{"id":1004199704,"date":"2017-12-07T04:00:05","date_gmt":"2017-12-07T12:00:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004199704"},"modified":"2022-12-05T01:56:20","modified_gmt":"2022-12-05T09:56:20","slug":"kdc-seritage-plan-1-msf-dallas-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kdc-seritage-plan-1-msf-dallas-office-project\/","title":{"rendered":"KDC, Seritage Plan 1 MSF Dallas Office Project"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Project<\/a>

Project rendering<\/p><\/div>\n

KDC, a leading corporate build-to-suit office development, and investment firm and retail REIT Seritage Growth Properties are combining their respective expertise for the good of the Dallas office market. The companies just formed a partnership for the creation of as much as 1 million square feet of premier office accommodations within the sprawling Dallas Midtown mixed-use<\/a> redevelopment. The office project\u2019s anticipated price tag is $800 million.<\/p>\n

KDC and Seritage\u2019s two-tower office project\u2014one component of the 23-arce-mixed-use destination Seritage is planning at Dallas Midtown\u2014will sprout up on a site that had been home to a Sears store at the former Valley View Mall. All the details have not yet been hammered out; however, Bill Guthrey, partner and senior vice president with KDC, told Commercial Property Executive<\/em>, \u201cthe office buildings will be driven by the corporate user and each could easily be 500,000 square feet.\u201d<\/em><\/p>\n

The onetime Sears site will also feature anchor retail and entertainment space, and like the office buildings, the size of these offerings will be dictated by demand. The vision, Guthrey added, includes plans for roughly 200,000 square feet of retail, restaurant, and entertainment space; approximately 800 luxury residential units; and a hotel with at least 200 keys.<\/p>\n

THE RIGHT PLACE, THE RIGHT TIME<\/strong><\/h2>\n

Timing is everything, and then there are the three golden rules of real estate: location, location, location. KDC and Seritage\u2019s office project ticks all the boxes. \u201cThe redevelopment of Interstate 635, fronting the property, now allows for 285,000 cars a day to travel the highway, and provides access to employees,\u201d<\/em> Guthrey said. \u201cIn addition, no new office projects have been built along\u00a0this corridor of I-635 for 30 years, so there is pent-up demand for well-located, state-of-the-art office projects in a mixed-use environment. Employers and employees also seeking highly amenitized neighborhoods and this project meets the demand.\u201d<\/em><\/p>\n

The Dallas office sector in general is being bolstered by the jobs market. According to a third quarter report by commercial real estate services firm JLL, job gains that put Dallas toward the top of all U.S. markets continue in a range of industries, fueling all sectors.<\/p>\n

KDC and Seritage\u2019s next step for their office project is a site plan application, which the partners expect to file with the City of Dallas in the near future.<\/p>\n

Photo courtesy of\u00a0Seritage, KDC<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The two-tower development will be erected on the site of a former Sears department store as one component of Seritage\u2019s 23-acre mixed-use destination. <\/p>\n","protected":false},"author":969,"featured_media":1004199708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21782,21808,21752,21742],"tags":[32796,33619],"class_list":["post-1004199704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-development","category-featured","category-mixed-use","category-latest","tag-jll","tag-kdc"],"acf":[],"yoast_head":"\nKDC, Seritage Plan 1 MSF Dallas Office Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kdc-seritage-plan-1-msf-dallas-office-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KDC, Seritage Plan 1 MSF Dallas Office Project\" \/>\n<meta property=\"og:description\" content=\"The two-tower development will be erected on the site of a former Sears department store as one component of Seritage\u2019s 23-acre mixed-use destination.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kdc-seritage-plan-1-msf-dallas-office-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-12-07T12:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T09:56:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Seritage-KDC-Project-Dallas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kdc-seritage-plan-1-msf-dallas-office-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kdc-seritage-plan-1-msf-dallas-office-project\/\",\"name\":\"KDC, Seritage Plan 1 MSF Dallas Office Project - 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