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Cushman & Wakefield Lists Rare ±4.5-Acre Urban In-Fill Development Site in High Barrier-to-Entry Dallas Submarket

6/18/2020
Cushman & Wakefield has listed 2525 Turtle Creek Blvd. near Uptown Dallas, a 4.5-acre development site for sale on behalf of the Turtle Creek Gardens Condominiums Homeowner’s Association. Chris Harden and Ryan Duffie of Cushman & Wakefield’s Dallas office, along with Ben Fuller and John Carr of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group are representing the seller in the disposition.

Turtle Creek

(Rendering courtesy of VLK Architects)

The property is located in the Oak Lawn / Turtle Creek district, which is one of Dallas’ most affluent and densely populated areas, with an average household income of more than $133,000, significantly higher than the national average and projected population growth of 15% over the next five years. While the area has seen a surge in high-rise development activity, employment growth continues at such a robust pace that high-density developments are still in high demand.

“The property is situated in one of Dallas’ most exclusive urban districts, adjacent to some of the highest valued real estate in all of North Texas, including the Rosewood Mansion and Mandarin Oriental hotels,” Harden said. “Combined with the growing affluent population in this submarket, this is a generational, ‘build-to-core’ development opportunity.” 

Built in the 1960s the property currently includes 108 condo units and with strong potential for high density residential development. The in-place zoning is one of Dallas’ most favorable zoning designations, allowing for a variety of uses including hotel, office, multifamily, age-restricted and retail with a 240-foot max building height and up to a 4.5 to 1 Floor Area Ratio (FAR), yielding a maximum floor area of approximately 871,505 square feet. This high-density zoning provides an efficient path forward without requiring any additional zoning approvals.

“As one of the only available tracts remaining in the Turtle Creek / Uptown submarket, 2525 Turtle Creek Blvd. presents a rare opportunity for a developer looking to establish a significant position in the Dallas market,” Duffie said.

The property is conveniently located less than a mile from the Dallas North Tollway and Interstate 35, allowing direct access to Dallas Love Field Airport less than four miles away. The 3.5-mile Katy Trail is located at the front door of the property, providing easy bike and pedestrian access to some of Dallas’ most popular locations as well as Victory Station, which is served by the Green & Orange lines. Additionally, the Property provides a unique park-side setting to Turtle Creek Parkway, a 90-acre urban park.

“Across the Sunbelt we are witnessing a flight to quality and a steady confidence in the multifamily asset class,” Fuller added. “Class A+ product demanding rents north of $3.00 PSF and located near major employment centers will benefit in a new capital markets world. 2525 Turtle Creek checks all the boxes, and we predict to see some new companies capable of high-rise development entering the market with this true urban in-fill site.

In 2019, Cushman & Wakefield ranked No. 1 for U.S. Raw Land Sales by Real Estate Alert brokering $1.7 billion of the U.S. total of $5.2 billion of transactions, representing a 33.4% market share. Additionally, Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics. Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Media Contact

Savannah Durban Atlanta Communications
Savannah Durban

Senior Communications Specialist, South Region • Atlanta

Ms. Durban leads public relations for Cushman & Wakefield's South region. She oversees media relations, thought leadership initiatives, and manages blogs and social media.