Uptown Dallas - Field Street Development [North End Apartments Site]

User avatar
dd_dweller
Posts: 101
Joined: 24 Oct 2016 10:52

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby dd_dweller » 21 Jun 2022 07:43

Did they add height to this project? It’s stating it’ll be Dallas’ tallest building.

User avatar
DFW
Posts: 69
Joined: 22 Dec 2016 13:00

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby DFW » 21 Jun 2022 07:55

I believe they got the info wrong, just because it’s over 80-stories they think it will be the tallest. But who knows we haven’t seen the final plans.

User avatar
R1070
Posts: 1391
Joined: 26 Oct 2016 21:00

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby R1070 » 21 Jun 2022 08:28

Our next new tallest building will be 921.5 feet. lol

User avatar
Tucy
Posts: 1250
Joined: 19 Oct 2016 12:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tucy » 21 Jun 2022 09:52

Journalists... SMH

Here are some details regarding what the City is planning to give to Hunt and Goldman Sachs:

(1) Hunt: real property tax abatement exempting 50% of the taxes on added value to the net new tangible real property for 10 years.
(2) G-S: business personal property tax abatement exempting 50% of the taxes on the added value to the net new tangible personal property for 5 years.
(3) G-S: $4,000,000 job grant
(4) G-S: Another $375,000

These are all with respect to only the building to be built for G-S. Hunt is actually required to replate the property so that the G-S building is a separate tax parcel.

Hunt is required to complete the core and shell of the G-S building by December 31, 2027 with a "minimum real property investment of $390 Million.

In order to get the personal property tax abatement, G-S is required to make a minimum capital investment of $90 Million by December 31, 2028 (inclusive of both leasehold improvements and furniture, fixtures and equipment.

In exchange for the $4 Million job grant, G-S must "remain and/or create" a minimum of 5,000 jobs at the new building on or before December 31, 2028, with an average base salary of $90,000.A minimum of 35% of G-S's employees at the North End Office must be Dallas city residents. G-S must execute the lease for a minimum of 800,000 square feet on or before December 31, 2027 and the lease must be for at least 15 years. G-S must commence occupancy no later than December 31, 2028.

Note that, per the DMN, G-S already had "almost 4,000 employees in North Texas, including more than 1,000 in Trammel Crow Center, so they only need to add another 1,000 to their North Texas ranks to meet the requirement, assuming, of course that they move their current employees to the North End (and make sure that 1,750 employees live in Dallas). The schedule for this project apparently lines up with the end of their lease at Trammel Crow so I'm pretty certain they at least plan to relocate those people. Also, the personal property tax abatement for G-S is not dependent on employment.

https://www.dallasnews.com/business/ban ... 0-workers/
Last edited by Tucy on 22 Jun 2022 12:18, edited 2 times in total.

User avatar
Dallas_Uptown
Posts: 31
Joined: 28 Nov 2016 19:26

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Dallas_Uptown » 21 Jun 2022 15:18

Tucy wrote:Journalists... SMH

Here are some details regarding what the City is planning to give to Hunt and Goldman Sachs:

(1) Hunt: real property tax abatement exempting 50% of the taxes on added value to the net new tangible real property for 10 years.
(2) G-S: business personal property tax abatement exempting 50% of the taxes on the added value to the net new tangible personal property for 5 years.
(3) G-S: $4,000,000 job grant
(4) G-S: Another $375,000

These are all with respect to only the building to be built for G-S. Hunt is actually required to replate the property so that the G-S building is a separate tax parcel.

Hunt is required to complete the core and shell of the G-S building by December 31, 2027 with a "minimum real property investment of $390 Million.

In order to get the personal property tax abatement, G-S is required to make a minimum capital investment of $90 Million by December 31, 2028 (inclusive of both leasehold improvements and furniture, fixtures and equipment.

In exchange for the $4 Million job grant, G-S must "remain and/or create" a minimum of 5,000 jobs at the new building on or before December 31, 2028, with an average base salary of $90,000.A minimum of 35% of G-S's employees at the North End Office must be Dallas city residents. G-S must execute the lease for a minimum of 800,000 square feet on or before December 31, 2027 and the lease must be for at least 15 years. G-S must commence occupancy no later than December 31, 2028.

Note that, per the DMN, G-S already had "almost 4,000 employees in North Texas, including more than 1,000 in Trammel Crow Center, so they only need to add another 1,000 to their North Texas ranks to meet the requirement, assuming, of course that they move their current employees to the North End (and make sure that 1,750 employees live in Dallas). The schedule for this project apparently lines up with the end of their lease at Trammel Crow so I'm pretty certain they at least plan to relocate those people. Also, the personal property tax abatement for G-S is not dependent on employment.


Thanks for this informative, concise post!

