Prestigious Turtle Creek Land Site for Sale in Dallas
Thursday, September 22, 2016
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a Texas licensed real estate broker (HFF), on behalf of the owner, is marketing for sale a 5.5-acre development site in Dallas, Texas, known as 2727 Turtle Creek. Situated in one of the most upscale locations in Dallas, the site’s prime location along Turtle Creek Boulevard provides excellent proximity to several major employment centers, numerous retail and entertainment destinations in addition to some of the most desirable residential neighborhoods in Dallas. This highly-visible location is zoned for a wide array of uses and sets the stage for the land site for sale to become the next quintessential mixed-use project in Dallas.
Currently housing 215,000 square feet of existing buildings, future development on the site could include office, apartments, hotel and condominiums in the Turtle Creek neighborhood. The Dallas area added 125,300 new jobs during the year ending May 2016 and is expected to create 384,375 new jobs between 2016 and 2020. The Dallas population is projected to grow by 609,913 residents by 2020.
Land for Sale Investment Benefits
Irreplaceable Development Site with Illustrious Address: Positioned in the prestigious Turtle Creek neighborhood, 2727 Turtle Creek presents an investor/developer a rare opportunity to purchase irreplaceable land that allows for a number of permitted uses including office, multifamily, hotel and condominium development. Due to its highly sought-after location and the wealth of surrounding amenities, 2727 Turtle Creek is one of the most coveted land sites in the marketplace.
Vibrant Submarket: 2727 Turtle Creek is positioned within the most dynamic and desirable submarkets in the entire Dallas/Fort Worth metro. New multifamily product in the submarket commands rents that are 5.4 percent higher than the next closest submarket, while the Uptown/Turtle Creek office submarket records the highest rents in DFW. Moreover, the average RevPAR for upper-tier hotels in the area is well above $200.
Best-in-Class Demographics: With neighboring home prices ranging from $300,000 to in excess of $5 million, 2727 Turtle Creek is surrounded by some of the most exclusive neighborhoods in Dallas including Turtle Creek, Highland Park and University Park. This highly-desirable location is supported by some of the best demographics in Dallas, as the average household income within a one-mile radius from the development site is approximately $112,000. Additionally, the population within a one-mile radius of the site has increased by 64 percent since 2000 and is expected to increase an additional 10.6 percent over the next five years.
Renowned Neighboring Amenities: The development site for sale sits among a number of surrounding drivers, including uptown Dallas, one of the most affluent areas in Dallas and one that supports an estimated 22,000 employees and more than 4,000 businesses; downtown Dallas, home to a workforce of more than 140,000 people; and The Katy Trail, a 3.5-mile jogging trail winding through the heart of the city and located one block from 2727 Turtle Creek. Additional draws near the commercial land for sale include the 54-acre, award-winning Dallas Design District, home to a multitude of art galleries, design studios, restaurants, bars and more than 80 showrooms; Dallas Market Center, the world’s largest wholesale merchandise mart consists of 5.1 million square feet with more than 400,000 annual visitors and an estimated $7.5 billion in transactions; the 68-acre Dallas Arts District, the largest contiguous arts district in the United States, which draws more than 600,000 visitors annually; and Rosewood Mansion on Turtle Creek, a 143-room Five Diamond hotel adjacent to 2727 Turtle Creek.
2727 Turtle Creek is a 5.5-acre, irreplaceable development site for sale in Dallas, Texas, with a prestigious address located in a vibrant submarket with best-in-class demographics and renowned neighboring amenities. For more information on this property or other commercial properties for sale in Dallas, please contact HFF Senior Managing Directors Bill Miller or Andrew Levy or Managing Directors Ben Beaird or John Bourret in HFF's Dallas office. All offers from qualified developers and investors must include specific timing related to development process. The offer deadline is October 5, 2016.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.