JV Wraps Up $155M Mixed-Use Project in Dallas

Dallas skyline. Image courtesy of David Mark via Pixabay.com

Weir’s Plaza, a 12-story mixed-use project in Dallas’s Knox Retail District, has been completed, the Dallas Business Journal reported on Friday.

The development’s value is $155 million, according to the Dallas Morning News.

The property, at 3219 Knox St., was a redevelopment of the Weir’s Furniture store, occupied for more than 70 years.

The building that stands there now comprises a new two-story, 28,000-square-foot Weir’s Furniture store; 250,000 square feet of Class A office space; and 12,000 square feet of restaurant space.

The property reportedly is fully leased, with office tenants including Kirkland & Ellis, Fortress Investment and Arctos Sports.

READ ALSO: Dallas-Fort Worth Market Update: Construction Activity On the Up

Amenities include a resort-style tenant fitness center, several rooftop terraces, six levels of underground parking with capacity for more than 800 vehicles and easy access to the Katy Trail, according to a brochure from the property’s ownership.

Part of the project included preserving the historic Highland Park Soda Fountain, by way of incorporating its facade into the new structure.

The development reportedly required excavating 60 feet into rock and installing a soil retention system to ensure the stability of nearby buildings, streets and parking garages.

The Weir family’s partners in the redevelopment were JE Dunn Construction, Four Rivers Capital and GFF Architects, all of Dallas.

Mixed bag in the Metroplex

Despite a recovering local economy, the Dallas–Fort Worth office market is “tepid,” with significant sublease space undercutting what was otherwise strong new absorption in the fourth quarter, according to a recent report from Newmark.

Net absorption in the fourth quarter hit just over 904,000s square feet, yet the whole-year absorption figure was negative to the tune of 1.3 million square feet, because of poor activity early in 2021. Worse, CNBC indicated that Texas has lost a bit of its luster as a destination for corporate relocations.

Nonetheless, office development in the metro remains active, with nearly 50 buildings totaling almost 7 million square feet currently underway, also according to Newmark.