with its new deed in hand,

Jonathan Agus, president of the Boca Raton, FL-based investment group, tells GlobeSt.com that construction will get under way this year on the 2711 N. Haskell Ave. landmark. In "executing the vision," he stresses "we're going to do the right thing." The acquisition partnership includes Barrow Street Capital, a real estate investment opportunistic fund manager based in Stamford, CT.

The Tower is being sized up for a boutique hotel component in addition to condos, retail, spa and restaurants. Agus says a significant portion of the landmark space will be kept for offices and conference areas.

"This building will be a product that the highest end consumer will be impressed with," Agus promises. "We want to be different. We are going to be different. There's a 'wow' factor we're creating here. In our minds, what we are creating is an island resort in the heart of Dallas."

Part of the vision calls for using three of the nine extra acres, now multifamily zoned, to add to the ambiance and amenities for a 43-story high rise positioned on 10 acres with a DART light-rail station on its doorstep and North Central Expressway at its back door. The land will be seeded with tennis courts, swimming pools and restaurants and retail and the balance banked for future development.

Cityplace Center was built in 1988 as 7-Eleven Inc.'s headquarters. Plymouth Meeting, PA-based Brandywine Realty Trust inherited it with the acquisition of Prentiss Properties Inc. With 7-Eleven moving its HQ from Uptown to the Arts District, the structure became the largest value-add prize in the region.

"This is an opportunity you don't find every day," Agus acknowledges, adding that the Tower could end up as a prototype for the firm's new company. "We'd love to find assets and properties that have this kind of presence in other cities. We'd love to roll out other Towers in other US cities, but the question is can we find other opportunities."

Agus and his father-in-law, Izzy Ashkenazy, pushed into the residential market about four years ago. The inroad led to the founding of CondoMax USA by Michael Ashkenazy. The next step in the evolution will be to merge CondoMax into the newly created Tower Development Co.

Agus says the Tower is envisioned as a live, work and play environment yet integrated into the community through initiatives like fund raisers for nonprofit organizations and foundations. An architect already is designing a signature entrance for the residential component. The redevelopment cost and details like condo prices and sizes will be finalized within 60 days, with each component branded in some fashion with the Tower label.

What is important, Agus stresses, is the planning team isn't locked into any pre-set notions by the market about the redevelopment. He's not even ruling out the addition of development partners. "It's open-ended. We want to send that message out there," he says. "We are considering all options."

Instant Insights /

Cityplace Buyer Planning 1M-SF Island Resort

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