User avatar
Chrisjo445
Posts: 2
Joined: 10 Jun 2022 18:32

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Chrisjo445 » 21 Jun 2022 21:48



I really hope this comes to fruition. But first they must vote on this. We will find out tomorrow! :mrgreen:

User avatar
rono3849
Posts: 410
Joined: 16 May 2019 23:46
Location: Dallas

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rono3849 » 22 Jun 2022 00:49

Chrisjo445 wrote:I really hope this comes to fruition. But first they must vote on this. We will find out tomorrow! :mrgreen:


I'll be highly surprised if they don't vote "YES" on this measure in support of these two developments.

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 22 Jun 2022 07:38

It will be irresponsible of them if they don't vote YES on this. Remember, Dallas is also a host site for the 2026 World Cup so they want/need as much big-brand corporate density as they can get in the downtown area.
Last edited by rickbansal on 22 Jun 2022 16:41, edited 1 time in total.

User avatar
Tucy
Posts: 1250
Joined: 19 Oct 2016 12:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tucy » 22 Jun 2022 09:43

Yeah, there is zero chance the Dallas City Council will not approve this. It's a rare organization that is more eager to give away money than Dallas's City Council.

User avatar
rono3849
Posts: 410
Joined: 16 May 2019 23:46
Location: Dallas

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rono3849 » 22 Jun 2022 10:13

Tucy wrote:Yeah, there is zero chance the Dallas City Council will not approve this. It's a rare organization that is more eager to give away money than Dallas's City Council.


Having lived in Los Angeles for 21 years, that City Council spend hundreds of millions to get that city's Downtown active again. It has paid off handsomely, although the area is now over run by homeless encampments. They got so much money to improve their convention center, the Staples Center, restaurant district, and the adjacent LA Live! theater venue. Hopefully, Dallas can see similar results without the homeless over running Downtown.

User avatar
rono3849
Posts: 410
Joined: 16 May 2019 23:46
Location: Dallas

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rono3849 » 22 Jun 2022 10:35

Hunt.Downtown.Proposal (1) (1).jpg
Newpark.Tower.jpg
Gateway.North.Portman.jpg


These are the three developments that I think have the best chance of being built in the next five years Downtown.
You do not have the required permissions to view the files attached to this post.
Last edited by rono3849 on 23 Jun 2022 11:13, edited 2 times in total.

User avatar
potatocoins
Posts: 194
Joined: 18 May 2021 14:01

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby potatocoins » 22 Jun 2022 10:38

Yeah, I can't see Dallas saying 'no' either. From what I've seen it seems like if a corporation doesn't choose Dallas it's because the corporation is looking for something else (different city or a more suburban location) and not because Dallas didn't incentivize them enough.

lakewoodhobo
Posts: 1234
Joined: 20 Oct 2016 13:49
Location: Elmwood, Oak Cliff

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby lakewoodhobo » 22 Jun 2022 10:42

rickbansal wrote:It will irresponsible of them if they don't vote YES on this. Remember, Dallas is also a host site for the 2026 World Cup so they want/need as much big-brand corporate density as they can get in the downtown area.


Every time these stories come out on a city council vote for subsidies, reporters fail to mention that these deals have been in the works for months if not years. The council members are intimately aware or involved because either they serve on the economic development committee or one of their colleagues does so, barring any crazy surprises, the council vote is *always* just a formality. The deal has been done.

User avatar
zblevinz555
Posts: 87
Joined: 14 Apr 2019 19:16

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby zblevinz555 » 22 Jun 2022 10:52

New York-based financial giant Goldman Sachs wants to put 5,000 workers in a new office tower to be built just north of downtown Dallas.

Dallas’ city council will vote Wednesday on a plan to give Goldman Sachs and Dallas’ Hunt Realty more than $18 million in economic incentives to build the new office campus at 2323 North Field Street next to the Perot Museum. The Goldman Sachs office would be part of Hunt Realty’s 11-acre North End development located between Victory Park and Uptown.

Plans for the mixed-use project include offices, residential and hotel towers and retail space just north of Woodall Rodgers Freeway. The new buildings will be constructed around a 1.5-acre park. Goldman Sachs' more than 800,000-square-foot office would anchor the project.

The incentives being considered by the city are a combination of economic grants and tax abatements. The city council will vote on whether to give Goldman Sachs $4.375 million in grants and property and business tax abatements valued at $13.644 million. Goldman Sachs currently employs about 2,500 full-time permanent employees in Dallas, with most of them working in the Trammell Crow Center on Ross Avenue.

“Recently, Goldman Sachs approached the city regarding plans to expand its Dallas operations by creating a new urban campus environment offering an upgraded workplace experience,” according to the city council agenda. “Goldman Sachs anticipates they will retain, relocate and hire a total of 5,000 permanent, full-time jobs with an average annual base wage of at least $90,000.00 (not inclusive of annual bonuses) by December 31, 2028.” Goldman Sachs also considered Salt Lake City, Atlanta and South Florida for the office, according to the city’s economic development department.

