Trammell Crow’s $200 million high-rise has hit a wall.
The year was 2020 when Trammell Crow Co. announced plans to replace the Truluck’s restaurant at the corner of Maple and Mckinney avenues with one of the largest buildings in Dallas’ Uptown neighborhood. Dallas-based commercial property firm CBRE Group had planned to put its new headquarters there, but questions are now rising as to whether the planned 27-story building is still happening.
Despite obtaining incentives and zoning, construction hasn’t started on the near 700,000-square-foot office and retail development, the Dallas Morning News reports. Real estate information firm CoStar was the first to question whether the project is still alive, and Trammell Crow officials have declined to comment.
CBRE was approved for a $250,000 economic development grant from the City of Dallas, in November 2021. Dallas City Council also nominated CBRE for $3.45 million in incentives from the State of Texas
The tower would have to be completed by the end of 2024 and create a minimum of 250 new jobs by the end of 2028 to receive the city incentives.
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Since the announcement of this project more than two years ago, interest rate hikes by the Federal Reserve have dramatically increased costs for developers. CBRE recently announced a $400 million in cost reductions citing a deteriorating economic environment.
Meanwhile, other Uptown Dallas developers have pushed ahead with new projects. Just next door from the Trammel Crow project site, developer Granite Properties has begun construction on its 626,000-square-foot 23Springs office and retail project. Harwood’s 27-story No. 14 office tower is still underway on Harry Hines Boulevard but has already signed several large leases with business tenants, including law firms Haynes and Boone and O’Melveny & Myers and property investor S2 Capital.
— Maddy Sperling