Lincoln Property Eyes Uptown Dallas Mixed-Use

When complete, the campus will include as much as 500,000 square feet of office space.

Lincoln Property Co.’s mixed-use campus will rise next to The Crescent in Uptown Dallas. Image courtesy of Lincoln Property Co.

Lincoln Property Co. is moving forward with plans for the development of a mixed-use campus in Uptown Dallas.

The firm has acquired the 4-acre site at 2500 Cedar Springs Road where it will build from 400,000 to 500,000 square feet of office space, about 250 luxury apartment units, a 200-key hotel/residence and 25,000 square feet of food and beverage retail, as well as ample green space.

Lincoln had initially announced the project in 2022. At the time, the campus was slated to include a 20-story office high-rise totaling 525,000 square feet and two residential buildings surrounding a central park, according to The Dallas Morning News.

Located in the heart of Uptown Dallas, 2500 Cedar Springs is a short walk from The Crescent office and hotel, the Ritz Carlton Hotel, the Katy Trail, Klyde Warren Park, Victory Park, the American Airlines Center, and less than 5 miles from Love Field.

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Although a development timeline hasn’t been finalized yet, the project is already being marketed to potential anchor tenants, Chase Prospere, Lincoln senior vice president & office market leader in Dallas, said in prepared remarks.

Lincoln will handle leasing in house; Dallas-based Jake Young and Worthey Wiles are leading the effort.

Twisted office market conditions

The Dallas-Fort Worth office market is in a contradictory situation, according to a forecast from Marcus & Millichap, with steady growth in office-using sectors like professional and business services, financial activities and information, even as post-pandemic remote work undermines that.

Marcus & Millichap reports “net absorption has fallen shy of new supply in each of the past four years, and the same is expected in 2024 to an even greater degree. A wave of expiring pre-pandemic leases will drop net absorption this year to its softest measure since the 2020 shock.”

Still, the forecast is optimistic about the Metroplex’s ability to remain the beneficiary of steady corporate in-migration.

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