North Texas is already one of Goldman Sach’s largest employment centers outside New York, second only to Salt Lake City. The new office would be completed “no later than December 31, 2027.” Along with the new jobs, the city is asking Goldman Sachs to “partner” with Paul Quinn College, the University of Texas at Dallas and Dallas College to create workforce programs for internships and apprenticeships. Goldman Sachs representatives have declined to comment on the planned Dallas office expansion. The proposed Goldman Sachs office would cost more than $480 million, according to the filings with the city. That would make it the most costly real estate project in central Dallas in decades. The financial firm also has hundreds of workers at an office in Richardson’s Telecom Corridor.

If approved by the city, Goldman Sachs’ incentive package would be one of the largest such offerings to lure new business to Dallas. In 2019, California-based transportation firm Uber received more than $9 million in city incentives to bring 3,000 jobs to a new building in Dallas’ Deep Ellum neighborhood. State, city and county officials approved nearly $36 million in economic incentives in all to bring Uber’s office to Dallas. But Uber drastically downsized the Dallas operation during the COVID-19 pandemic and forfeited the millions in support. Toyota North America received more than $8 million in incentives from Plano to relocate its North American headquarters from California. Toyota also received $40 million from the Texas Enterprise Fund for bringing 3,650 workers to the new headquarters in Plano.

User avatar
Semper454
Posts: 5
Joined: 06 May 2019 15:27

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Semper454 » 22 Jun 2022 15:20

80 stories in this location would be wild. This site would seem to be even more disconnected from the rest of the skyline than BOA is from certain angles. Coming in on I-35, for example, or say from Trinity Groves, this would absolutely dwarf everything else.

User avatar
trueicon
Posts: 77
Joined: 01 Jun 2017 20:12

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby trueicon » 22 Jun 2022 15:24

Some unexpected drama happening live. Paul Ridley motioned to DENY the tax incentives. His reasons for the denial reflect a comprehensive ignorance of fundamental economics. Of course it would be great if we didn't need to approve these sorts of things for public corporations. The reality is that if you don't approve it, they go somewhere else. 5,000 jobs plus new related industry jobs hang in the balance.

I'm listening to how this ends, but regardless, I think Ridley just became a lame duck councilperson.

User avatar
Tucy
Posts: 1250
Joined: 19 Oct 2016 12:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tucy » 22 Jun 2022 15:37

trueicon wrote:Some unexpected drama happening live. Paul Ridley motioned to DENY the tax incentives. His reasons for the denial reflect a comprehensive ignorance of fundamental economics. Of course it would be great if we didn't need to approve these sorts of things for public corporations. The reality is that if you don't approve it, they go somewhere else. 5,000 jobs plus new related industry jobs hang in the balance.

I'm listening to how this ends, but regardless, I think Ridley just became a lame duck councilperson.


FWIW, most of the jobs are already here (apparently about 2500 in Trammell Crow and about 1500 elsewhere in North Texas). Unlikely they will leave if this is not approved. AND, they've been growing quickly in North Texas (and Dallas) without subsidy... are they really going to stop adding jobs in North Texas?

User avatar
trueicon
Posts: 77
Joined: 01 Jun 2017 20:12

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby trueicon » 22 Jun 2022 15:54

Update -- despite Ridley's ill-informed objections, the tax incentive package was approved.

Looking forward to this, and to voting for Ridley's challenger next election 8-)

User avatar
Tucy
Posts: 1250
Joined: 19 Oct 2016 12:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tucy » 22 Jun 2022 16:01

trueicon wrote:Update -- despite Ridley's ill-informed objections, the tax incentive package was approved.

Looking forward to this, and to voting for Ridley's challenger next election 8-)


Just curious, what were his reasons for the motion to deny?

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 22 Jun 2022 16:30

trueicon wrote:Update -- despite Ridley's ill-informed objections, the tax incentive package was approved.


There was never a doubt.

User avatar
potatocoins
Posts: 194
Joined: 18 May 2021 14:01

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby potatocoins » 22 Jun 2022 16:36

So is there anything else (barring some catastrophic economic event) that could stand in the way of this happening, or is this officially a 'go'?

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 22 Jun 2022 16:46

Tucy wrote:
trueicon wrote:Some unexpected drama happening live. Paul Ridley motioned to DENY the tax incentives. His reasons for the denial reflect a comprehensive ignorance of fundamental economics. Of course it would be great if we didn't need to approve these sorts of things for public corporations. The reality is that if you don't approve it, they go somewhere else. 5,000 jobs plus new related industry jobs hang in the balance.

I'm listening to how this ends, but regardless, I think Ridley just became a lame duck councilperson.


