J.P. Morgan Asset Management and Dallas-based real estate property manager and developer Stream Realty Partners unveiled on Wednesday a $135 million renovation and expansion plan for Trammell Crow Center.
One of Dallas’ most recognizable architectural icons, the 50-story tower located at 2001 Ross Avenue. But it has always been an office tower. The renovation will vastly increase retail as a marketable element of the tower, and double the size of the master plan by tying it to a second city block.
The postmodern high-rise will undergo the most significant makeover of its 32-year history, transforming it into a mixed-use destination. The “expansion” part of this makeover includes construction of a second tower just south of Trammell Crow Center on what is today a surface parking lot.
The second tower, actually a duo-tower design, shall include a parking garage and 200-room boutique hotel in the first phase. The second phase will bring a 400-unit residential structure, however, the developers did not state whether the units would be rentals or for sale or when construction might begin. An above-ground outdoor deck with amenities will separate them.
Institutional investors advised by J.P. Morgan Asset Management own Trammell Crow Center and the adjacent 2.66-acre development site.
“With this historic investment, Trammell Crow Center will remain a vibrant and modern icon that inspires generations to come,” Dallas Mayor Mike Rawlings said at the unveiling event. “The building will serve as a strategic cornerstone for The Arts District, in close proximity of The Central Business District.”
Stream and J.P. Morgan worked with the Dallas office of international architect HOK on the tower’s redesign and with Dallas-based HKS on the mixed-use project on Ross Avenue. Construction of both projects will commence this month, with completion anticipated in the fall of 2018.
According to project registration data filed with the state, HKS described the second tower component as a “parking garage with future retail and future hotel.” The project address was listed as “2000 Ross Mixed Use (at) Ross & Harwood” and given an estimated cost of $58 million.
The redevelopment of the 1.2 million-square-foot office tower will include significant enhancements to the building’s interior lobby, lower exterior and plaza.
The most notable change to the original building will be a new 50-by-80-foot glass and metal façade below the third floor, which will extend out to Ross Avenue and pour light into the expansive lobby. The Flora Street entrance will modify into a similar glass entry, and the ground floor of the Olive and Harwood Street corners will extend toward Ross Avenue to create additional restaurant space.
The complementary mixed-use development on Ross Avenue will be anchored by more than 26,000 square feet of restaurant-driven retail space and a parking facility that will boost Trammell Crow Center’s parking ratio to 3 per 1000 square feet.
Combined, the two components total 5 acres that will re-establish Trammell Crow Center as among the top office destinations in Dallas. It will also serve as a new attraction for visitors to the Arts District and Klyde Warren Park.
“This substantial investment in Trammell Crow Center underscores our commitment to Dallas-Fort Worth, where our North Texas portfolio includes $4.8 billion in assets comprising more than 30 million square feet,” said Dale Todd, executive director of J.P. Morgan Asset Management. “We are one of the largest property owners in Dallas’ prime urban office market and believe that Ross Avenue’s best days lie ahead.”
The Trammel Crow Center redesign will also focus on expanding the building’s on-site amenities to include a new 3,000-square-foot tenant lounge, an expanded, 9,000-square-foot athletic club and 9,000-square-foot conference center located on the second floor to create an inspiring and energetic work environment.
“The redevelopment of Trammell Crow Center is a sacred undertaking due to its architectural significance and legacy within the Dallas real estate community,” said Ramsey March, managing director at Stream and head of the development team. “Our aspiration is to honor that legacy with a bold vision that delivers the modern environment and amenities top-tier companies demand. The iconic nature of the building from afar will remain the same, but all design aspects below the third floor will receive a reboot with a focus on light, modern materials.”
March, Scott Sowanick and Sara Terry will continue to represent leasing of the 50-story office tower. Terry, a Stream vice president, said, “The primary objective for this project is to exceed tenant expectations in terms of amenities. Restaurants in this part of the city are particularly scarce despite more than 16,000 office workers within walking distance and we will meet that need.”
Kourtny Garrett, president and CEO of Downtown Dallas, Inc., said, “Once completed, the reimagined Trammell Crow Center will bring a new energy to Dallas’ cultural center, enhancing a neighborhood where people already work, live and enjoy our prized cultural venues.”
Jerry Mays, senior vice president of development and construction at Stream, said, “The significance of the building’s redesign and expansion, for me, dates back to 1984 when I worked for the general contractor constructing Trammell Crow Center. The design of both projects is the result of nearly two years of planning, and I could not be more excited about what the redevelopment will mean for Trammell Crow Center’s future.”
Engineered as a model of 21st-century work/life balance, the signature office building supports both conventional and creative enterprises. The 1.2 million-square-foot building is more than 92 percent leased with flexible space options ranging in size from 1,800 to 260,000 square feet. The retailers and restaurants added to the building will bring together first-to-market restaurants with extensive patio space, along with a Texas-based urban market to appeal to a broad demographic.