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Uptown Dallas’ Appraised Value Surpasses Downtown

DFW: New development and an influx of financial services firms have helped push Uptown Dallas’ appraised property value to $9.79 billion, surpassing downtown’s $9 billion despite occupying roughly half its footprint. JLL, the global commercial real estate services and management company, analyzed Dallas Central Appraisal District data for the assessment. Uptown has added more than 1 million square feet in the past two years, accounting for more than 30% of the region's new inventory. Uptown covers just under 600 acres, compared to downtown’s geographic area of just under 1,000 acres. Downtown Dallas has traditionally been the corporate stronghold but lost tenants in recent years during the pandemic and more recently with the announcement of AT&T moving its global headquarters to Plano. Uptown also is home to the so-called “Y’all Street,” where a number of financial services companies are located or relocating, including Goldman Sachs, Bank of America, and Morgan Stanley.

DFW: Houston-based real estate investment firm Hines has acquired Brown Ranch, a 1,476-acre property in western Fort Worth with plans for approximately 3,800 homes at full buildout. The acquisition will bring a major master-planned community to the region’s westward growth corridor. Located within the Aledo Independent School District, the development will offer single-family homes across a range of lot sizes and price points, alongside approximately 70 acres of commercial development. Participating homebuilders include Beazer Homes, DRB Homes, HistoryMaker Homes, Meritage Homes, Pulte Homes and Risewell Homes. Trez Capital is an investment partner, with acquisition and development financing provided by Harvest Capital and TPG Credit. Plans call for at least three amenity centers, 10 neighborhood parks and interconnected trails, while preserving mature trees, rolling terrain and a large creek corridor.

DFW: Dallas-based High Street Residential will redevelop three vacant office buildings in North Dallas into 435 apartments. The Trammell Crow Co. subsidiary also will upgrade a parking garage at the development, which is located on the south side of LBJ Freeway between Noel Road and Montford Drive, across the highway from the proposed site of the new Dallas Mavericks arena and entertainment district. Completion of the nearly $70 million project is expected sometime in 2028. It will encompass about 5 acres of an 8.6-acre redevelopment site. Other partners will include Acram Group and Parse Capital. The mid-rise buildings will include 217 market-rate apartments and 218 income-restricted units as a Dallas Public Facility Corporation development. Apartment amenities will include keyless entry, upgraded appliances and countertops and the complex amenities will include a swimming pool, fitness center, co-working space, sports lounge and seventh-floor sky lounge.

DFW:  In Fort Worth, developer 2SP Partners is planning a six-story office and retail building with an estimated $25.5 million construction cost on the Trinity River’s north bank, replacing an earlier proposal for a 14-story condominium tower. The Pearson Grove project would encompass 88,000 square feet, with construction scheduled to begin in January and finish in early 2028. Design Collective, selected to master plan the riverfront development and design the developer’s headquarters, envisions 10,000 square feet of ground-floor restaurants, outdoor dining beneath an existing oak grove, terraces on every level and a rooftop amenity overlooking the river. The office building would launch a four-phase development, with later phases planned to include three high-rise residential towers and riverfront outdoor amenities for residents and the public.

HAWAII: Actor Jim Carrey has listed his beachfront estate on Maui for $35 million, more than twice the $16.5 million the “Dumb and Dumber” star paid in 2016. The nearly one-acre property fronts Keawakapu Beach near Wailea, with roughly 170 feet along the Pacific Ocean. Built in 2002, the 4,700-square-foot home has three bedrooms and four full bathrooms plus a half-bath. A great room with exposed roof trusses opens onto a covered stone lanai overlooking a lawn and coconut palms. The kitchen features two islands, while the primary suite includes a suspended bed, floor-to-ceiling windows and a bathroom with a soaking tub and dual vanities. Outside, a freeform pool winds through natural rock formations, incorporating a grotto, waterslide and shallow lounging ledge. An elevated spa completes the outdoor amenities.

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