Uptown Dallas: New Alamo Manhattan Hotel Project

[Tnexster]

Developer eyes 19-story hotel tower for Uptown site near Maple Avenue

http://www.dallasnews.com/business/real ... ple-avenue

A developer that's done several Uptown apartment projects is ready for something new.

Alamo Manhattan Corp. proposes to build a hotel — not more apartments — on a half-block site off Maple Avenue near Turtle Creek.

The 19-story, 220-room hotel would sit on a site now occupied mostly by a condominium complex.

"It's a great opportunity for a full-service hotel," said Alamo Manhattan CEO Matt Segrest. "Everybody loves Uptown, and there is a demand for this hotel.

[Tnexster]

Interesting how developers keep finding one more spot in Uptown to build a new tower.

[DPatel304]

If everything goes as planned, construction would start in 2018 with an almost 2-year building period.

Looks like it's still a while before things kick off. Regardless, it's good to see development creeping towards the Oak Lawn area.

[JohnMcKee]

Condo buyout, over a year closing/leaseback, 2 years of construction, I'm no hotel expert but this seems very difficult on making the numbers work especially given that if the demand is there there is one hotel under construction, two proposed-ish and Harwood has expressed their intent on building a hotel and could easily get financing and construction completed way before this date on property they already own very nearby.

I'm not optimistic about this project unless, and I seriously doubt this, they managed an exclusive on the Marriott flag in Uptown. Negated somewhat if the Starwood/Marriott merger goes through but that is far, far, far from a done deal. If it doesn't Marriott has better flags to put on a hotel in Uptown IMO. And that is right now, three years from now I don't know that a Marriott branded hotel could even operate profitably in Uptown even with their points program.

Which is fine except for their 2 year construction schedule which could make a brand change late in the project very difficult and expensive.

[Matt777]

I would have much rather seen this take up the other half of the block, where Nick & Sam's is with their large surface parking lots. Those condos aren't super fancy but they have some cool character to them, are dense, and provide a good way to offset the scale of all the highrises going in. This also would have been good in the new development going up by Kung Fu Saloon/Concrete Cowboy. However, Uptown could definitely use more hotels so I guess that's a positive.

[tamtagon]

The tree canopy in those condos is really nice.

Hotel inventory in Greater Downtown Dallas has been under inflated for decades. There are many contributing factors to this reality, but since the Great Meltdown in the 1980s, downtown area has come to 2016 functioning with ~70% as many hotel rooms at it should have. Since the Convention Center Hotel broke the ice, there's a substantial inventory increase, maybe around 2,500 new rooms operating by 2018... something like that.

Still ballparking the numbers: this is around a 20-30% increase of greater downtown area hotel inventory -- and that's in no way keeping up with even more significant residential, office, commercial, retail and entertainment growth in the area.

Just a couple blocks north of this site, Crow Holdings has quietly built and filled-up the regions most expensive office space. Reverchon Park is a neglected, shunned-through-sterotype amenity. A hotel replacing those condos totally makes sense.

[Tucy]

Condo buyout, over a year closing/leaseback, 2 years of construction, I'm no hotel expert but this seems very difficult on making the numbers work especially given that if the demand is there there is one hotel under construction, two proposed-ish and Harwood has expressed their intent on building a hotel and could easily get financing and construction completed way before this date on property they already own very nearby.

I'm not optimistic about this project unless, and I seriously doubt this, they managed an exclusive on the Marriott flag in Uptown. Negated somewhat if the Starwood/Marriott merger goes through but that is far, far, far from a done deal. If it doesn't Marriott has better flags to put on a hotel in Uptown IMO. And that is right now, three years from now I don't know that a Marriott branded hotel could even operate profitably in Uptown even with their points program.

Which is fine except for their 2 year construction schedule which could make a brand change late in the project very difficult and expensive.

The Starwood/Marriott merger was approved and closed in September. It is a done deal.

[vman]

Hey, what condos are are being torn down for this? I can't picture them.

[Tnexster]

Why this Dallas-based developer wanted to build an $80M Uptown hotel tower

http://www.bizjournals.com/dallas/news/ ... 1478119161

For years, Matt Segrest listened to business travelers apologetically talk about staying in hotels outside of Dallas' Uptown neighborhood, even while enjoying its restaurants, entertainment and Katy Trail.

Segrest, president of Dallas-based development firm Alamo Manhattan, kept that in mind when he saw an opportunity.

"For this location in Uptown, we felt like Marriott's new modern brand was a phenomenal fit; it was the right brand for the right location," said Segrest, who has been overseeing a number of Uptown apartment development projects in Dallas.

"We signed a term sheet for them and we are pushing forward with this concept," he added. "We think this will be a real feather in the cap for this neighborhood as far as a use goes."

