HN Capital buys Design District block for major redevelopment

A site in Dallas’ Design District that is ripe for redevelopment has a new owner.

HN Capital Partners, the largest owner in the neighborhood, has bought a chunk of land at the western end of Hi Line Drive near the Trinity Strand Trail, the Dallas Morning News reported. The property is mostly vacant, used as a parking lot for the adjacent Virgin Hotel, in which HN is also a partner.

“I am still thinking through development ideas, but it would be in the spirit of making Hi Line Drive a truly elevated urban street and respond to the park being planned at the entrance of the Strand Trail that sits in front of this property,” HN Capital CEO Vipin Nambiar told the outlet.

HN Capital, with McCort Partners, owns about 800,000 square feet across 40 acres in the Design District. HN purchased the 98-year-old gem among Dallas luxury hotels, Rosewood Mansion on Turtle Creek, in September.

Across the street from HN’s Hi Line parcel, New Jersey-based developer Urby is building its second residential high rise, between Hi Line and Stemmons Freeway. Urby’s two complexes will have almost 750 rental units combined.

Quadrant, the local investor and developer behind many of the projects in Dallas’ Design District is also redeveloping the nearby old Trinity Industrial District. Quadrant teamed up with Maryland-based investor FCP late last year to buy what will be one of the largest properties in the district. Built in 1949 as a warehouse for International Harvester, the 155,000-square-foot building was redeveloped in 2005 into a modern office and showroom for home furnishings and design firms.

Quadrant and FCP are nearing the start of construction for two office buildings fronted by a restaurant.

The first building, called Thirteen Thirty Three, will open next year and Quadrant has said it is already in talks with a full-building tenant. 

 — Victoria Pruitt