"I would not be surprised to see it go for $125 per sf," Dustin Schilling of Colliers tells GlobeSt.com. "If any site can get $125, this is the one." The vacant tract sits between the Morton H. Meyerson Symphony Center and Nasher Sculpture Garden.
The Dallas-based Brooks Partners Inc. bought the land in May 1998 for an office building development. The changing times changed the plan and now it's up for sale with a no-minimum ask. Schilling says the marketing will "go global" this week.
Interest to date primarily has come from condo developers, says Schilling, who along with Colliers' David Glasscock are in charge of the marketing campaign. Neither broker would rule out the possibility of Brooks Partners striking a JV deal to develop the site.
In-town sites have brought $85 per sf to $105 per sf. But, Glasscock says, "there really hasn't been a comparable site sold like that."
According to Schilling, Star Parking holds a month-to-month lease for the land at the corner of Woodall Rogers Freeway and Olive Street. The land's zoning allows a building of more than one million sf.
Brooks' president John Sughrue says market conditions are driving the sale. "Considering the strength of the high-rise residential development market in urban Dallas, the lack of available land in the Arts District and the recent announcement of the Norman Foster and Rem Koolhaas designed performing arts centers, we felt that the timing was ideal for the disposition of this asset," he says in a press release.
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