[Matt777]

Hey, what condos are are being torn down for this? I can't picture them.

3000 Fairmount.

[JohnMcKee]

Right across the street from Alamo Manhattan's headquarters.

The building looks to be in great condition, I haven't bothered to look through titles but it looks like it hasn't changed hands yet and it might still not but I suspect this might be a Uptown record if it goes through. The largely vacant land at KWP that Chase sold was rumored to be around $300k a sqft, it's hard to imagine AM got anywhere close to less than that for a multi-unit buyout of a developed property when developed good condition single unit properties in multiunit buildings in Uptown are commanding more that on a sqft basis.

If this goes through it puts a lot more property in play.

[Tnexster]

Uptown to Get More Hotel Rooms; Dream and Marriott Winding Through Oak Lawn Committee

http://candysdirt.com/2016/12/09/uptown ... committee/

[maconahey]

From April 6th's CPC agenda:
http://dallascityhall.com/government/me ... lan%20.pdf

[kingpin]

http://dallas.towers.net/2017/08/15/hot ... -oak-lawn/

The developers at Alamo Manhattan stick to a fairly standard model for their projects — luxury multifamily developments or a mixed-use building with residential — but this Dallas-based company went in a different direction last year with the announcement of a new hotel in Uptown.

Alamo Manhattan hired WDG to design a 19-story tower, which will be located at the southeast corner of Fairmount and Carlisle Streets. The architect is drawing up the building according to a Marriott luxury hotel format.

Alamo Manhattan bet on demand for a hotel in Uptown, and the city’s Planning and Development Department agreed. In order to move forward with the project, the developer had to change the site’s zoning to allow an increase in Floor Area Ratio and height.

In an early version of the design, the hotel was to have an above-ground parking garage, but it would have been wrapped from public view by the configuration of meeting rooms and amenity spaces, staff said. However, Oak Lawn Committee President Brenda Marks informed Towers that the OLC was able to get Alamo Manhattan to move the parking underground.

There will be on-site pedestrian amenities that will include wider sidewalks, tables, benches, planters, trees, “and outdoor meeting space to encourage street engagement within this urban environment.”

Alamo Manhattan has estimated the project will begin in 2018 and take two years to complete. Coincidentally, the project is directly across Fairmount Street from Alamo Manhattan’s headquarters at 3012 Fairmount Street.

The zoning change was approved by Dallas City Council on May 10. The project came back to the Planning Commission in late June to get approval for the preliminary plat, and that sailed through without comment.

[Tivo_Kenevil]

Nice

[R1070]

Hopefully something starts soon. There really is a need for hotel space in Uptown.

[kingpin]

http://dallas.towers.net/2017/08/15/hot ... -oak-lawn/

New rendering


Alamo Manhattan plans to build a 13-story Marriott hotel in Uptown, across the street from the developer’s headquarters. Rendering courtesy of WDG.

Alamo Manhattan hired WDG to design a 13-story tower, which will be located at the southeast corner of Fairmount and Carlisle Streets. The height came down considerably; a concept unveiled in November 2016 described a 19-story hotel.

The architect is drawing up construction documents for a tower of approximately 160 feet that will have between 240 to 260 guest rooms. Coming in at about 190,500 square feet, it is being designed in collaboration with Marriott.

[ContriveDallasite]

Looks good, I like it!

[Tivo_Kenevil]

Looks great

[R1070]

Hmm... I thought it was going to be 19 floors. Now they are only showing 13.

[Brettoj]

I think some of the height was parking. If I remember correctly an article I read said they moved all parking underground.

[LongonBigD]

^^ Yes, I read that too. The original plan was above ground garage hidden by functional rooms of the hotel. Now parking is underground.

[R1070]

Well darn. I hate that we will lose some height to this. A taller hotel would have killer views.

[tanzoak]

Well darn. I hate that we will lose some height to this. A taller hotel would have killer views.

You'd think they would've wanted additional usable space to offset the higher cost of underground parking.

[R1070]

Exactly!

[JohnMcKee]

I'm really ambivalent about this project, it's a good flag for the neighborhood but otherwise meh except for this:

and (12,500 square feet of) meeting space that will be available to the community.

I really do hope they make meeting space available to the community at a very low cost/no cost basis. Uptown has a lot of great community groups and an active neighborhood but it sorely lacks a good meeting space, especially after Mason Bar was torn down.

Opening the space up to community groups would be great for the neighborhood and create a lot of good will towards Alamo Manhattan on future projects and probably help business at the hotel.

[Austin55]

Should get going April 2018, complete May 2020.

[jrd1964]

Was wondering.... the last couple of times I've been by the residences that are there now, there was still a for-lease (or for-rent) sign out front. I'd hate to be somebody that fell for that sign, then realized 6 months later they'd be told to leave-the place had been sold.