Stream Realty Lands $176M for Uptown Dallas Project
The mixed-use development is scheduled for completion in early 2024.
Stream Realty Partners has secured a construction loan for the development of The QUAD, a mixed-use project totaling 350,000 square feet in Uptown Dallas. JLL Capital Markets worked on behalf of the borrower to obtain the $176.2 million loan originated by MSD Partners L.P., Dallas County records show.
On March 10, Stream Realty Partners broke ground on The QUAD, which is the company’s largest single investment in the city. The developer expects to deliver the project in early 2024. The complex will take shape on a 3.8-acre site that once hosted The Quadrangle, Dallas’ first mixed-use development dating back to 1966.
Restoring Uptown’s mixed-use hub
The Quadrangle, originally a series of shops and restaurants developed by Pratt Box Henderson, was joined by a 128,867-square-foot eight-story office building in 1985. The owner acquired the property in early 2019 and a year later announced plans for a new development project at the site: a 12-story office tower totaling 335,000 square feet, along with five bungalows with a combined 15,000 square feet of retail space. Situated diagonally across The Quadrangle, The QUAD was initially anticipated to come online in late 2022.
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The creative office tower at 2699 Howell St. will feature a lobby with floor-to-ceiling windows, as well as a digital art installation, a fitness center and underground parking. The building will be crowned by The Quad Club taking up the top floor and encompassing a tenant lounge, rooftop terrace and conference center.
The five retail buildings will range between 1,719 and 4,645 square feet and will be surrounded by an acre of green space. The restaurant will offer alfresco dining with seasonal and local ingredients.
As of January, there were more than 5.8 million square feet of new office projects underway across the Dallas-Fort Worth metro, according to CommercialEdge data. Underway projects represent 2.1 percent of the overall stock, slightly below the national average of 2.2 percent.
A team effort
The developer selected architecture firm Omniplan to breathe new life into the mixed-use destination. Stream Realty’s development team overseeing the project includes Managing Director & Partner Ramsey March, as well as Development Director Brad Dornak.
Stream Vice President Ryan Evanich along with Senior Associate Marissa Parkin will market the office portion of the Class A tower. RUE Realty will handle leasing activities for the retail segment, with a team led by Jeremy Zidell, Michael Nagy and Amanda Aaron.
The JLL Capital Markets team that represented the borrower was led by Senior Managing Directors Colby Mueck and Jim Curtin, Managing Director De’On Collins and Analysts Rex Cruz and Kristi Leonard.
