Wednesday, September 11, 2024
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Developer Snaps Up 17 Buildings Near Dallas’ Fair Park » Dallas Innovates

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More than 400,000 square feet of commercial and residential property near Fair Park has been bought by a Dallas real estate firm that’s redeveloped two Deep Ellum buildings, Steve Brown of the Dallas Morning News reported.

August Real Estate has bought 17 buildings in the Exposition Park neighborhood near the main entrance to Fair Park, the newspaper said.

“We are thrilled with this acquisition,” developer Evan August said in a statement to the paper. “The opportunity to acquire a significant scale of historic, creative properties spread across enough land to establish a new urban district is really compelling.”

Most of the buildings are in the area between Parry Avenue and Interstate 30, the Morning News reported. The sites are on Parry, Exposition Avenue, Commerce Street and Pacific Avenue.

The newspaper said that the buildings are 97% leased to small businesses, artists, and residential tenants. 

The DMN reported that August Real Estate bought the buildings from businessman David Gibson, who had acquired them over the past 50 years. He converted the old commercial buildings into mixed-use properties, the paper said.

Two large office tenants in the Exposition Park buildings are architects GSR Andrade and Studio Outside. Some of the buildings are historic structures from the 1920s, the paper said.

“We’re inheriting an excellent foundation from an owner that has cared deeply for his buildings and the neighborhood,” August told the DMN.

The new owners said they plan improvements for some of the properties.

“We have some light cosmetic upgrades planned and see the potential for redevelopment and new development long-term, but our focus now is on improving the tenant experience,” Partner Jordan August said in a statement.

The sites are zoned for as many as 19 floors of construction and “vertical development may be in their future,” August Real Estate said.

August Real Estate repurposed the landmark Continental Gin — built in 1888 — on Elm Street near Baylor University Medical Center in Deep Ellum. It converted the historic cotton gin manufacturing plant into office and retail space.

The firm also renovated the nearby former Trunk Club building at 333 First Ave. which has been leased as office space, the DMN reported.

With this purchase, the newspaper reported that August Real Estate owns and operates 650,000 square feet of properties east of downtown.

In other recent activity between Fair Park and downtown Dallas, builder Larkspur Capital developed its eight-story Willow apartment building, which has almost 200 rental units, on the eastern edge of Deep Ellum, the DMN reported.

Larkspur is working on other projects in the area, as well.

Last fall, voters in Dallas approved a ballot measure to replace the city’s convention center and commit up to $300 million to Fair Park venue upgrades, prompting increased developer interest in the area.

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R E A D   N E X T

  • Jim Lake and Amanda Moreno are turning 40,000 square feet of real estate in downtown Cedar Hill into a mixed-use development with offices, restaurants, residential, and retail space. The $14 million project, which has yet to be named, builds on Jim Lake Companies’ Bishop Arts success.

  • EarthX is seeking innovators and investors to participate in its 2023 EarthX E-Capital Summit April 19-22 at Fair Park in Dallas. At the summit, early-stage climate tech companies will be able to make pitches for a chance at a cash prize. There will also be discussions on investment and industry trends by leading industry professionals, investors, startups, and policymakers, EarthX said, along with curated and self-selected one-on-one networking meetings between investors, dealmakers, and innovators.

  • Slated to open in 2025, the complex is the first step to putting the “Park” back in Fair Park, says Fair Park First, Dallas Park and Recreation’s management partner that oversees day-to-day operations at Fair Park. The 18-acre Community Park Complex will feature Wi-Fi, water play, an outdoor performance stage, a dog park, outdoor cafes, exercise equipment, and inclusive playgrounds.

  • Dallas’ Lyda Hill has been named one of five recipients of the 2022 Carnegie Medal of Philanthropy. She shares the philanthropic spotlight with four other “forces for positive change,” including country music legend Dolly Parton. An early donor of the research that led to the Moderna COVID-19 vaccine, Hill believes that “science is the answer”—and has chosen to donate the entirety of her estate to philanthropy and scientific research. 

  • Local developer and consulting firm Innovan Neighborhoods is leading the roundtable’s efforts to increase affordable housing in the region while accelerating the revitalization of underserved communities around Dallas. With initial funding from JPMorgan Chase, “flexible capital” could help boost needed projects. “When we put funds and resources behind innovative solutions, we can see neighborhoods and communities set up for long-term success,” says Maggie Parker, Innovan’s founder and managing partner.

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