A 12-story parking garage and retail building is opening in downtown Dallas and will be the cornerstone of a future hotel located in front of the Kay Bailey Hutchison Convention Center Dallas expansion.
An official ribbon-cutting will take place May 1 for the parking and retail portions of the first phase of the $66.8 million mixed-use project by Dallas real estate investment firm Serra Real Estate Capital and Dallas County along Jackson and Market streets.
Built on the site of the former WFAA Plaza, the development will feature ground-floor restaurants and retail space, 1,228 spaces wired for EV charging and solar panels on the roof.
“This important project embodies the court’s commitment to downtown development and will enhance the experience for jurors, voters and employees,” said Dallas County Commissioner Dr. Elba Garcia.
Dallas-based architecture firm Kogan came up with the sustainable first phase design and is building the second phase.
Next up for the site is a 15-storey hotel, with structural upgrades being built in the first phase to help the hospitality project capture the visitor numbers expected from the convention centre upgrades.
More than 50 percent of the subcontractors on this project were minority- and women-owned businesses. The contractors on this project also partnered with Second Chances, an organization that provides opportunities for people who have been incarcerated.
“It’s fitting that this building was built by contractors and suppliers who represent the diversity of our city,” said David Kelly, co-founder and managing director of Serra, which is also minority-owned.
The garage, located at 700 Jackson Street near the Dallas County Courthouse, will be used by Dallas County and the family office Labora Group.
A joint venture between minority-owned general contractors Azteca Omega Group and H.J. Russell & Company constructed the first phase of the project.
CGA Capital is the lender on the multi-phase project.
The project utilizes a credit tenant lease structure, a hallmark of Serra, a company that provides capital for public and corporate bonds and specializes in financing solutions for corporate, government and nonprofit users.
