The joint venture partnership of MSD Partners, Trammell Crow Company (TCC), The Retail Connection, and Highland Park Village Associates (the JV) announced that it has begun construction on its mixed-use development in the Knox Street neighborhood of Dallas, Texas. Construction financing is being provided by Plano-based Beal Bank, one of the largest private lending institutions in the United States.
“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. The project reflects our commitment to creating incredible spaces and experiences, and we look forward to bringing our vision for Knox Street to life.” Coburn Packard, Partner & Head of Real Estate at BDT & MSD Partners, said.
Upon completion, it will total one million square feet of world-class mixed-use space, including:
The Knox Hotel and Residences: Managed by renowned hotel, resort and residence operator Auberge Resorts Collection, the Knox Hotel and Residences will consist of a 140-room hotel and 48 ultra-luxury condominiums ranging in size from 2,500 square feet to more than 15,000 square feet. The hotel is designed by internationally acclaimed Martin Brudnizki Design Studio and will include restaurants, bars and lounges, expansive event spaces, and a full-floor spa and wellness destination connected to an outdoor pool and bar with expansive views of downtown Dallas. The residences are designed by Dallas-based interior designer Chad Dorsey and will feature private residential amenities including a clubroom, a bar and lounge, entertaining spaces, a fitness center, and an indoor pool. Allie Beth Allman & Associates is the listing agent for the residences and has overseen a highly successful pre-sale launch.
Office space: Fronting Knox Street, the development’s 150,000-square-foot office building will rise nine stories above two floors of retail and restaurants. Dallas-based ISN Software Corporation will anchor the office building, leasing the top four floors. Stream’s Craig Wilson and Randy Cooper and CBRE’s Jeff Ellerman represented ISN Software Corporation. Office amenities will include a fitness center with high-end locker rooms, a tenant lounge, and a café. A CBRE team led by Dennis Barnes is handling leasing for the remaining office space.
Retail and restaurant space: The Knox Street development will provide more than 100,000 square feet of ground-floor and second-story retail and restaurant space, which will be leased to a mix of local and national best-in-class operators to bring in shopping, art, culinary, and health and wellness experiences. Stephen Summers and Kaitlin Travis with Highland Park Village Associates are leading the retail leasing for the project, which is now underway.
Multifamily Residential: The development will include a 27-story, 173-unit multifamily building featuring expansive amenity spaces, ultra-luxury interiors, and oversized balconies.
Park: The development will be anchored by a half-acre park with a direct connection to the Katy Trail.
“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,” said Joel Behrens, Managing Director with TCC in Dallas. “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.”
“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,” said Andy Beal, Founder & President, Beal Bank. “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.”
In addition to a world-class development and management team, the Knox Street project benefits from an internationally renowned design team led by the New York office of Australia-based Woods Bagot and New York-based Kohn Pedersen Fox (KPF). Woods Bagot is leading the design of the hotel and residences, multifamily residential building, and retail, and KPF is designing the boutique office building. Dallas-based HKS is serving as the architect of record and OJB Landscape Architecture is leading the design of the development’s green space.
Balfour Beatty and Andres Construction are providing construction services for the development. JLL Capital Markets served as financial advisor to the JV in connection with the construction financing.
