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Turtle Creek : 2999 Turtle Creek Blvd

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kingpin
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Turtle Creek : 2999 Turtle Creek Blvd

Postby kingpin » 28 Sep 2017 02:27

Lincoln Property plans major development with Turtle Creek buy

https://www.dallasnews.com/business/real-estate/2017/09/21/lincoln-property-plans-major-development-turtle-creek-buy
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A key Turtle Creek property with a high-profile location has changed hands, and the new owners are contemplating a major development.

Dallas-based developer Lincoln Property Co. has quietly purchased the two-story office building at 2999 Turtle Creek Blvd. near the Mansion on Turtle Creek Hotel. The 25,000-square-foot office sits on more than 2 acres and is across the creek from the Perot family's new corporate campus.

Lincoln Property is marketing the luxury property to potential office tenants while looking to construct a high-rise behind the existing building.


"We just put the sign up," said Lincoln Property's Worthey Wiles. "We are still trying to evaluate what we can build there."

Constructed in 2004, the French Renaissance-style office building with underground parking was built by late Dallas real estate developer John Eulich.

At an estimated cost of almost $800 per square foot, the exclusive office housed Eulich's real estate and investment companies and his collection of fine art. The property includes the site of the fabled Cipango Club, which operated from 1946 to 1986.

Eulich died last year. One of his companies owned by the family sold the Turtle Creek building to a partnership set up by Lincoln Property. The acquisition was financed with a note from a Fort Worth energy firm, real estate records show. Terms of the transaction were not disclosed.

But the acquisition was likely one of the most expensive per-square-foot property transactions in North Texas this year.

The building and development site are on the edge of Dallas' booming Uptown district. The Perot family's Hillwood development group plans to build a high-rise office project on the vacant block next door.

Lincoln Property could construct a tower on the site behind the low-rise building to house multiple uses. Development sites in the Uptown and Turtle Creek area are scarce and properties trade for high prices.

A half-block building site on Maple Avenue in Uptown is on the market with an asking price of almost $400 per square foot.

Lincoln Property is one of Dallas' oldest and most experienced commercial real estate developers. The company just sold the Turtle Creek Village office and retail center in Oak Lawn, which Lincoln redeveloped. That property fetched more than $100 million at sale, real estate brokers say.

Lincoln also is finishing work on a 25-story office high-rise on Pearl Street in the downtown Dallas Arts District. The 260,000-square-foot tower is next to the Meyerson Symphony Center and will open in January.


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Kelley USA
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby Kelley USA » 18 Oct 2018 15:42

This popped up today in the DMN with a rendering... I know another thread mentioned that an Asian Hotel chain was interested in being a part of the project.

https://www.dallasnews.com/business/rea ... ear-uptown

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Matt777
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby Matt777 » 18 Oct 2018 16:01

I guess that means the office building currently there will be demolished after all.

Wasn't another recent proposed development being considered for an "Asian hotel chain," which is likely Mandarin Oriental? Or am I imagining things.

The condos here should do well. It blows my mind that more new highrise condos haven't been developed when all the old ones have been in high demand over the years. Museum Tower and Bleu Ciel were placed in areas with no history whatsoever of luxury condo sales or demand, and the developers wondered why sales were slow. Hopefully this new condo development will show that there is more luxury condo demand in Dallas, in the right areas.

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R1070
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby R1070 » 18 Oct 2018 19:19

Sounds like it could be a Mandarin.

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NdoorTX
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby NdoorTX » 18 Oct 2018 23:24

This is exciting and depressing news. The current Cole Smith designed building is a really good interpretation of an 18th century French structure. I wish they could retain it and build a tall, slender tower towards the rear of the property that would house the hotel/ condo portion. It can be a super skinny that finally pushes past 20 floors. Maybe 35-40. Is that allowed here? Poor Cole Smith- an acclaimed local architect at the end of his career and already seeing his work wiped away. His stately home for the Frito-Lay founders has been razed in Preston Hollow and a Greek Revival manse on Strait Lane gone as well.

