Financing Paves Way for 550 KSF Dallas Mixed-Use
- Sep 27, 2019
JMJ Development has secured financing for the purchase of an approximately 2.5-acre site in Dallas that will become home to a 548,800-square-foot luxury mixed-use destination. Madison Realty Capital provided the developer with a $32.5 million acquisition loan.
The project site, located at 2999 Turtle Creek Blvd., sits in Dallas’ affluent Turtle Creek neighborhood. The property is currently home to a two-story, 25,000-square-foot office building that opened in 2004. JMJ plans to transform the site with the construction of a 25-story tower featuring a 177-key hotel and 97 upscale residential condominium units. A five-level, 397-space subterranean parking facility will replace an existing, single-story below-ground garage.
Madison was keen to provide financing for the Turtle Creek project due in no small part to the Turtle Creek neighborhood‘s strong demographic and economic fundamentals. The real estate private equity firm believes the area’s wealth of successful office, retail and restaurant offerings will provide a fertile environment for the premier lodging and residential destination.
JMJ’s next steps toward bringing its 2999 Turtle Creek development to fruition include the closing of agreements for the flagship hotel and completion of construction drawings. The mixed-use project will count as its neighbors the five-star Rosewood Mansion hotel, the Turtle Creek Village office and retail property and a planned 350,000-square-foot office tower.
The expanding mixed-use landscape
From the city limits to the suburbs, mixed-use properties are popping up across metropolitan Dallas. Notable projects in Dallas proper include Four Rivers Capital’s 290,000-square-foot Weir’s Plaza office and retail project, which landed a $108.4 million construction loan from PCCP.
Todd Interests recently took the reins for the $450 million redevelopment of the 1401 Elm St. office building into a hotel, apartment and retail tower; financing for the undertaking includes a bridge loan from Octagon Finance. And Uber recently inked a 450,000-square-foot lease that kicked-off development of the final office structure at Westdale Real Estate Investment and Management’s The Epic live-work-play development.