2525 Turtle Creek Boulevard

Dallas, TX

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Property Overview

Investment Summary

  • Address 2525 Turtle Creek Boulevard, Dallas, TX 75219
  • Land Area ±4.446 Acres / 193,668 SF
  • Existing Zoning PD-193 (O-2)
  • Debt To be delivered Free & Clear at Closing
  • Asking Price Unpriced
  • Interest Fee Simple

Executive Summary

Cushman & Wakefield is pleased to exclusively offer for sale 2525 Turtle Creek Boulevard (the “Property”), located in one of Dallas’ most sought-after enclaves. The Property is one of the only remaining parcels of its size suitable for high-density development under its existing zoning within the Turtle Creek submarket. Originally built in 1961, the ±4.446-acre Property consists of 108 condominium units and is named the Turtle Creek Gardens Condominiums. The current low-density condominiums no longer constitute the Property’s highest and best use, as there has been an unprecedented surge in demand for high-density development in the area. This surge in demand can be attributed to Dallas’ unrivaled employment growth, having led the nation in new jobs over the past three years. Due to its low cost of living, high quality of life and pro-business environment, Dallas continues to see an influx of corporate relocations from across the country, which drives its rapid expansion.

The current zoning and distinctive location allow for multiple potential uses to support the global trend towards live, work, play environments in walkable urban districts. This trend, coupled with an aging inventory of luxury high-rise condominiums with rising assessment fees, and an aging wealthy population looking to downsize, has fueled the demand for luxury residential projects in the core of Dallas. Additionally, 2525 Turtle Creek is well-positioned within one of the highest barrier-to-entry submarkets in the Metroplex, surrounded by luxury and wealth. It is adjacent to the Texas icon, Rosewood Mansion on Turtle Creek and a high concentration of high-net worth family offices including Dallas’ Crow and Perot family offices. Other demand drivers in the area include UT Southwestern, Scottish Rite and Parkland hospitals, in addition to the major employment hubs of Uptown and Downtown Dallas, which all contribute to over 285,000 employees within 2 miles of the Property, providing ample demand for new construction. Additionally, Dallas’ acclaimed Katy Trail sits at the front door of 2525 Turtle Creek. The Katy Trail is a 3.5-mile urban pedestrian and cycling path which connects Dallas’ most popular destinations, including the Katy Trail Ice House, Victory Park and Mockingbird Station. The Katy Trail receives over 1 million visitors per year.

With its highly sought-after location and in-place, high-density, mixed-use zoning, 2525 Turtle Creek affords investors the rare opportunity to develop a signature project in the urban core of Dallas, Texas, one of the fastest growing economies in the country.

Investment Highlights

1-Key HIGH-BARRIERS-TO-ENTRY URBAN-INFILL

Comprised of approximately 12 square miles, the Oak Lawn / Turtle Creek neighborhood is one of Dallas’ most affluent and densely populated areas with roughly 98% of the land currently developed. Many of the properties in the immediate area are fully built out and, in many cases, are occupied by low density development, such as the Turtle Creek Circle luxury single family development directly across the street with homes priced in the $1.5 to $2.5 million range.


2-Zoning HIGH-DENSITY MIXED-USE ZONING IN-PLACE

Currently zoned PD 193 (O-2), the property is within one of Dallas’ most favorable zoning ordinances allowing for a variety of uses including hotel, office, multi-family, age-restricted and retail with a 240-foot max building height and up to a 4.5 to 1 Floor Area Ratio (FAR), yielding a maximum floor area of approximately 871,506 square feet. This high-density zoning provides an efficient path forward without requiring additional zoning approvals to achieve a market-driven signature development.


3-Growth OUTSTANDING DEMOGRAPHICS AND GROWTH

Considered one of the most prestigious and affluent neighborhoods in Dallas, the Turtle Creek area boasts a median household income that is 47% higher than the national average. With a projected population growth nearing 15% over the next five years, the district continues to attract well-educated professionals seeking close proximity to popular restaurants, services & amenities and the area’s rare natural beauty. As a result of this incredible growth, DFW was the second-busiest building market in the country last year with almost $22.5 billion in new construction.



4-Trail TRAIL & PARK ORIENTED DEVELOPMENT

As one of Dallas’ most popular amenities, the 3.5-mile Katy Trail is located at the front door of the Property, allowing easy bike and pedestrian access to some of Dallas’ most desired locations. The Katy Trail receives over one million visitors annually. Additionally, the Property provides a unique park-side setting to Turtle Creek Parkway, a 90-acre urban park featuring some of Dallas’ most picturesque landscapes.


4-Trail ACCESS & REGIONAL CONNECTIVITY

The Property is conveniently located just 0.5 miles from the Dallas North Tollway and Interstate 35, allowing for direct access northbound to Dallas Love Field Airport (less than four miles away) and the Plano/Frisco employment centers at Legacy. Victory Station, which can be accessed via the Katy Trail, is served by the Green and Orange DART rail lines connecting passengers to DFW Airport and major employment, medical, higher education and entertainment hubs throughout the metroplex.


5-Access LARGE CONTIGUOUS URBAN IN-FILL TRACT

The Property allows a developer significant flexibility in master planning an efficient and integrated project, with multiple product types possible. The Property is one of the largest remaining tracts available in the submarket.


6-Urban-Icon IMPRESSIVE DALLAS SKYLINE VIEWS

Located within walking distance of downtown and Uptown, the Property provides dramatic views of Dallas’ famous skyline, in addition to West Village, the Harwood District and Victory Park.

Location

Team

Brokerage team

Chris Harden

Cushman and Wakefield
+1 972 663 9680

Ben Fuller

Cushman and Wakefield
+1 512 637 5514

John Carr

+1 512 637 5522