ULI Spring Conference Transit Oriented DevelopmentWhy move outside of our EPN? Macro site attributes...
Transcript of ULI Spring Conference Transit Oriented DevelopmentWhy move outside of our EPN? Macro site attributes...
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ULI Spring Conference
Transit Oriented Development
MASS TRANSIT
RETAIL
MULTI-FAMILY
OFFICE
HOTEL
ENTERTAINMENT
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• Gables is one of the largest apartment owners in Dallas with 2,314 units in the uptown and downtown areas
• EPN strategy in Uptown
• Our philosophy is to bring retail, entertainment and luxury living together
Who we are
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Why move outside of our EPN?
Macro site attributes:• Las Colinas daytime population - 108,000
• Las Colinas Trade Area has daytime population of 213,000 and 188,000 residents
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Macro site attributes:• 22.5 million SF of Office
• 31,000 residents
• Home to more than 30 Fortune 500 companies
Why move outside of our EPN?
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Why move outside of our EPN?
• Existing APT Rail moves people around Las Colinas Urban District
• New DART Line is a 5 minute walk from Water Street
• Orange Line will connect Downtown Las Colinas with Downtown Dallas
and DFW Airport
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• Our retail success must rely
on a regional draw, not merely
local
With the arrival of the new
DART line in 2011, Water
Street will become even more
regionally connected
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Specific site attributes:
• Las Colinas Urban Center – large number of
offices and residential, but lacks retail.
Existing opportunity to utilize APT line
• Williams Square – high occupancy and
architecturally significant buildings. Presents
urban backdrop
• Lake Carolyn – few urban waterfront
development opportunities in the Metroplex
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The Development
Transit: APT Station
Retail: 250,000sf
Residential: 500+ units
Office: 250,000sf
Hotel: 125 keys
The Development
Transit: APT Station
Retail: 250,000sf
Residential: 500+ units
Office: 250,000sf
Hotel: 125 keys
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Challenges
• “We’re all new at this” – increased planning term due to unknowns
• Numerous stakeholders – insuring all parties are accommodated
– City of Irving, Dallas County Utility and Reclamation District (DCURD), DART,
Las Colinas Association
• Meeting expectations
• New financial and legal implications
• Contracts and agreements
• Pursuit costs
• Regional impact
• National TOD projects not directly translatable in this market, such as parking
• Timing with new DART line arrival
• Rent and appraisal expectations
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• A “heart” for the Urban Center
• Sustainable development
• Enthusiastic and eager city. Without infrastructural subsidies, this project
would be impossible to build at this scale
• Rising tide raises all ships – improvements throughout Las Colinas
• Lower exit cap
• Lower volatility cashflows
• Long-term enduring development
Benefits
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