The Dallas-based real estate development firm Trammell Crow Company has acquired a swath of land in the trendy Knox-Henderson neighborhood.
Located just west of U.S. Highway 75 at the southeast corner of Knox Street and McKinney Avenue, the 1+ acre area is currently occupied by properties housing a Chuy’s Restaurant and a Mattress Firm store, among other retailers. One of the buildings used to be a Bassett Furniture store, The Dallas Morning News reported.
The move by Trammell Crow Company, which entered into a 99-year lease with the property owner, comes at a time when the neighborhood is seeing significant redevelopment, with various construction projects already underway, according to Dallas Innovates.
Such residential and commercial development has managed to press on in spite of the City’s troubled permitting operations, as previously reported in The Dallas Express.
Trammel Crow Company’s latest Knox-Henderson venture is a joint project involving its subsidiary, High Street Residential, and Austin-based tech billionaire Michael Dell’s investment firm, MSD Capital.
While it is currently unclear what plans the partnership has for the southeast corner at Knox and McKinney, the 99-year lease with the property owners allows for construction.
This is not the partnership’s first project in the neighborhood. High Street Residential and MSD Capital have already been at work for three years on a $268 million development on Travis Street that is slated to bring new high rises to the neighborhood. The development will include office space, residential units, a luxury hotel, and retail storefronts, according to The Real Deal.
The high-rise project was designed by the architectural firms Kohn Pedersen Fox and HKS Architects, which have also planned for a landscaped plaza facing Katy Trail, the DMN reported.
Highland Park Village Management Company has been tapped to run marketing and leasing operations for the development, per Paper City.