Local firm Lincoln Properties Inc. is one step closer to developing a Class A mixed-use project on a prime site in Uptown Dallas along Cedar Springs Road.
The company signed a purchase and sale agreement Tuesday for the four-acre site on Cedar Springs Road, between Fairmount and Routh streets, south of Turtle Creek.
“We are very pleased to have closed on 2500 Cedar Springs,” said Clay Duvall, co-CEO of Lincoln Property Co. “We are excited to develop this landmark site and transform it into one of the great mixed-use areas in the city of Dallas.”
With the land under its belt, Lincoln will now look to develop plans for 400,000 to 500,000 square feet of office space, about 250 luxury apartments, a 200-room five-star hotel and residences, and 25,000 square feet of food and beverage retail.
Another key element of the development is how Lincoln plans to bring it all together through ample green space.
“We’ve spent a lot of time studying mixed-use facilities in North Texas and around the country,” Duvall says, “and we’ve found that quality green space and open air are extremely beneficial in mixed-use developments, connecting the buildings together and giving tenants and occupants the opportunity to move from building to building and enjoy the space.”
Lincoln’s Jake Young and Worthy Wiles will handle office leasing for the project. A timeline for the development has not yet been finalized.
“When you have the opportunity to purchase a property like this in Uptown, not far from the Mansions and the Crescent and a short walk from the Katy Trail, it’s an opportunity you can’t pass up,” Duvall said. “Everyone in Lincoln is excited about the opportunity to work on this property.”
The company first unveiled plans for the site last year, with specifications at the time including a large office building and two high-rise residential buildings with underground parking.
This project from Lincoln will be one of the newest additions to the always vibrant Uptown.
As construction on the 23Springs tower steadily advances, the area is preparing for the opening of the refreshed and redeveloped The Quad by Stream Realty Partners.
Along Klyde Warren Park, Pacific Elm Properties, KDC and Miyama USA Texas are teaming up to build a 30-story high-rise called Parkside Uptown.
