New Cityplace tower owner planning major mixed-use development

Parmenter Realty Partners recently purchased the 42-story Cityplace tower and plans to develop the property’s vacant land that surrounds the tower. At Haskell Ave and N. Central Expressway, the site is near the booming Uptown district.

Preliminary plans reflect a plan for more than 600,000 square feet of apartments, restaurants, shops and maybe a hotel. When the 1.35 million-square-foot Cityplace tower was constructed in the 1980s, the now-grassy areas were originally intended for three six-story office buildings. The building foundations, underground parking and mechanical operation systems were all developed with the tower.

Work is planned to begin next year. Meanwhile, directly across the freeway, developer Forest City Enterprises is constructing a high-rise apartment complex and advertising and marketing firm the Richards Group is building a new office headquarters. Closer to the Cityplace tower on the east side of the freeway, developer Trammell Crow Co. is planning a mixed-use shopping center on the north side of Haskell.

The Cityplace building is currently about 70 percent leased to major tenants including Dean Foods, Hudson Advisors and Headington Cos. Parmenter Realty Partners now owns and operates 3.5 million square feet of office space in North Texas, with buildings in North Dallas and Las Colinas.

 

Source: Dallas Morning News, Nov 18, 2013.
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