FWIW, most of the jobs are already here (apparently about 2500 in Trammell Crow and about 1500 elsewhere in North Texas). Unlikely they will leave if this is not approved. AND, they've been growing quickly in North Texas (and Dallas) without subsidy... are they really going to stop adding jobs in North Texas?


They may not stop adding jobs but it could prevent them from consolidating into a single location in downtown.

User avatar
zblevinz555
Posts: 87
Joined: 14 Apr 2019 19:16

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby zblevinz555 » 22 Jun 2022 16:57

trueicon wrote:Update -- despite Ridley's ill-informed objections, the tax incentive package was approved.

Looking forward to this, and to voting for Ridley's challenger next election 8-)


Unanimous..menanimous…tomAto..tomAHto…I’ll take it
Sorry for the stupid ass reply I’m just excited

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 22 Jun 2022 18:00

A completion date no later than December 31, 2027 means we might still have a long wait yet for this to get going.

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 22 Jun 2022 18:05

Addison wrote:A completion date no later than December 31, 2027 means we might still have a long wait yet for this to get going.


Is the "December 31, 2027" completion date for the entire project or just the portion GS would occupy?

User avatar
IcedCowboyCoffee
Posts: 88
Joined: 23 Mar 2022 13:22

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby IcedCowboyCoffee » 22 Jun 2022 18:07

Addison wrote:A completion date no later than December 31, 2027 means we might still have a long wait yet for this to get going.

Do we think maybe that date is more about the entire development? Seems weird that there was a rush to get tenants to end their lease if there isn't something ready to start going soon.

Edit: hah

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 22 Jun 2022 18:08

IcedCowboyCoffee wrote:
Addison wrote:A completion date no later than December 31, 2027 means we might still have a long wait yet for this to get going.

Do we think maybe that date is more about the entire development? Seems weird that there was a rush to get tenants to end their lease if there isn't something ready to start going soon.


The post above specifically said "The new office."
Last edited by Addison on 22 Jun 2022 18:10, edited 1 time in total.

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 22 Jun 2022 18:10

rickbansal wrote:Fyi, I was talking with an executive from Goldman this past Saturday (at a social gathering) and he confirmed that Goldman will be consolidating their DFW workforce in a new building next to Perot Museum as well as adding thousands of additional jobs. He didn't believe Goldman would move their HQ to Dallas though.


A question for you...

Does your contact at GS have any information on the status of leases at their other offices they'll be vacating in DFW?

That would give us a clue for the construction timeline.

User avatar
Chrisjo445
Posts: 2
Joined: 10 Jun 2022 18:32

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Chrisjo445 » 22 Jun 2022 18:22

trueicon wrote:Update -- despite Ridley's ill-informed objections, the tax incentive package was approved.

Looking forward to this, and to voting for Ridley's challenger next election 8-)


Hahaha! Let's go! The council prevailed, thankfully. I also can't wait to vote against the jacka** when the time comes.

Now all that's left is to see how the timeline for this project shapes up, and if they will downscale the project. I really hope they don't. What are the chances that this will remain an 80+ story building?

willyk
Posts: 734
Joined: 18 Oct 2016 20:20

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby willyk » 22 Jun 2022 21:14

5,000 jobs. I wonder how many people work in VP today? May become hard to get a bartender’s attention at Billy Can Can after this opens, and that’s a good thing.

User avatar
I45Tex
Posts: 482
Joined: 26 Jan 2017 05:52

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby I45Tex » 22 Jun 2022 23:31

Chrisjo445 wrote:
Hahaha! Let's go! The council prevailed, thankfully. I also can't wait to vote against the jacka** when the time comes.

Now all that's left is to see how the timeline for this project shapes up, and if they will downscale the project. I really hope they don't. What are the chances that this will remain an 80+ story building?


It’s hard to predict a chance of that:
Even though the phasing of the whole North End site redevelopment is mutually connected, there’s not a direct connection between the financing of the jobs (south tower) and the lending stacks for the other proposed towers that include zblevinz’s tall residential one.

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 23 Jun 2022 07:51

Addison wrote:
rickbansal wrote:Fyi, I was talking with an executive from Goldman this past Saturday (at a social gathering) and he confirmed that Goldman will be consolidating their DFW workforce in a new building next to Perot Museum as well as adding thousands of additional jobs. He didn't believe Goldman would move their HQ to Dallas though.


A question for you...

Does your contact at GS have any information on the status of leases at their other offices they'll be vacating in DFW?

That would give us a clue for the construction timeline.


I didn't ask him but that information would be enlightening. I'll bring it up the next time I see him.

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 23 Jun 2022 07:58

Chrisjo445 wrote:Hahaha! Let's go! The council prevailed, thankfully. I also can't wait to vote against the jacka** when the time comes.

