News Summary
NexPoint Diversified Real Estate Inc. has announced a $445 million redevelopment project at Cityplace in Dallas, aiming to reshape the area’s landscape with new residential options. The multi-phase initiative includes the construction of 465 apartment units, commercial spaces, and a hotel by 2025, reflecting a strategic move to meet urban living demands. This ambitious project highlights a trend towards urban revitalization and the integration of community facilities, enhancing both living and business prospects in Dallas.
Dallas – NexPoint Diversified Real Estate Inc. has unveiled plans for a comprehensive $445 million redevelopment of the Cityplace development in Dallas, a significant undertaking that aims to reshape the area’s landscape and meet the growing demand for residential options. The development will take place in four distinct phases along U.S. Route 75, with construction for the initial phase expected to commence in late 2025.
In 2018, NexPoint acquired the Cityplace site for approximately $195.8 million, initiating steps towards revitalizing this urban area. Phase one, designated as “The Apron,” will encompass the addition of eight six-story apartment buildings on roughly 5.3 acres surrounding the high-rise Cityplace Tower. This initial phase is designed to deliver 465 new apartment units and provide around 22,300 square feet of commercial space, catering to the community’s need for housing and local business opportunities.
Along with the construction of new apartment buildings, phase one includes necessary renovations to the existing underground parking facilities. The overall scope of the redevelopment indicates a strategic move to adapt to changing market conditions, particularly the shift towards living spaces in urban environments.
The Cityplace redevelopment does not end with phase one. Subsequent phases of the project are set to include transformative changes to the existing Cityplace Tower itself. Plans indicate that 27 of the 42 floors in the tower will be converted into residential units, while eight floors will be designated for a hotel. This dual approach aims to maximize the usability of the space, ensuring that it serves both residents and visitors effectively.
NexPoint is also integrating community-oriented facilities within the development. An event and conference space is in the works, with designs for spaces positioned on the ground level as well as the 42nd floor of the Cityplace Tower. This venue will offer significant value to both residents and the local business community, encouraging gatherings, conferences, and varied events in the heart of Dallas.
The conversion of the tower will incur an estimated cost of $61.5 million for the eight dedicated floors of rental apartments. In addition, the budget for the hotel and conference center, previously announced in 2020, is projected at $136.2 million, with completion expected in the first quarter of 2025. These developments are in line with the broader trend observed across North Texas, where there is an increasing emphasis on repurposing office spaces into residential areas to help mitigate the housing shortage.
As of June 2023, the Cityplace building is already home to Neiman Marcus Group’s three-floor corporate hub, indicating that this location is currently a hub for corporate activity as well as a site of future residential growth. The alignment of residential and commercial spaces exemplifies urban development’s direction in meeting the changing demands of urban populations.
The NexPoint redevelopment project is anticipated to offer a diverse living environment, enhance the commercial landscape of the area, and contribute to the overall growth trajectory of Dallas. With a keen focus on modern living solutions, this project aims to support the city’s ongoing transformation into a vibrant and populated urban center.
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Additional Resources
- WFAA: $445 million plan for Cityplace redevelopment in Dallas
- Dallas News: Neiman Marcus owners could be on the hook to repay Dallas if they leave the city
- Dallas News: Dallas developer buys neglected city-owned property downtown
- Wikipedia: Uptown Dallas
- Archpaper: New Cityplace Tower in Dallas, Texas
- Encyclopedia Britannica: City district
