December 26, 2019

Four areas in DFW poised for big changes in 2020

There are plenty of cranes in the sky over North Texas these days, and even more projects that have been announced but have yet to break ground. While nearly all cities and neighborhoods in Dallas-Fort Worth are seeing at least a few new developments, four areas in particular are set to see some of the most dramatic changes next year. As 2019 comes to a close, the Business Journal has compiled a list of those four areas and the projects that will change them:

Downtown Dallas
In the late '90s, downtown was home to 42 large vacant buildings and experienced very little activity after work hours. By the end of next year, there will be no major vacant buildings downtown. Even more scenery-changing projects are set to break ground or continue construction in 2020, moving the area from being office-heavy to being a true live, work and play neighborhood.

Pre-leasing and move-ins are expected to start at the AMLI Fountain Place high-rise apartments during the first quarter of 2020. Located at the corner of Field Street and Munger Avenue, the 45-story, 367-unit complex will be the tallest skyscraper built downtown since 1987. Further up on Ross Avenue, more residents will be moving downtown thanks to the Hall Arts Residences. Expected to deliver by early next year, the 28-story, 48-unit luxury condo tower will offer units starting at over $1 million and will be connected to the already-completed Hall Arts Hotel next door. It is being developed by local developer Craig Hall.

More residential units will be delivered to the Arts District by next summer thanks to the 41-story Atelier. The high-rise apartment complex will boast 364 apartments as well as 26,000 square feet of amenity space and 15,000 square feet of ground floor retail. Further south on the eastern edge of downtown, Todd Interests' East Quarter high-rise building will be taking shape during 2020. The mixed-use development will have 336 apartments, 200,000 square feet of office space and 25,000 square feet of street level retail. While the 20-story building will take shape next year, it's not expected to open until 2021.

Finally, one of downtown's largest and most ambitious developments is expected to break ground towards the latter half of 2020. Called the Field Street District, the $1 billion mixed-use development is expected to feature 1.2 million square feet of office space, split between a 700,000 and a 500,000-square-foot tower; a hotel; two residential towers, both with about 300 units; and 30,000 to 40,000 square feet of amenity and retail space. Being developed by a partnership featuring Kaizen Development Partners, Woods Capital and Dundon Capital Partners, the development is not expected to break ground until an office tenant is secured.

Uptown Dallas
Even more high-rise developments are expected across the highway from downtown in 2020. In November, the 14-story, 255-room Marriott Uptown hotel will open. By that time, The Link at Uptown is also expected to have begun going vertical. Being built by Kaizen Development, the 25-story office tower will offer 300,000 square feet of Class AA office space.

At least two other high-rise developments are expected to break ground in Uptown by the end of 2020. One will be a 19-story mixed-use tower at the corner of McKinney Avenue and Boll Street. Being developed by Austin-based Endeavor Real Estate Group, the tower plans to have 290 apartments, 60,000 square feet of office space and 15,000 square feet of retail. The other will be a 12-story apartment complex by San Antonio-based Kairoi Residential, which will be located at 2620 Maple Ave.

By the start of next baseball season, the Texas Rangers will have a new home. Located across the street from Globe Life Park will be the new Globe Life Field. With a capacity of 40,300, the new stadium will feature a retractable roof and all the bells and whistles of a brand new ballpark. Outside the stadium, even more big changes are coming.

The Cordish Cos., in partnership with the Rangers, the City of Arlington and Loews Corp. will soon break ground on phase two of Texas Live!, which will feature 200,000 square feet of office space, an 888-room convention hotel with 150,000 square feet of meeting space, 100,000 square feet of additional restaurant and retail space, 280 apartments, small business incubator space and nearly 2,000 additional parking spaces. While not expected to be complete until 2023, the new phase will cost an estimated $810 million.

Frisco is already the most active multifamily development market in DFW, but more is to come on the construction and delivery side next year. Of the nine apartments currently under construction in Frisco, one stands above them all — literally. The 17-story Twelve Cowboys Way is expected to open by the first quarter and will offer 160 units ranging from 800 square feet to 3,200 square feet. Rents will also start at a cool $2,700 per month. Amenities include a 60,000-square-foot gym called Cowboys Fit.

Frisco is also one of the hottest office markets in DFW, and could see even more office space break ground next year. A document submitted to the Texas Department of Licensing and Regulation indicates that VanTrust Real Estate could break ground on the Offices Three at Frisco Station sometime next year. The document states that the six-story office building would be virtually the same size as The Offices Two, at around 210,000 square feet. Having just opened last month, The Offices Two is 80 percent leased, according to sources with knowledge of the area, and is home to tenants such as Keurig Dr. Pepper and Stifel Financial Corp.

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