Now all that's left is to see how the timeline for this project shapes up, and if they will downscale the project. I really hope they don't. What are the chances that this will remain an 80+ story building?


I'm sure the project, as presented, is the "art of the possible" should all of the stars line up. Hard to know when the next pandemic will come or the next war or the next recession, ..... Might go the way of Victory Park.

I'm hoping that at least the GS and the mixed-use residential towers get built. Those would be amazing additions to the skyline.

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 23 Jun 2022 08:10

Btw, here is the content of the DMN article regarding the approval of the tax incentives:
https://www.dallasnews.com/business/real-estate/2022/06/22/goldman-sachs-would-bring-5000-jobs-to-new-dallas-office/


Steve Brown - Dallas Morning News wrote:New York-based financial giant Goldman Sachs will put 5,000 workers in an office campus to be built just north of downtown Dallas.

The City Council voted Wednesday to give Goldman Sachs and Dallas’ Hunt Realty more than $18 million in economic incentives to build the office project at 2323 North Field St. next to the Perot Museum.

The City Council overwhelmingly supported the incentives.

“This is exactly the kind of company I think we should be investing in,” said council member Cara Mendelsohn. “To me this is an investment that makes sense.”

Council member Tennell Atkins said that giving Goldman Sachs support will build for the city’s future. “We are not giving away the store,” Atkins said. “We are trying to sell Dallas.”

Still, council member Paul Ridley questioned offering the global financial firm millions in public funding.

“I do not see the need for public support for a wealthy public corporation that is highly capitalized and does not need this money to decide where they are going to locate their offices,” said Ridley, who ultimately voted for the proposal.

The Goldman Sachs campus would be part of Hunt Realty’s 11-acre North End development located between Victory Park and Uptown.

Plans for the mixed-use project include offices, residential and hotel towers and retail space just north of Woodall Rodgers Freeway. The new buildings will be constructed around a 1.5-acre park.

Goldman Sach’s more than 800,000-square-foot office will anchor the project.


The incentives okayed by the city are a combination of economic grants and tax abatements. The City Council agreed to give Goldman Sachs $4.375 million in grants and property and business tax abatements valued at $13.644 million.

Goldman Sachs currently employs about 2,500 full-time permanent employees in Dallas, with most of them working in the Trammell Crow Center on Ross Avenue.

“It’s 5,000 jobs — 2,500 retained here in the city and another 2,500 added,” said Robin Bentley, director of Dallas’ office of economic development.

Bentley said the city grant support works out to about $800 per employee, “which is less than we have offered on similar deals.”

The workers will have an average annual base wage of at least $90,000.

“The types of jobs we are looking at are the full spectrum of headquarters services,” Bentley said. “All of the Goldman Sachs divisions of business will be represented out of the Dallas office.”

Goldman Sachs also considered Salt Lake City, Atlanta and South Florida for the office, according to the city’s economic development department. North Texas is already Goldman Sachs’ largest employment outside of New York.

The new office would be completed “no later than December 31, 2027.”

Along with job creation, the city is asking Goldman Sachs to “partner” with Paul Quinn College, the University of Texas at Dallas and Dallas College to create workforce programs for internships and apprenticeships.

Council member Gay Donnell Willis said the city has to support projects like the new Goldman Sachs office.

“The notion of sitting back on our heels in a competitive world will make Dallas a loser,” she said. “The competition is so ready to step in and take projects away from us. Dallas is a winner.”

Goldman Sachs representatives have declined to comment on the planned Dallas office expansion.

The proposed Goldman Sachs office would cost more than $480 million, according to filings with the city. That would make it the most costly real estate project in central Dallas in decades.

The financial firm also has hundreds of workers at an office in Richardson’s Telecom Corridor.

Goldman Sachs’ incentive package is one of the largest Dallas has ever made.

In 2019, California-based transportation firm Uber received more than $9 million in city incentives to bring 3,000 jobs to a new building in Dallas’ Deep Ellum neighborhood.

State, city and county officials approved nearly $36 million in total economic incentives to bring Uber’s office to Dallas. But Uber drastically downsized the Dallas operation during the COVID-19 pandemic and forfeited the millions in support.

Toyota North America received more than $8 million in incentives from Plano to relocate its North American headquarters from California. Toyota also received $40 million from the Texas Enterprise Fund for bringing 3,650 workers to the new headquarters in Plano.

User avatar
Kelley USA
Posts: 777
Joined: 27 Oct 2016 12:46

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Kelley USA » 23 Jun 2022 09:31

The timeline for completion (December 2027) isn't as far off as you might think. A project of this magnitude, assuming this is the 80 story tower, would take 2.5 - 3 years for full completion. Remember that most of the parking is underground which takes quite a bit of time to build out and up. Plus you'd probably have a good 3 - 4 months of demo and cleanup on the existing apartments. Not to mention this is probably still anywhere from 9 - 12 months from even starting. It could be pretty tight when you really start adding everything up. But someone with more knowledge on construction might chime in otherwise??

