The opening of a 12-story parking garage and retail development in downtown Dallas lays the groundwork for future hotel construction facing the expansion of the Kay Bailey Hutchison Convention Center Dallas.
On May 1, the first phase of a $66.8 million mixed-use project by Dallas real estate investment firm Serra Real Estate Capital and Dallas County will officially open along Jackson Street and Market Street.
Built on the site of WFAA Plaza, the development features ground-floor restaurant and retail space, as well as 1,228 spaces pre-wired for EV charging. Solar panels can be installed on the roof.
“This important project exemplifies the Commissioners Court's commitment to downtown development and enhances the experience for jurors, voters and staff,” said Dallas County Commissioner Dr. Elva Garcia.
Dallas-based architecture firm Kogan devised the first phase of the sustainable design and is working on the second phase.
Next to be built is a 15-story hotel. Structural upgrades constructed during the first phase will help the hospitality project, which is slated to capture the expected visitors from the convention center upgrade.
Over 50% of the subcontractors on this project were minority women-owned businesses. The project's contractors also partnered with Second Chance, an organization that provides opportunities for formerly incarcerated people.
“It’s no surprise that this building was constructed by contractors and suppliers that represent the diversity of our city,” said David Kelly, co-founder and managing director of Sera, who is also a minority shareholder. Stated.
The garage, located at 700 Jackson Street near the Dallas County Courthouse, will be used by Dallas County and 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 a multi-phase project lender.
The project utilizes Serra's signature credit tenant lease structure, which finances public and corporate bonds. The company specializes in financing solutions for businesses, governments, and non-profit users.
