Daily dog walkers and weekend joggers appreciate the urban parks and open spaces of Dallas’ Turtle Creek Corridor.
A meandering creek north of Uptown also caught the developer’s attention. Nearly $2 billion new real estate projects are underway along the waterway.
“You will see at least five cranes coming out of the ground at the same time,” said Newt Walker, a real estate broker who has been selling sites in the area for decades. “Turtle He Creek was long a sleepy stepchild, but suddenly blossomed.
“This is one of those all-stars-at-a-glance situations,” he said.
The brightest star in Turtle Creek is $750 million luxury Four Seasons Planned hotel and condominium towers on Turtle Creek Boulevard and Cedar Springs Road.
Skyscrapers housing five-star hotels and luxury residences are being built on vacant lots acquired by the Perot family in Dallas many years ago.
Perot’s Hillwood office builds headquarters Seven years ago in Turtle Creek, nothing else was happening in the area.
“This whole area is really coming together. It’s great to see the redevelopment going on.”
Hillwood is offering land for the new Four Seasons. Award-winning architecture firm Pelli Clarke Pelli designed the 20-plus-storey tower.
Perot said the Four Seasons project will draw more attention to the region.
“It’s going to be a great decade for Turtle Creek,” said Perrault.
One of the neighborhood’s existing landmarks — 40 years ago Mansion on Turtle Creek Hotel — was just sold to a Dallas-based investment group.
HN Capital Partners has purchased a 142-room, nine-story luxury hotel and adjacent restaurant. New owners plan to polish this Turtle Creek gem.
Vipin Nambiar, Founder of HN Capital Partners said: “Though for the luxury clientele, I think these interventions are starting to make the neighborhood feel a little more vibrant.
“Four Seasons will do the same,” he said. “He sees the lots around the two hotels becoming sought after for rental housing and condominiums.”
Developers recently announced plans for several new communities on site along Turtle Creek and the adjacent Katy Trail.
- Houston-based developer Hanover Co. and GID Investment Advisers are building the $170 million. 21-story high-rise condominium at 2525 Turtle Creek Road. Near Fairmount Street. This luxury rental project will be built on the grounds of the Turtle Creek Gardens Condominium.
- Next door California-based Nexus Development Corp. will build a 25-story residential tower on the vacant corner of Turtle Creek Boulevard and Fairmount Street. The Vivante at Turtle Creek The tower contains a combination of market and senior housing units.
- On the same block at 2727 Turtle Creek Blvd. Colorado Apartment Builder UDR Inc. You have purchased 5 acres on which you plan to build 2 more towers.
- Dallas developer on Carlisle Street, east of Turtle Creek and Katy Trail Lincoln Property Co. Breaks Ground A condo development of over 300 units to replace 115 dilapidated condominiums on site.
- At Carlisle and Hall Streets overlooking Turtle Creek, Lang Partners plans construction High-rise housing and tenements on site occupied by a 1960s rental community.
“Proximity to Turtle Creek Park is important,” said Dirik Oudt of Lang Partners. “It’s a beautiful park and has the feel of Central Park.”
With so many projects underway, the cost of land along Turtle Creek is rising.
Recent sales have exceeded $400 per square foot, said real estate broker Mike Turner.
“Things are confusing because so many people are looking at so many sites,” Turner said.
Michael Swaldi, senior managing director of Jones Lang LaSalle, said the surge in property sales “speaks to the best-in-class nature of the Turtle Creek area.”
“You’re two minutes from uptown and five minutes from downtown, and you can hit the Katy Trail in no time,” said Suwardi. “And you’re right next door to our only five-star hotel, and our newest five-star hotel is coming to this same area.
“As good as you can get in what is considered one of the best markets in the United States for building new, high-quality projects.”