User avatar
dalbert
Posts: 81
Joined: 07 Mar 2019 00:25

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby dalbert » 23 Jun 2022 10:12

willyk wrote:5,000 jobs. I wonder how many people work in VP today? May become hard to get a bartender’s attention at Billy Can Can after this opens, and that’s a good thing.


Historically, the EY building and AAC south plaza have been the only two office spaces. Haynes and Boone will vacate EY for Harwood in '23; however, the arrival of The Union, The Link, and Victory Commons will continue to inject some daytime livelihood into the neighborhood. Bring on GS. The more, the merrier.

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 23 Jun 2022 10:14

Kelley USA wrote:The timeline for completion (December 2027) isn't as far off as you might think. A project of this magnitude, assuming this is the 80 story tower, would take 2.5 - 3 years for full completion. Remember that most of the parking is underground which takes quite a bit of time to build out and up. Plus you'd probably have a good 3 - 4 months of demo and cleanup on the existing apartments. Not to mention this is probably still anywhere from 9 - 12 months from even starting. It could be pretty tight when you really start adding everything up. But someone with more knowledge on construction might chime in otherwise??


A couple counterpoints:

1. I think there's some confusion about which tower GS will be occupying. It won't be the 80-story tower (whicb is supposed to be a combined hotel/residential project), but one of the other shorter towers, roughly 50 stories or so. No timeline for groundbreaking/completion has been given for the 80-story tower.

2. Giving them a 2.5 - 3 year window for construction of the GS tower is a bit too much. To compare a tower of similar height, the 505 building in Nashville only took 1.5 years for completion. Since a tenant is lined up and is on a tight deadline, there's no reason why things shouldn't move just as fast (or even faster) once groundbreaking takes place.

So yes, I do think it is plausible we could still be waiting until at least 2024 or 2025 for any activity, assuming Goldman Sachs' deadlines or requirements don't change. IMO, that's a pretty long wait.

User avatar
MC_ScattCat
Posts: 138
Joined: 26 Jun 2019 16:12

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby MC_ScattCat » 23 Jun 2022 10:36

I am a construction estimator and project this size takes months to a year to estimate and design. Permitting takes a while too. The lead time on materials is also longer right now than normal. Remember they will have to tear down the old structures. Then reroute or I would expect increase the size and locations of utilities. They most likely will have to plan for utilities to be in a location that will include what changes need to be made for the DART line too. I wouldn't expect to see anything rising out of the ground for 2 years assuming they started today.

User avatar
potatocoins
Posts: 194
Joined: 18 May 2021 14:01

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby potatocoins » 23 Jun 2022 10:44

Maybe they are being conservative with the completion date and giving themselves a buffer in case the unexpected happens. The article says "no later than Dec 31, 2027", and I wonder if that phrasing is intentional.

Either way, I'm happy. What is most exciting (to me) about these announcements is the snowball effect they can potentially have. Even if Goldman's office may not be completed until end of 2027, the announcement has been made, so hopefully this will give other developments and other companies a bit more confidence to bet on Dallas in the meantime.

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 23 Jun 2022 10:50

MC_ScattCat wrote:I am a construction estimator and project this size takes months to a year to estimate and design. Permitting takes a while too. The lead time on materials is also longer right now than normal. Remember they will have to tear down the old structures. Then reroute or I would expect increase the size and locations of utilities. They most likely will have to plan for utilities to be in a location that will include what changes need to be made for the DART line too. I wouldn't expect to see anything rising out of the ground for 2 years assuming they started today.


Optimistically, given this is a build-to-suit for a secured tenant who's already disclosed their requirements, I'd like to believe they at least had the design & estimate already done before asking for incentives.

But realistically, I'm probably given the developer too much credit.
Last edited by Addison on 23 Jun 2022 10:53, edited 1 time in total.

User avatar
Kelley USA
Posts: 777
Joined: 27 Oct 2016 12:46

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Kelley USA » 23 Jun 2022 10:52

Addison wrote:
Kelley USA wrote:The timeline for completion (December 2027) isn't as far off as you might think. A project of this magnitude, assuming this is the 80 story tower, would take 2.5 - 3 years for full completion. Remember that most of the parking is underground which takes quite a bit of time to build out and up. Plus you'd probably have a good 3 - 4 months of demo and cleanup on the existing apartments. Not to mention this is probably still anywhere from 9 - 12 months from even starting. It could be pretty tight when you really start adding everything up. But someone with more knowledge on construction might chime in otherwise??


