DALLAS—2525 Turtle Creek Blvd. near Uptown is a 4.5-acre development site for sale. The property is located in the Oak Lawn/Turtle Creek district, one of Dallas' most affluent and densely populated areas, with an average household income of more than $133,000 and projected population growth of 15% during the next five years.
While the area has posted a surge in high-rise development activity, employment growth continues at such a robust pace that high-density developments are still in high demand, says Chris Harden. The broker, along with Ryan Duffie of Cushman & Wakefield's Dallas office, and Ben Fuller and John Carr of Cushman & Wakefield's Sunbelt Multifamily Advisory Group, are representing the Turtle Creek Gardens Condominiums Homeowner's Association in the disposition.
"The property is situated in one of Dallas' most exclusive urban districts, adjacent to some of the highest valued real estate in all of North Texas, including the Rosewood Mansion and Mandarin Oriental hotels," says Harden. "Combined with the growing affluent population in this submarket, this is a generational 'build-to-core' development opportunity."
Built in the 1960s, the property currently includes 108 condo units with strong potential for high-density residential development. The in-place zoning is one of Dallas' most favorable zoning designations, allowing for a variety of uses including hotel, office, multifamily, age-restricted and retail with a 240-foot max building height and up to a 4.5 to 1 floor-area ratio, yielding a maximum floor area of approximately 871,505 square feet. This high-density zoning provides an efficient path forward without requiring any additional zoning approvals.
"The existing zoning allows for much higher density than what currently exists on the property today," Harden tells GlobeSt.com. "There is a scarcity of available land parcels of this size that allow for this level of density by-right in the Uptown/Turtle Creek submarket. In order to redevelop the property, the 108 units would need to be demolished to make way for a new high-density development."
The property is located less than a mile from the Dallas North Tollway and Interstate 35, allowing direct access to Dallas Love Field Airport less than 4 miles away. The 3.5-mile Katy Trail is located at the front door of the property, providing bike and pedestrian access to some of Dallas' most popular locations as well as Victory Station, which is served by the Green and Orange lines. Additionally, the property provides a unique park setting to Turtle Creek Parkway, a 90-acre urban park.
As one of the only available tracts remaining in the Turtle Creek/Uptown submarket, 2525 Turtle Creek Blvd. presents a rare opportunity for a developer looking to establish a significant position in the Dallas market, says Duffie.
"Across the Sunbelt, we are witnessing a flight to quality and a steady confidence in the multifamily asset class," Fuller adds. "Class-A product demanding rents north of $3.00 per square foot and located near major employment centers will benefit in a new capital markets world. 2525 Turtle Creek checks all the boxes, and we predict to see some new companies capable of high-rise development entering the market with this true urban in-fill site."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
