Major moves in DFW commercial real estate

The commercial real estate market in North Texas is thought to be notoriously volatile, and several recent events have proved that true. Yet even with falling oil prices, and a mixture of good and bad news, the overall picture remains positive.

CraneShot

Construction cranes will continue to be a common sight in the DFW skyline.

In the negative column, some aging retail properties will finally succumb to the fate that has plagued many older malls. Rouse Properties, owners of Vista Ridge Mall in Lewisville, intend to walk away from the property and list it for foreclosure. The original owners declared Chapter 11 in 2009, but the spun-off properties simply aren’t pulling their weight. Plano’s Collin Creek Mall, also owned by Rouse, may be on the same path. Reports say it is even less profitable than Vista Ridge.

In better news, Solana Business Park’s new owners, Equity Office Properties, has unveiled their architectural renderings of the $50 million renovation.  Dallas Company 5G Studio Collaborative was hired to helm the project, and they promise to deliver an updated corporate environment with all the conveniences businesses and their employees require. The buildings are being renamed and a neutral color palette with weathered metallic elements has been chosen to reflect a prairie theme. Furthermore, renovations are expected to be completed by the end of 2015, allowing for new tenants to move in quickly.

Even more positively, the redevelopment of the Butler Brother Building is expanding before demolition has even finished. The prime spot near Dallas City Hall will be completely redone, with two adjoining parking lots now also under contract to Turkish developer Mike Sarmsakci. Plans for the property include a several restaurants, residential units, and a Marriott hotel which will be close enough to the Dallas Convention Center to benefit from the same clientele as the Omni Dallas.