Design District real estate veterans Joe Pastora and Garrick Patterson are at it again, this time with a project to revitalize a multi-building site in one of Dallas’ hippest up-and-coming neighborhoods.
The two investors acquired a 4.41-acre property in a deal that closed on March 31. The complex is comprised of three separate buildings: 1800 Irving Blvd, 1715 Market Center Blvd., and 1805 Market Center Blvd. At one point, the now-abandoned buildings were the homes of Wildman Art Framing and Pettigrew Luxury Furnishings.
The abandoned space is across from The Seam, a new upscale shopping destination expected to open next year. Pastora and Patterson expect the neighborhood to continue revitalizing efforts, and their latest project is part of the broader trend.
The duo purchased the site from Market Center Boulevard Owner LP, which has owned the property for the past three years. The Dallas Central Appraisal District currently values the three addresses at roughly $11.3 million: $1.6 million for 1800 Irving Blvd., $2.9 million for 1805 Market Center Blvd., and $6.8 million for 1715 Market Center Blvd.
In an April 2 statement, Pastora said the “acquisition marks one of the final significant properties in the heart of the District to change hands,” per Dallas Business Journal.
“It was an obvious choice,” he added.
Pastora and Patterson hope to welcome premium tenants to the space once it is revitalized. The team is currently discussing agreements for world-class restaurants, design showrooms, and high-end retailers that could anchor the refreshed site.
In a statement, Patterson said the duo’s purchase will build on the neighborhood’s revitalization trend. He should know since Patterson is a principal at P4 Capital LLC, owner of around a dozen Design District properties.
“We’re in active conversations with multinational brands that will elevate Dallas’ retail and culinary scene and complement the significant developments happening nearby,” he said.