Lincoln Property Company just lit a fuse in the explosion of flashy office highrises and mixed-use developments in Uptown Dallas.
The local firm acquired a 4-acre development site at 2500 Cedar Springs Road, with plans for up to 500,000 square feet of office space, 250 apartments and a 200-room luxury hotel, according to a company news release. The purchase price wasn’t disclosed. The seller is Fort Worth-based Crescent Real Estate, according to property tax records.
The project is also slated for 25,000 square feet of retail and restaurant space, along with ample green space. Lincoln co-CEO Clay Duvall called it “one of the best land sites in the country,” which is near attractions like the Crescent mixed-use development, American Airlines Center and the Katy Trail.
“When complete, this will be one of the most significant developments in Dallas since the Crescent,” said Chase Prospere, Lincoln’s senior vice president. “The completion of the site acquisition is the first step in bringing our vision to life in one of the most sought-after submarkets in the country.”
A construction timeline has not been established, but a project of this scale will take years to complete, Prospere said. The firm has begun marketing the development to prospective tenants and expects leasing activity to be strong.
In recent years, Uptown has emerged as one of Dallas-Fort Worth’s hottest submarkets, buoyed by amenity-filled office projects and subsequent corporate relocations. Companies like Bank of America, PMG, Deloitte and Revantage have all committed to leases in forthcoming developments in the area since last year.
Notable Uptown projects in the pipeline include 23Springs, in development by a venture of Granite Properties and Highwoods Properties. It is a 26-story, 626,000-square-foot Class AA office building with underground parking and separate buildings for restaurants.
Kaizen Development Partners and public TV and radio broadcaster KERA are plotting a mixed-use project that’s slated for a 400,000-square-foot office tower, a residential high-rise and roughly 20,000 square feet of restaurant and retail space.
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