Steve Brown of the Dallas Morning News is reporting:
“The largest owner in Dallas’ hot Knox Street business district is putting its properties up for sale.
Sarofim Realty Advisors has spent almost three decades buying and developing retail and apartment projects in the Knox Street corridor. It owns owns development sites along Travis Street.
The private real estate firm — they built the new high-rise apartment and retail project at Cole and Armstrong avenues that houses Trader Joe’s — has quietly put the buildings and land located on six blocks just east of Highland Park up for sale.”
This is huge news. Sarofim has been the largest player in this area for a long time. For years they’ve planned to develop the block on the southwest corner of Knox and Travis, but nothing has been done. It leaves me to believe they think the end of the cycle is nearing and want to lock in some of the upside they have helped to create. We will continue to follow this story.
As reported here back in June, Weirs has major plans for its Knox Street Store. DMN is reporting that a 12 story building is planned with emphasis that the 100+ year old Highland Park Soda Fountain will remain on the corner. Plans call for 50,000 feet of retail space and a 6 story, sub level parking garage. It also sounds like Weirs will face Travis creating more retail frontage availability on Knox Street.
We will continue to update as more information becomes available.
Towers is reporting that a preliminary plat was approved for Travis Block Holding Company LLC to consolidate 14 lots into a 2.25 acre tract. It notably does not include Cafe Madrid. This is a huge piece of property and we’ll keep updating with new information as it becomes available.
As we’ve been reporting for ages, restoration hardware is indeed planning a major, major project….51,000 sq ft of retail, a hotel, etc…
And if that wasn’t enough, another apartment building replacing the crumbling, primer gray apartments between Armstrong and Oliver on Cole Ave.
Candace Evans broke the info from attending the Oak Lawn Committee meeting where these proposals were presented.
Read her article and see the pictures.
DMN is reporting that Weirs plans to close both their Knox street store and Buena Vista warehouse/outlet on July 8 to begin redevelopment plans. It’s somewhat confusing since Weirs has also been quoted as saying that the Knox Street redevelopment was still a couple of years out. Either way, we are excited to see what they are planning!