On the plus side, this does appear to be an interesting tower that breaks from the typical banal box that appears here so often. Plus a Mandarin Oriental is quite the catch for Dallas.

-Sigh- :( :cry:

I imagine something like the MO in Atlanta to re purpose the office building currently on the site.
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ContriveDallasite
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby ContriveDallasite » 19 Oct 2018 02:20

Lincoln Property is marketing the luxury property to potential office tenants while looking to construct a high-rise behind the existing building.


Let's hope they mean what they say.

cowboyeagle05
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby cowboyeagle05 » 19 Oct 2018 10:34

The renderings clearly show the original building is gone. Lincoln is obviously glossing over the teardown hoping no one will object and make a thing of it. They have the legal right to do so but it is a lovely building I hate to see leave.

Look at this shiny thing over here..........

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tamtagon
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby tamtagon » 19 Oct 2018 11:24

That's money for you -- when built, this had little chance of lasting for long, but having the nicest office in the nicest part of town for the last several years of a real estate career more than paid off.

cowboyeagle05
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby cowboyeagle05 » 19 Oct 2018 12:30

I mean it is out of scale with the rest of the neighborhood at this point. So that is two luxury brand hotels supposedly coming to Turtle Creek. One here and one at 2727 Turtle Creek.

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Tucy
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby Tucy » 19 Oct 2018 18:04

Where did this"Asian hotel" idea come from?
Last edited by Tucy on 22 Oct 2018 16:29, edited 1 time in total.

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dch526
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby dch526 » 22 Oct 2018 15:27

NdoorTX wrote:I wish they could retain it and build a tall, slender tower towards the rear of the property that would house the hotel/ condo portion. It can be a super skinny that finally pushes past 20 floors. Maybe 35-40. Is that allowed here?


Sky House tried to build a tower near hear a few years ago before going with the 2nd tower in Victory Park. The reason why it didn't happen had to do with the FAA denying the height increase to something like 290' I believe FAA had it capped around 250' So, that will probably be about the max height for this site as well.

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Kelley USA
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby Kelley USA » 22 Oct 2018 16:06

Tucy wrote:Where did this"Asian hotel" idea gone from?


It came from an update in Candy's Dirt... Here's the paragraph from the article:

2999 Turtle Creek
Built in the 1990s by developer John Eulich, the property changed hands last July, being purchased by Lincoln Property Company. The plan was to retain the French Renaissance building while constructing a high-rise behind. There’s plenty of space on the two-acre dog-leg parcel. Word comes to CandysDirt.com that plans are firming up for the high-rise with a five-star Asian hotel rumored to have signed a deal. If true, it would mark the third five-star hotel within a block – The Mansion flanked by 2999 and Prescott’s unnamed hotel at 2727 Turtle Creek. I wonder if 2999 Turtle Creek will also have bazillion dollar condos? Stay tuned.
Lincoln is also due back at the Oak Lawn Committee and City Plan Commission in October with revised plans for their contentious Lincoln Katy Trail project.

That’s quite a lot of goings-on in such a small space.

Tnexster
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby Tnexster » 22 Oct 2018 18:23

If not Mandarin, what other Asian flag could it be?

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Matt777
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby Matt777 » 22 Oct 2018 19:37

Tnexster wrote:If not Mandarin, what other Asian flag could it be?


The Peninsula is the only "well known" brand that I can think of. Imagine getting both a Mandarin Oriental and a Peninsula Tower in this area!

There's also Banyan Tree and Raffles but neither have locations in the USA, yet. Rosewood, while founded in Dallas, is now technically a Hong Kong based company.

An outlier could be a Chinese brand with deep pockets wanting to make a splash with an American hotel.

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CTroyMathis
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Re: Turtle Creek : 2999 Turtle Creek Blvd

Postby CTroyMathis » 23 Oct 2018 17:07

While it is likely to be a struggle to be approved locally or by the FAA for a lot of extra height, this project has a reach-out at the FAA for up to 325'.
https://oeaaa.faa.gov/oeaaa/external/se ... 26&row=496


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