Dallas Fort Worth Urban Forum

Yes I forgot HKS moved to One Dallas, which now overlooks Pacific Plaza Park.

From City Plan Commission's 1/23/20 agenda:

Land Use Compatibility:
The subject site is located on a triangular tract bordered by three rights-of-way: North
Akard Street, McKinney Avenue, and North Saint Paul Street. The request proposes a
2,300-square-foot restaurant use, a hotel with a maximum of 270 units which may be
converted to a multiple family use at a later date. The request is unique because the
proposed hotel use will provide full kitchens to assist with the intended conversions but
will not house reception staff, room service, or meeting spaces. Services such as bulk
laundry will be provided off-site.

For consideration of the requested bonuses seeking a maximum height of 316 feet, a
maximum dwelling unit and hotel room density of 270 units, and a floor area ratio of
16.5:1, staff considered incorporation of enhanced landscape requirements and the
proposed development providing all off-street parking below ground. Staff has
considered the enhanced landscape requirements and enhanced pedestrian amenities
as adequate to substantiate some additional development rights. However, staff has
recommended alternate development standards that are more suitable to the existing
built environment. Overall, staff supports the request to redevelop the site with a hotel
and restaurant use, subject to staff’s recommendations on the proposed development
standards.

https://dallascityhall.com/government/m ... .21.20.pdf

https://dallascityhall.com/government/m ... 190-114(PD)%20Development%20Plan.pdf

https://dallascityhall.com/government/m ... 190-114(PD)%20Landscape%20Plan.pdf

Another one that impacts 1999 McKinney, even tho they are surrounded by tall and then taller buildings I still love this place and even with all of the towers around would not mind having one.

I like 1999 McKinney and would love to be able to afford a unit there. I think it feels better being in the thick of the urban city rather than just looking lonely from back in the day when it was the only thing over there.

It's a great building for sure, and I too would much rather be in the middle of a dense urban environment than viewing one from a distance. The forumer, on the other hand...

I just read the article recently about the new residential tower at The Frisco Star and how Jerry Jones even says on a good day you can see Oklahoma. I'm like duh you are basically in Oklahoma at that point.

Back to the subject matter though I like how they state the back of the house will be different since this won't be a true hotel.

will not house reception staff, room service, or meeting spaces.

New Uptown Dallas high-rise will have towering wall of plants

https://www.dallasnews.com/business/rea ... of-plants/

Developer Rastegar Property Co. says its McKinney Avenue high-rise will have the tallest living wall of plants in North America.

The Austin-based company plans to cover the balconies of the 26-story 1899 McKinney tower with panels of more than 40,000 plants.

Rastegar still hopes to start work on the building later this year.

I cant wait for this tower. This one and Harwood 12 are the two I'm most looking forward to in uptown.

Once this, the Link and the hotel on the Pizza Hut lot are completed. This area will be a lot better!

Better spot for 270 condominiums than Azure/Blue Ciel's, The House's or Museum Tower's.

Now we'll have to see if the unsold existing inventory becomes any cheaper to compete with this, or whether the potential buyers are very picky among submarkets, meaning there's not a great extent of audience overlap that would consider such a trade-off and cause the overall prices to adjust.

Does anyone know if they still plan to build this initially as a hotel with the plan to convert to residential later, as they originally described?

Well, so far companies like the one partnering with Rastegar on turning residential properties into business traveler hotels are still aggressively pursuing apartment buildings. They request to rent 10 to 15 units at a time for AirBNB like setups. They guarantee rent so I imagine they are still a go here on this project. Even during this market owners may be willing to sign deals just to keep deals coming in.

Note that this one is different from the typical 10 to 15 units at a time. The deal with this building was that Sonder was leasing the entire building -- all 270 units, to be operated as a hotel/AirBnB-like setup.

I know development takes a long time, but given that they have a lease of the entire building in place that was touted as allowing them to get great financing, and this was all in place 6 months ago... It's a little surprising they haven't moved along a little faster.

The fact that they now "hope" to start construction not until later this year and the fact that the latest news about the building talks of it being condominiums and does not mention the rather unique arrangement of having leased the entire building to Sonder... makes me wonder.

The project is delayed according to a DBJ article. It sounds like they could be redesigning it.

R1070 wrote:The project is delayed according to a DBJ article. It sounds like they could be redesigning it.

The original design was rather bland, then they dumbed it down. Hopefully, they've decided to upgrade the design.

https://www.dallasnews.com/business/rea ... las-block/

Developer renovating the existing building (to attract restaurant, co-working space) and says he doesn't expect to break ground on tower for 2-5 years. Had hoped to already be building tower right now, but due to pandemic is going back to drawing board with total redesign.

Pretty bummed as this building was a real winner (on paper).

Disappointing but a wise business decision. These guys may actually still be around when this shit storm ends.

At least we won't have to look at a tattered fence for 5 years.

I suspect a number of announced multi-use projects are going to be mothballed until the economy emerges from this COVID-influenced sluggishness. Harwood has sat on their announcement of the tallest tower in Uptown since late Summer. With both housing & office developments impacted, the number of cranes will diminish in 2021. IMO.

What does this group make of Cawley's oped in D Magazine: https://www.dmagazine.com/commercial-re ... a-rebound/?

Cbdallas wrote:At least we won't have to look at a tattered fence for 5 years.

...or a Wade Park-style pool

jetnd87 wrote:What does this group make of Cawley's oped in D Magazine: https://www.dmagazine.com/commercial-re ... a-rebound/?

This and other articles about the DFW market and the influx of both corporations and new residents do make me wonder about the pause on this particular development. Residential seems like a good bet based on what the so called experts say and the build out would take long enough that this one would land during the so called recovery in 2022.

The delay in this and the nearby hotel where Pizza Hut was is very disappointing for that area.

Considering that area is highly desirable compared to the rest of Dallas. McKinney Ave addresses in Uptown and close by it are highly valued in the DFW Real Estate market. There is a lot of trendy areas in Dallas but McKinney Avenue in Uptown is where the highest return is expected beyond the burbs.

Yea what doesn't surprise me about this is that the tower was completely pre-leased by a quasi-hotel firm (luxury apartments for business travelers) that would eventually convert to condos. Given current / future states of business travel, not shocked the arrangement fell through. What I am a bit bummed about is that Rastegar wouldn't move ahead on purely residential, but have no basis to say whether it's smart or dumb.

jetnd87 wrote:Yea what doesn't surprise me about this is that the tower was completely pre-leased by a quasi-hotel firm (luxury apartments for business travelers) that would eventually convert to condos. Given current / future states of business travel, not shocked the arrangement fell through. What I am a bit bummed about is that Rastegar wouldn't move ahead on purely residential, but have no basis to say whether it's smart or dumb.

I think it's an ugly building, so no big loss.