Uptown tower planned for former Hard Rock site
Dallas Business Journal | Candace Carlisle | August 6, 2013
A high-profile Uptown property will be home to a new high-rise.
Illinois-based Stoneleigh Companies LLC, along with Dallas-based Cheng Investments, plans to develop a 18-story to 20-story residential and retail tower at the northeast corner of McKinney Avenue and Routh Street in Uptown.
Early plans for the high-rise tower include 30,000 square feet of retail and restaurant space, along with 200 luxury apartment homes on the nearly 1-acre tract of land once occupied by the Hard Rock Cafe.
The acquisition of the property gives Stoneleigh the ability to bring a luxury multifamily project to Uptown, where there’s not a lot of undeveloped land, said President Rick Cavenaugh, who purchased the tract for an undisclosed sum.
“Land prices have gotten crazy, but we were fortunate to get a pretty good value for our use for the property,” Cavenaugh told the Dallas Business Journal.
Cavenaugh says he expects to break ground on the project in early 2014, with a scheduled completion in late 2015 to early 2016.
The development, dubbed One Dallas, will sit kitty-corner to the Gables Residential development and Whole Foods grocery store currently under development off McKinney Avenue. The Whole Foods is expected to open in 2015.
“The market for existing properties in Uptown is very strong and we feel there’s a trend moving toward an urban lifestyle and that’s something that’s going to continue for the foreseeable future,” Cavenaugh told me.
Phil Shepherd is the project architect. Stoneleigh is interviewing general contractors, who “can still get in” on the project, Cavenaugh said.
The project has letters of intent out to two separate undisclosed restaurants.
Once complete, the residential tower will be managed by Stoneleigh’s management company, Waterford Residential. The apartments will be leased for $2.25 to $2.50 per square foot.
Highrise development planned for old Hard Rock Cafe site on McKinney Avenue in Dallas
The Dallas Morning News | Steve Brown | August 5, 2013
An Illinois developer has teamed up with local investors with plans to build on a prime Uptown Dallas tract on McKinney Avenue.
It’s the vacant corner where the old Hard Rock Café once sat at McKinney Avenue and Routh Street.
The long-time location of the popular music venue and eatery was knocked down in 2008, right before the recession hit. Since then the land has been idle.
Now Stoneleigh Cos – an Illinois-based property firm that buys and builds apartments – and Dallas’ Cheng Investments have purchased the site, Dallas County deed records show.
The new owners say they will build a 20-story apartment and retail tower with 200 luxury rental units and 30,000 square feet of retail space.
Newt Walker with Newt Walker Co. and Jack Gosnell with UCR Urban brokered the land sale.
Construction is set to begin in early 2014.
Cheng Investments recently sold the block on McKinney Avenue where the new Whole Foods Market grocery store and Gables Residential apartment tower is being built.
The McKinney project is the latest in several apartment towers in the works in Dallas’ Uptown district.
Developer StreetLights Residential is now finishing work on a 17-story apartment tower at Bowen and Carlisle streets near Turtle Creek.
And JLB Partners is about to begin construction on an 18-story, 299-unit apartment building at Cedar Springs Road and the Katy Trail.
Another developer, Novare Group of Atlanta, is buying land on Woodall Rodgers Freeway in Victory Park for a 20-story apartment project.