DALLAS-After spending several years to assemble 12 acres near the Arts District, Spire Realty has unveiled its plan to develop a six-building office, hotel, retail and parking complex dubbed“The Spire. Industry experts estimate the price tag for the project at $500 million to $700 million.
"Several years ago we began to analyze the expansion plans of the Arts District and it occurred to us that some key components were missing,” says Caleb Smith, president of Spire Realty Group. “First, we identified a serious lack of parking, so we started acquiring parking lots in the area. And, there was not an easily identified pathway from the closest DART station to the Arts District. We also noticed that there was not enough retail, residential or office space to serve the District. The Spire was born.”
The entire project, which consists of 1.7 million square feet of office, a 13-level parking garage, an eight-story, 190-room hotel and a residential/retail component, will take 10 to 15 years to build out.
The initial phase of The Spire will be “Block D”, a 21-story office building featuring 359,549 square feet of office space, 25,465 square feet of retail and 36 residential units. Construction will not begin on the building until a lead tenant has been found, according to Dale Ray, a principal with Peloton Commercial Real Estate.
Spire Realty has tapped Peloton to market The Spire. “Within a couple of years, we hope we’re in a position with a deal or two that allows for us to start the project,” Ray tells GlobeSt.
The architectural firm of WDG, with offices in Washington D.C. and Dallas, will provide architectural planning and interior design services for The Spire. Austin Commercial has been named construction manager/general contractor.
In addition to urban land parcels in Dallas, Austin, and Houston, Spire Realty also owns and manages a 3 million-square-foot portfolio including the 40-story Bryan Tower at 2001 Bryan Street in downtown Dallas. The firm recently purchased the 21-story Chase Tower in Austin and the 202,879-square-foot 500 E. John Carpenter Frwy. in the Las Colinas submarket.
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