American Airlines Center, home of the Dallas Mavericks, will be getting a new neighbor in the not-too-distant future — in the form of a 39-story residential tower at 3099 Olive Street.
Hines, a global real estate investor/developer, submitted building permit applications on April 17 for the construction of a “multi-family dwelling.” Why does that feel like an understatement? Because the proposal would make it the tallest building in Victory Park. The project is headed to a lot that is directly south of the Mavericks arena, and just across Victory Park Lane from the W Dallas – Victory Hotel and W Residences. The Hines project will be 432 feet — that’s seven stories taller the W Dallas.
The application is under review and Hines has not announced a construction start date, or revealed illustrations of the building at this time. The developer entered a “job value” for these permits that totals at $138 million. Hines also hasn’t stated whether this project’s residential units will be for rental or purchase, but several condominium properties have previously been built in Victory Park, including Bleu Ciel, The Terrace, and The House.
Last month, media reports based on a development plan under review by the Dallas City Plan Commission stated the tower would have 347 units and a total area of 445,145 square feet. However, these permit applications state the tower will actually have 344 units, with the area nearly doubled at 838,509 square feet.
Most floors will have 12 units each, but Hines is looking at limiting the number of units on the top two or three floors to six units each. On the ground floor, there will be some type of retail or restaurant space with about 12,000 square feet — not 9,500 square feet as previously reported. The ground level also includes a tenant amenity space totaling 8,079 square feet.
Nine levels of parking are proposed, for a total of 227,646 square feet. The required parking for residents and the retail/restaurant space is 471 spaces, but the developer is proposing to provide 667. There are tenant amenity spaces on the ninth and 36th floors, and most of the residential floors will have floor plans of approximately 19,000 square feet total. However, the top three floors are 17,504 square feet, an indication that the 36th floor amenity is an open-air deck.
Hines created a limited partnership, 3099 Olive LP, in the summer of 2017 to act as owner of the property, which currently is a surface parking lot whose street boundaries include Olive Street to the north, Victory Park Lane to the east and Victory Avenue to the west.
The project site is about one block northeast of Victory Center at 2371 Victory Avenue. This is a 23-story residential tower Hines developed as a joint venture with Cousins Properties, and is scheduled to open this summer. The new site for the 3099 Olive LP project was under consideration in 2007 by a different developer for a 43-story hotel/condo development to be known as the Mandarin Oriental Hotel. The recession ended that concept before it reached the construction phase.