A couple counterpoints:

1. I think there's some confusion about which tower GS will be occupying. It won't be the 80-story tower (whicb is supposed to be a combined hotel/residential project), but one of the other shorter towers, roughly 50 stories or so. No timeline for groundbreaking/completion has been given for the 80-story tower.

2. Giving them a 2.5 - 3 year window for construction of the GS tower is a bit too much. To compare a tower of similar height, the 505 building in Nashville only took 1.5 years for completion. Since a tenant is lined up and is on a tight deadline, there's no reason why things shouldn't move just as fast (or even faster) once groundbreaking takes place.

So yes, I do think it is plausible we could still be waiting until at least 2024 or 2025 for any activity, assuming Goldman Sachs' deadlines or requirements don't change. IMO, that's a pretty long wait.


I'd also counter with a few points. 505 Nashville has a parking garage as opposed to underground parking. I would add at least 12 months of construction just for the underground parking. Also, Amli Fountain Place at 45 stories took 2.5 years to complete before they opened it up to residents. So even at 40 - 50 stories for GS I think the timeline could still be pretty tight.

User avatar
turtlecreek
Posts: 8
Joined: 22 Mar 2022 09:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby turtlecreek » 23 Jun 2022 11:03

Kelley USA wrote:
Addison wrote:
Kelley USA wrote:The timeline for completion (December 2027) isn't as far off as you might think. A project of this magnitude, assuming this is the 80 story tower, would take 2.5 - 3 years for full completion. Remember that most of the parking is underground which takes quite a bit of time to build out and up. Plus you'd probably have a good 3 - 4 months of demo and cleanup on the existing apartments. Not to mention this is probably still anywhere from 9 - 12 months from even starting. It could be pretty tight when you really start adding everything up. But someone with more knowledge on construction might chime in otherwise??


A couple counterpoints:

1. I think there's some confusion about which tower GS will be occupying. It won't be the 80-story tower (whicb is supposed to be a combined hotel/residential project), but one of the other shorter towers, roughly 50 stories or so. No timeline for groundbreaking/completion has been given for the 80-story tower.

2. Giving them a 2.5 - 3 year window for construction of the GS tower is a bit too much. To compare a tower of similar height, the 505 building in Nashville only took 1.5 years for completion. Since a tenant is lined up and is on a tight deadline, there's no reason why things shouldn't move just as fast (or even faster) once groundbreaking takes place.

So yes, I do think it is plausible we could still be waiting until at least 2024 or 2025 for any activity, assuming Goldman Sachs' deadlines or requirements don't change. IMO, that's a pretty long wait.


I'd also counter with a few points. 505 Nashville has a parking garage as opposed to underground parking. I would add at least 12 months of construction just for the underground parking. Also, Amli Fountain Place at 45 stories took 2.5 years to complete before they opened it up to residents. So even at 40 - 50 stories for GS I think the timeline could still be pretty tight.


Another point leaning in 505’s court leading to a faster construction time, the above ground garage was constructed separately from the main tower.

User avatar
Tucy
Posts: 1250
Joined: 19 Oct 2016 12:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tucy » 23 Jun 2022 11:21

Addison wrote:
Kelley USA wrote:The timeline for completion (December 2027) isn't as far off as you might think. A project of this magnitude, assuming this is the 80 story tower, would take 2.5 - 3 years for full completion. Remember that most of the parking is underground which takes quite a bit of time to build out and up. Plus you'd probably have a good 3 - 4 months of demo and cleanup on the existing apartments. Not to mention this is probably still anywhere from 9 - 12 months from even starting. It could be pretty tight when you really start adding everything up. But someone with more knowledge on construction might chime in otherwise??


A couple counterpoints:

1. I think there's some confusion about which tower GS will be occupying. It won't be the 80-story tower (whicb is supposed to be a combined hotel/residential project), but one of the other shorter towers, roughly 50 stories or so. No timeline for groundbreaking/completion has been given for the 80-story tower.

2. Giving them a 2.5 - 3 year window for construction of the GS tower is a bit too much. To compare a tower of similar height, the 505 building in Nashville only took 1.5 years for completion. Since a tenant is lined up and is on a tight deadline, there's no reason why things shouldn't move just as fast (or even faster) once groundbreaking takes place.

So yes, I do think it is plausible we could still be waiting until at least 2024 or 2025 for any activity, assuming Goldman Sachs' deadlines or requirements don't change. IMO, that's a pretty long wait.


Quite right, Addison. Additional info for everyone to keep in mind. The December 31, 2027 "completion date" is the deadline for completion of just the core and shell. The finish out of the interior can be done after that date, so long as occupancy occurs no later than December 31, 2028. So, even if it takes 3 years to build, they could wait threes years from now before starting.

