Page 55

R REDEVELOPMENT

THE CRESCENT

CRESCENT REAL ESTATE EQUITIES LLC

SUMMER 2015

It’s hard to believe that just 30 years ago, Uptown Dallas was a sleepy neighborhood that existed in the shadow of its downtown neighbor. Today, it’s one of the most successful commercial districts in the country. Uptown is anchored by The Crescent, an iconic, three-tower complex developed in 1986. To keep up with the shiny new towers that have sprung up around it, the iconic development and the adjacent Rosewood Crescent Hotel are getting a major overhaul—to the tune of about $65 million. The improvement will help ensure that The Crescent remains as one of the best assets in the market for the next 30 years, says Crescent Real Estate Equities LLC’s John Zogg, who oversees office leasing. The renovation will focus on creating a “great pedestrian experience” for tenants and visitors. This includes rethinking everything from signage to landscaping throughout the 11-acre, mixed-use project. A new “front door” will be created at McKinney and Pearl. And the development’s extensive retail component, which includes upscale shops like Stanley Korshak, will be showcased. “It will be like a jewelry box; it will really pop, especially at night,” Zogg says. The interior retail court will be reshaped to create a continuous flow, highlighted by a reflecting pool and surrounded by outdoor restaurant seating. New lighting will enhance the project’s unique features, and the current motor court will be replaced by a pedestrian-friendly piazza. A success since its initial development, office occupancy at The Crescent stands at about 95 percent, with more than 80 financial firms calling the project home. Lease rates for the remaining space starts at $31 per square foot, triple net. Key players involved in the renovation include Staffelbach, The Office of James Burnett (the landscape architect behind Klyde Warren Park), Gromatzky Dupree & Associates, Thornton Tomasetti, Brockette Davis Drake, Schmidt & Stacy, CBRE|UCR, and The Beck Group.

D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W / 5 3

Dallas-Fort Worth Real Estate Review - Summer 2015  

Redevelopment boom: Breaking down the big projects in Dallas-Fort Worth