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Granite, Gables Dig Into $200M Uptown Towers

DALLAS-The developers forge ahead on a 361,524-sf trophy office and 26-story residential tower. The double play yields a 7% to 10% pricing reduction from separate construction.

By Connie Gore | Updated on April 03, 2008

[IMGCAP(1)]DALLAS-Officially ringing the starting bell, Granite Properties and Gables Residential Trust are under way with a $200-million, two-tower project in Uptown. The double play will come on line in 2010.

Economic concerns sweeping the nation have been taken into consideration, but the long-term outlook is driving the development partners to forge ahead with confidence on the 2.14-acre project at 1717 McKinney St. and 1700 Cedar Springs Rd., according to Greg Fuller, COO of Dallas-based Granite Properties. “You really have to have a five-year horizon window. There definitely are going to be areas that see economic downturn, but real estate fundamentals in that area [Uptown] are not going to go away,” he tells GlobeSt.com. “You’ve got to look long term, past this rocky bubble. Great real estate in great locations will always survive in good times or bad.”

The class AA office tower is a 19-story design, with 361,524 sf of rentable LEED Silver-certified space. It will sit on top of six levels of parking and retail, with a one-acre “amenity” deck that connects to its neighbor, a 26-story residential tower with 292 units, also being designed for LEED certification. It will have 20 residential floors and six floors of parking and retail. The towers will have 15,000 sf of street-level retail and restaurant space plus room for a bank with drive-through lanes. [IMGCAP(2)]The deck will sport a 4,000-sf fitness center and infinity-edge pool in a park-like setting overlooking Victory Park and Downtown, with the Calatrava Bridge as part of the view from the balconies of upper-bank office tenants.

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