DALLAS—In an effort to preserve the character of the former Dallas Independent School District headquarters site at 3700 Ross Ave., investment firm Leon Capital Group has been working with the landmark commission during the last several months to identify the most historically relevant aspects of the existing building in order to incorporate them into the new design. As a result of those efforts, Leon Capital will preserve the main entrance facade and structure of the original building, and make it a fully functional aspect of the development.
“We're planning to incorporate the interior core of the original building into our leasing office and amenity area. The balance of the architecture of the new construction will be set back from the existing structure to increase the prominence of the preserved component,” said David Cocanougher, Leon Capital Group's managing director of multifamily division. “It also incorporates design that blends the style of the existing structure with the ongoing transformation occurring along Ross Avenue.”
The 4-acre luxury development known as The Academic is set to begin construction this summer. It will include approximately 365 rental units ranging from 500 to 1,150 square feet, a six-level parking garage and a courtyard at the center of the complex.
“We're excited to be a part of the collaborative effort to protect and renew the fabric of Ross Avenue,” said Cocanougher. “This busy street near downtown's east side is getting a major makeover with new housing and retail.”
The school district has already moved its operations out of the Ross Avenue building. Leon Capital's purchase of the site will help the district maximize its financial return so it can continue investing more resources toward its mission of educating Dallas' schoolchildren. This development likely will increase property values in the area and that should benefit the school district, as there are other adjacent parcels of land for sale by the Dallas school district that have not yet been awarded.
“Leon Capital Group has been very sensitive to the concerns of those who appreciate the significance of Dallas ISD's headquarters. While the building may not have been deemed an architectural or historical landmark–and it has been extensively remodeled and added to over the years–it does have meaning to many,” Cocanougher tells GlobeSt.com. “That is why we met with the Dallas landmark commission and others for constructive dialogue about any elements of the current structure that may be incorporated into the new development.”
With a focus on multifamily, retail and self-storage properties, Leon Capital has successfully overseen more than 300 investments, representing a total capitalization of more than $3 billion.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
