May 6 2014
RED Development Announces Initial Plans, Partnerships with StreetLights Residential, Graphite and OJB for New Akard Place in Dallas
-Plans for new mixed-use project call for two towers with office, residential and retail-
DALLAS (May 6, 2014) – RED Development today announced plans for Akard Place, a new office, residential and retail project totaling approximately 800,000 square feet adjacent to Uptown Dallas, one of the city’s most vibrant business and residential districts. RED Development, which purchased the land in 2012, will lead the overall design, development, construction and retail and restaurant leasing for the new project.
Today RED also named key partners for the project: Dallas-based StreetLights Residential for the residential element; Seattle-based Graphite Design Group as design architects; and Houston-based landscape design firm The Office of James Burnett (OJB). StreetLights Residential is currently completing the lease-up of The Taylor, luxury apartments in Uptown Dallas, and OJB designed Klyde Warren Park, an important anchor for the burgeoning Uptown Dallas neighborhood.
Located at Field Street and Cedar Springs Road, Akard Place is scheduled to open in 2017.
Project plans for Akard Place include a residential tower and an office tower above retail, restaurants and parking. Overall, the project is being designed to connect the many elements of Dallas – from the Dallas Arts District to the American Airlines Center – with an energetic, 24/7 mix of uses in a sustainable, distinctive setting that features an engaging, open-air central plaza.
Architectural plans call for a 17-story office tower with sweeping views of the city; a pleasingly scaled, 20-floor residential high-rise including 300+/- apartments with balconies and views; nine+ levels of parking; plus 75,000 square feet of appealing retail and restaurants at street level.
“The time is clearly right to build on the growing popularity of Dallas and the exciting live-work-play concept that has taken root in this part of Dallas,” said Mike Ebert, Managing Partner, RED Development. “We are seeing strong demand from young professionals and empty-nesters who are attracted to this walkable, high-energy uptown neighborhood, as well as keen interest in the kind of attractive office environment we are planning. We’ll be drawing on the outstanding capabilities of StreetLights Residential, OJB and Graphite to help us create an inviting urban destination at Akard Place.”
Striking Office Tower:
Akard Place’s Class-A office component combines a contemporary design with a highly efficient floor plate in one of the city’s most desirable locations. RED has engaged Burson Holman and Shannon Brown with CBRE as leasing agents for the office building.
“RED is creating a smart, appealing office environment at Akard Place that will meet or exceed the needs of today’s sophisticated corporate tenants. The project will provide flexible and efficient spaces along with outstanding amenities, including enticing retailers and restaurants on site,” said Keith Earnest, Executive Vice President of Development at RED Development.
New Residences for a Popular Neighborhood:
“The Akard Place location is a truly excellent site for new residences, and RED is creating an exciting, mixed-use destination for Dallas,” said Doug Chesnut, Chief Executive Officer, StreetLights Residential. “RED’s commitment – and track record – for high-quality execution matches our own approach and we are very pleased to partner on Akard Place.”
Dallas is an increasingly popular and accessible neighborhood that features two shopping districts, a thriving office environment and boutique hotels– not to mention a growing set of dining and recreation destinations. “More and more, people want to live in Uptown Dallas,” said Chesnut.
Akard Place is southeast of American Airlines Center and within walking distance of The Ritz-Carlton, the Perot Museum of Nature and Science and the new Klyde Warren Park.
A privately held, wholly integrated commercial real estate company based in Phoenix, RED maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 31 properties totaling more than 16 million square feet in 9 states. RED is well known for developing the large-scale CityScape project in Phoenix, a new office, hotel, residential and entertainment destination that has re-energized the city’s downtown adjacent to professional sports venues including Chase Field and US Airways Center.
In Texas, RED currently is developing Rayzor Ranch Town Center and Marketplace in Denton, the largest new regional shopping destination between Dallas-Fort Worth and Oklahoma City. For more information, visit www.reddevelopment.com.
About StreetLights Residential:
Dallas-based Streetlights Residential was created in 2011 by Doug Chesnut and Tom Bakewell, who led development initiatives for the Western Region of Gables Residential for nine years. Since its founding, StreetLights has assembled an experienced development and construction team to execute the company’s business plan, which focuses on creating urban infill neighborhoods. StreetLights currently has over $890 million under construction and in the immediate pipeline. www.streetlightsres.com
About Graphite Design Group:
Graphite Design Group is a full-service architecture and design firm headquartered in Seattle. Formed in 2012 by four principals and a talented group of collaborators, Graphite’s team has designed millions of square feet of diverse projects in the Pacific Northwest and around the world. The firm’s design expertise, market insight and global reach pay dividends in the form of world-class design and project delivery. Services include master planning, architecture and interior design for commercial, corporate, retail, financial, residential and mixed-use projects. www.graphitedesigngroup.com
The Office of James Burnett (OJB) was founded in 1989 in Houston, with the primary focus of creating landscapes that transform perspective and evoke emotional responses, creating unique and unforgettable sensory experiences in the garden. OJB has been involved in multiple, major urban projects in Dallas including Hall Arts Tower, The Ritz-Carlton Hotel and Residences, Crescent Real Estate’s 2001 McKinney, the renovation of Crescent Court, and The Plaza of The Americas. OJB recently completed Klyde Warren Park, the $100 million deck park in Dallas that has literally and figuratively bridged the city’s downtown cultural district with the burgeoning mixed-use neighborhoods to the north, reshaping the city and catalyzing economic development. www.ojb.com