking on certain streets and might feel better about also walking those same streets. That's partly why I've tried to get this forum meet-up to happen, because I know a lot of people here would like to see the same thing I would like to see, so we might as well make a small effort to be the change we want to see.
I definitely feel like the Turtle Creek is highly under-utilized right now. Unfortunately there's a lot of trash there, and seems like a couple of homeless people live along the trail, but it's a nice contrast to the Katy Trail and they actually can form a bit of a loop as well for people who want to walk/run it.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 28 Jun 2019 23:48
by CTroyMathis
With a grain of salt, just go ahead and call this a Mandarin Oriental if they like the local plans approved in March-ish and their own spreadsheets. This week was interesting with the tire-kicking (competitor comparisons) at other locations in the area such as at least one high-end hotel around Lower McKinney with all the development players involved in this site to include a lead at the arch., dev., invest. firms, etc. and the CEO of MO. And, the 325' was approved.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 29 Jun 2019 00:23
by NdoorTX
^^ are the developers still dumb enough to take the current structure down with this proposal? I hope not...^^
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 29 Jun 2019 10:28
by Tnexster
CTroyMathis wrote:With a grain of salt, just go ahead and call this a Mandarin Oriental if they like the local plans approved in March-ish and their own spreadsheets. This week was interesting with the tire-kicking (competitor comparisons) at other locations in the area such as at least one high-end hotel around Lower McKinney with all the development players involved in this site to include a lead at the arch., dev., invest. firms, etc. and the CEO of MO. And, the 325' was approved.
325'...what is that about 27-30 floors?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 01 Jul 2019 01:51
by willyk
This seems like an odd location for a hotel now. I could have seen it a few years back, but now this location is quite disconnected and remote from all of the business and cultural activity that I think their guests would want to be near. It’s a beautiful site, but Victory, Field St., Ross Ave and McKinney all make much more sense.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 01 Jul 2019 07:36
by Otronivel81
Tnexster wrote:
325'...what is that about 27-30 floors?
With a first floor at 20'-0" probably some form of amenity level at 15' to 20' and the typical hotel floor at 10'-0" 27-30 floors seems right.
I wouldn't count on it though. Seems like the wrong location for this many rooms.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 26 Sep 2019 16:21
by Cbdallas
This little snippet was in the news. Looks promising for this to start moving forward.
https://www.bizjournals.com/dallas/news ... creek.html
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 28 Sep 2019 12:07
by Tnexster
I wonder what this will look like? Nice that they have a hotel-condo planned.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 28 Sep 2019 16:41
by R1070
There's a sign in the front of the property that shows a glass building on the site.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 28 Sep 2019 20:55
by jecha
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 28 Sep 2019 21:22
by R1070
If that’s not the same rendering, it’s very similar.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 29 Sep 2019 21:39
by Tnexster
That appears quite nice!
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 30 Sep 2019 09:12
by Kelley USA
There was also an article in the DMN about a week ago... The rendering in the link above does appear to be accurate. There is a similar photo in this DMN story.
https://www.dallasnews.com/business/rea ... in-dallas/
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 11:47
by Cbdallas
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 13:02
by DPatel304
Yes! Super excited for this as it is just down the street from me. Finally some action in the Turtle Creek area.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 13:39
by Cbdallas
I think Turtle Creek area is about to get a lot more urban and active.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 13:41
by jetnd87
What other projects are slated for TC?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 13:44
by R1070
Nice! I figured M.O. would go in to the other mixed use project where the building was just demo’d. This is a better location.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 14:42
by jetnd87
Wonder if Hillwood's proposed project on Cedar Springs / Bowen & Turtle Creek will ever get off the ground. I know they just (finally) kicked off the Victory Park building, but they seem to make very public develop announcements that go nowhere fast (e.g., Turtle Creek project, Downtown BoA project).
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 17:44
by tamtagon
ZaZa is going to have to expand or get left behind.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 20:57
by Tnexster
Big week for new hotels.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 11 Nov 2019 22:33
by willyk
This is a beautiful site and I wish them success, but is this a good location for business travelers? No office centers or restaurant/retail concentrations, unlike Uptown or Ross Ave. Maybe they draw a different customer?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 12 Nov 2019 02:22
by itsjrd1964
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 12 Nov 2019 20:19
by BigD5349
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 12 Nov 2019 22:05
by eburress
Man that's pretty!!
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 13 Nov 2019 09:56
by Tnexster
Okay, this is nice!
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 13 Nov 2019 10:11
by DPatel304
So is the building that currently sits here being razed? I'm happy to have more dense development here, but this is actually a pretty lovely looking building.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 13 Nov 2019 17:15
by Tnexster
Isn't this next to the piece of land where Hillwood has a planned office project?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 14 Nov 2019 10:33
by Tucy
DPatel304 wrote:So is the building that currently sits here being razed? I'm happy to have more dense development here, but this is actually a pretty lovely looking building.
Apparently so, at least according to Steve Brown:
"Announced last fall, the Turtle Creek tower will replace a 9-year-old office building at 2999 Turtle Creek Blvd., near the Rosewood Mansion on Turtle Creek hotel. The French Renaissance-style office building housed offices for the late Dallas real estate developer John Eulich."
As an aside, I wouldn't hold my breath waiting on this particular project.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 14 Nov 2019 10:37
by jetnd87
Even with the CEO of Mandarin Oriental's announcement?
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 14 Nov 2019 11:00
by Tucy
jetnd87 wrote:Even with the CEO of Mandarin Oriental's announcement?
Yes, even with the CEO of Mandarin Oriental's feel-good press release.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 08 Jan 2020 11:07
by Zmitz
https://www.prnewswire.com/news-release ... 82976.htmlFigured this fits best here for now, a private equity company that is involved with this project will be opening an office in Dallas. The article doesn't seem to mention where.
Re: Turtle Creek : 2999 Turtle Creek Blvd
Posted: 08 Jan 2020 11:33
by cowboyeagle05
Well its on the website already...
https://www.madisonrealtycapital.com/?g ... LgQAvD_BwE
Dallas
2929 Carlisle Street
Suite 250
Dallas, TX 75204
