In one of Uptown Dallas’ biggest skyscraper projects, the developers seem to have hit the pause button.
over 2 years agoTrammell Crow Co., has announced plans for a 27-story McKinney Avenue office and retail tower.
The nearly 700,000-square-foot building will replace Trulac’s restaurant on the corner of Maple Avenue. The $200 million skyscraper was planned as the headquarters of Dallas-based commercial real estate firm CBRE Group.
However, work on the tower has not progressed after zoning the project and gaining incentives to build.
Previous filings to the City and State Breakthrough earlier this year.
Crow officials declined to comment on the development status.
Real estate information firm CoStar recently questioned whether the tower project is still alive.
tower Should be completed by the end of 2024 Receive city economic incentives.
CBRE Group, which owns Trammell Crow Co., will move its headquarters from California to Dallas in 2020, located in a separate McKinney Avenue office building. An international commercial real estate firm recently $400 million in cost savings This is because the economic environment is deteriorating.
Since the Uptown project was announced, interest rate hikes by the Federal Reserve have dramatically increased the cost of new development.
Uptown Dallas contracts stalled, but Crow Co.’s High Street Residential moves forward with 4-acre mixed-use project North of downtown Knox Street Includes offices, residences, retail stores and hotels.
At Plano’s Legacy Business Park, CBRE is looking for tenants to sublease the new 327,000 square foot office. A tower built for Reata Pharmaceuticals. The pharmaceutical company had planned to place its headquarters in a skyscraper, but decided to put the move on hold.
While Crow Co.’s McKinney Avenue skyscraper stalls, other Uptown Dallas developers are pushing new projects forward.
Located just two blocks from the Crow Tower site on Cedar Springs Road, developer Granite Properties has begun construction on the 626,000-square-foot site. 23Springs office and retail project. Developer Hines is also including new offices in the redevelopment of the historic Maple Terrace building.
Stream Realty Partners is constructing a 12-story office tower and new retail space for $100 million. square redevelopment.
Developer Harwood International 27-story Harwood No. 14 Office Tower Located on Harry Hines Boulevard, it has already signed several large leases with business tenants, including law firms Haynes & Boone, O’Melveny & Myers and real estate investor S2 Capital.