User avatar
Tucy
Posts: 1250
Joined: 19 Oct 2016 12:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tucy » 23 Jun 2022 11:29

Addison wrote:
rickbansal wrote:Fyi, I was talking with an executive from Goldman this past Saturday (at a social gathering) and he confirmed that Goldman will be consolidating their DFW workforce in a new building next to Perot Museum as well as adding thousands of additional jobs. He didn't believe Goldman would move their HQ to Dallas though.


A question for you...

Does your contact at GS have any information on the status of leases at their other offices they'll be vacating in DFW?

That would give us a clue for the construction timeline.


Assuming a fairly standard 10-year term, their lease at Trammel Crow Center expires some time in 2028...

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 23 Jun 2022 12:07

Tucy wrote:
Addison wrote:
rickbansal wrote:Fyi, I was talking with an executive from Goldman this past Saturday (at a social gathering) and he confirmed that Goldman will be consolidating their DFW workforce in a new building next to Perot Museum as well as adding thousands of additional jobs. He didn't believe Goldman would move their HQ to Dallas though.


A question for you...

Does your contact at GS have any information on the status of leases at their other offices they'll be vacating in DFW?

That would give us a clue for the construction timeline.


Assuming a fairly standard 10-year term, their lease at Trammel Crow Center expires some time in 2028...


I do know there was recently a filing with TDLR for renovation of GS' Trammell Crow Center offices.

User avatar
undefinedprocess
Site Admin
Posts: 466
Joined: 05 Jul 2020 05:45
Contact:

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby undefinedprocess » 23 Jun 2022 18:39

Y'all realize GS' tower/building would only be 15-20 stories, right? The 80+ story tower that's been teased for a year now is the hotel/resi mixed-use tower that's a completely separate portion of the project. At the City Council meeting, the words "15-20 stories" were said (speaking about the GS "tower"), and it was specifically mentioned that "it wouldn't be like your typical Dallas high-rise, it'd be more of a suburban campus feel."

Sigh.

User avatar
dallaz
Posts: 518
Joined: 26 Oct 2016 14:50

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby dallaz » 23 Jun 2022 19:32

undefinedprocess wrote:Y'all realize GS' tower/building would only be 15-20 stories, right? The 80+ story tower that's been teased for a year now is the hotel/resi mixed-use tower that's a completely separate portion of the project. At the City Council meeting, the words "15-20 stories" were said (speaking about the GS "tower"), and it was specifically mentioned that "it wouldn't be like your typical Dallas high-rise, it'd be more of a suburban campus feel."

Sigh.

I was just about to mention that. I just seen the city council agenda.

But there’s still hope. The residential tower is suppose to be the 80 story tower.
Last edited by dallaz on 23 Jun 2022 19:39, edited 2 times in total.

User avatar
Tivo_Kenevil
Posts: 1979
Joined: 20 Oct 2016 12:24

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Tivo_Kenevil » 23 Jun 2022 19:33

undefinedprocess wrote:Y'all realize GS' tower/building would only be 15-20 stories, right? The 80+ story tower that's been teased for a year now is the hotel/resi mixed-use tower that's a completely separate portion of the project. At the City Council meeting, the words "15-20 stories" were said (speaking about the GS "tower"), and it was specifically mentioned that "it wouldn't be like your typical Dallas high-rise, it'd be more of a suburban campus feel."

Sigh.


Idk what the "suburban feel" comment means. But it could be alluding to planed green space. "feel" is the keyword here.

User avatar
rickbansal
Posts: 32
Joined: 22 Jan 2019 07:06

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby rickbansal » 23 Jun 2022 20:09

undefinedprocess wrote:Y'all realize GS' tower/building would only be 15-20 stories, right? The 80+ story tower that's been teased for a year now is the hotel/resi mixed-use tower that's a completely separate portion of the project. At the City Council meeting, the words "15-20 stories" were said (speaking about the GS "tower"), and it was specifically mentioned that "it wouldn't be like your typical Dallas high-rise, it'd be more of a suburban campus feel."

Sigh.


You don't usually see 800,000 sqft in a 15-20 story building. I'd be pretty surprised if it was less than 40 stories or so.

User avatar
Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Uptown Dallas - Field Street Development [North End Apartments Site]

Postby Addison » 23 Jun 2022 20:41

rickbansal wrote:
undefinedprocess wrote:Y'all realize GS' tower/building would only be 15-20 stories, right? The 80+ story tower that's been teased for a year now is the hotel/resi mixed-use tower that's a completely separate portion of the project. At the City Council meeting, the words "15-20 stories" were said (speaking about the GS "tower"), and it was specifically mentioned that "it wouldn't be like your typical Dallas high-rise, it'd be more of a suburban campus feel."

Sigh.


You don't usually see 800,000 sqft in a 15-20 story building. I'd be pretty surprised if it was less than 40 stories or so.


Yeah, I'd like to believe the person who said that was confused and mistaken.

...