Thursday, February 29, 2024

Work starts on huge Knox Street high-rise complex

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Ground has been broken for a 1 million-square-foot high-rise mixed-use development on Dallas’ Knox Street adjacent to Highland Park.

The four-acre residential, office, retail and hotel development is a project of MSD Partners, Trammell Crow Co., The Retail Connection and Highland Park Village Associates. MSD Partners is Austin billionaire Michael Dell’s family investment firm.

Plano-based Beal Bank has provided financing for the tower project.

“We are thrilled to have reached this important milestone and to begin construction on what we believe is the most exciting mixed-use development in Dallas,” said MSD Partners’ Coburn Packard said in a statement. “The project reflects our commitment to creating incredible spaces and experiences, and we look forward to bringing our vision for Knox Street to life.”

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The development at Travis and Knox streets will include a tower with a 140-room Auberge Resorts Collection hotel and 48 high-end condominiums.

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A 150,000-square-foot office building will occupy the north end of the property fronting on Knox. Dallas-based ISN Software Corp. has leased the top four floors of the office building. More than 100,000 square feet of lower-floor retail and restaurant space will be located on the block.

A 27-story, 173-unit apartment building will be constructed at the south end of the site. All of the new buildings will surround a half-acre park along the east side of the Katy Trail.

The development – one of the largest on the way in Dallas – is set to open in 2026.

Crow Co. and MSD Capital announced plans for the project in 2021.

The project includes a park on the Katy Trail.(Contributed / Trammell Crow Co.)

“Knox Street represents our team’s vision to preserve and enhance the authentic character of Knox Street, amplify and expand upon its connection to the Katy Trail, and strategically add new and exciting uses and experiences to solidify the neighborhood as one of the most recognizable shopping, dining, and residential districts in the country,” Joel Behrens, Crow Co. managing director, said in a statement. “With its array of premier offerings in an irreplaceable location, this project is positioned to fill a void in the Dallas market and cater to the unmet demand for world-class, mixed-use space in the city.”

MSD Capital five years ago bought about 12.5 acres in the Knox district, including buildings on Cole and McKinney avenues and Travis Street. The company that handles the Dell family’s long-term investments is the largest property owner in the neighborhood.

The New York office of Australia-based Woods Bagot, New York-based Kohn Pederson Fox and Dallas’ HKS are designing the development. OJB Landscape Architecture will also work on the Knox project.

Allie Beth Allman & Associates is the listing agent for the condominium residences. CBRE Group is marketing the office space. Highland Park Village Associates is handling the retail leasing for the development. Balfour Beatty and Andres Construction are the general contractors. JLL Capital Markets arranged the construction financing with Beal Bank.

“We are excited to be associated with a world-class sponsorship team to finance this one-of-a-kind multi-use development in our own backyard of Texas,” Andy Beal, founder and president of Beal Bank said. “We believe strongly that this project will create a new standard of luxury in one of Dallas’s most vibrant neighborhoods, and we are proud to be a part of it.”

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