Sold! One of the Biggest Building Sites in Downtown Dallas Changes Hands

One of downtown Dallas' largest development sites just changed hands.Kaizen Development Partners - a developer that already has one major central Dallas project in the works - and Woods Capital purchased the huge building site on the north side of downtown.The 2-block, almost 6-acre property near Woodall Rodgers Freeway and Field Street is being planned for a major mixed-use development."We believe this will be one of the most significant developments in all of Dallas," Kaizen Development CEO Derrick N. Evers said.Kaizen and Woods Capital are buying the land from a Dallas investor who bought the property five years ago with plans to build a South Asian museum and cultural center.The prime property is just across the freeway from the Perot Museum of Nature and Science and is adjacent to the West End district.The tract is zoned for high-rise construction of up to 5 million square feet."Rarely is there an opportunity to truly place-make in an urban infill setting," Evers said. "A site of this size with our entitlements simply does not exist within any other tier 1 market in the country."In the 1980s the mega block was planned for a 100-story skyscraper. But the project never got off the ground.The buyer say they have preliminary plans for 750,000 square feet of office space, 50,000 square feet of retail space and 300 multifamily apartment units."Field Street is becoming the most exciting street in the City of Dallas, connecting the heart of Uptown with the Main Street District," said Jonas Woods, CEO of Woods Capital. "The development of upscale office, residential and retail along Field Street over the next few years will create exciting connections between Uptown, Victory Park, the West End, the Arts District and the Main Street District."Our project is the nexus of all of these exciting neighborhoods."The developers say they plan to build the huge project in phases.Kaizen and Woods Capital formed a partnership with Dundon Capital Partners to acquire control of the land from the Shraman South Asian Museum and Learning Center Foundation."The complimentary skillsets of our combined team make this a limitless opportunity for the community," Evers said.Sarah Hinkley of Thirty-Four Commercial brokered the sale.Kaizen has a track record of building successful suburban office projects in Allen in Collin County.The developer has also begun site work for a 22-story Uptown office tower called The Link.Woods Capital has been an investor in major downtown buildings including Thanksgiving Tower and AT&T's Whitacre Tower.Dundon Capital Partners is a private investment firm with investments including the Carolina Hurricanes, Employer Direct Healthcare, Topgolf, AT&T Plaza, 2100 Ross Avenue and OTO Development.  Continue reading...