Posted May 14, 2012 by Jessie Morrell
3000 Turtle Creek Plaza won’t be grassy much longer! Hillwood is already in the process of interviewing architects for what’s going to be the next big development in Uptown.
The site is 5.9 acres, near the intersection of Turtle Creek Boulevard ad Cedar Springs Road, and is valued for tax purposes at $9.25 million, according to Dallas Central Appraisal District. Whatever building may sit on the site can be up to a million square feet, according to city zoning laws.
While Multifamily is the leader in land development in Uptown, it seems that Hillwood is looking in perhaps a different direction,. “We are exploring multiple uses for the site, it will depend on the market and how things progress”, says Ken Reese, executive vice president of Hillwood Investments and development director for Victory Park.
This being one of the last undeveloped sites in uptown, the decision of what to put on it is an important one that needs to be made with a clear vision in mind, which means Hillwood is in no rush.
“Dallas’ Uptown area is one of the most sought after submarkets for office space in North Texas, with vacancy rates decreasing by more than 5 percentage points year-over-year to 20 percent for the first quarter of 2012,” Cushman and Field. Uptown and Turtle Creek have a $29.73/square foot lease rate, while the rest of the Dallas market has a $20.20/square foot lease rate according to Cushman and Field data.
With this data at hand, this seems to be a very attractive site for Office use. However, it may also be a very attractive site for multifamily given that it’s adjacent to the beautiful Katy Trail. Whatever the future building may be, real estate sources estimated the building could be worth $70 to $90 million.
If you’re looking to buy, sell or rent in BEAUTIFUL Uptown or anywhere in the DFW area email me: Jessie@rogershealy.com or call me on my cell: 303.961.8702. I would love to help you!