Manhattan's BLT Steak Stakes Dallas Claim

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DALLAS-Another new name in town will open doors in the Village on the Green, a mixed-use development rising in the shadow of the Galleria. Joining the promised elite retail lineup is BLT Steak, an award-winning, New York City-based hotspot ticketing the metroplex and Washington, DC for its first expansion move.

The Dallas advantage for claiming the win is credited to Chef Laurent Tourondel’s partner, Ed Butowsky, a local resident. “Village on the Green is a great concept and the best location in the metroplex. BLT Steak combines a very chic, very hip environment with culinary greatness,” Butowsky says in a press release. “We’ve developed almost a cult-like following in Manhattan and we look forward to creating the same excitement when we open in spring ’07 in Dallas.” BLT operates three restaurants in New York City and will open next in Washington, DC.

Kirk Williams, vice president of development for Cypress Equities Inc., tells GlobeSt.com that the BLT team “sought us out.” Dennis Leibovitz of the Retail Connection in Dallas worked out the terms for a 7,941-sf space with Dawn Greiner of Staubach Retail and Lauren Johnson of Cypress Equities. The BLT space will front Noel Road in the 6.39-acre development at 5301 Alpha Rd.

Although Williams won’t confirm it, published reports peg the all-in development tab at more than $50 million, which is a safe bet based on the rising cost of materials and Dallas-based RTKL Architects’ design of two five-story buildings with 90,000 sf of street retail topped off with four floors of one- and two-bedroom apartments averaging 1,000 sf. Move-ins to the 202 units will begin Oct. 1. Dallas-based Lincoln Property Co. is leasing the residential component for the co-developers, Columbus Realty Partners, a Staubach affiliate led by Robert Shaw, and Cypress Equities.

Williams says the developers are underwriting the project with a retail lineup of names “exclusive” to Village on the Green. “It’s a one-of-a-kind retail center,” he stresses. “We don’t want to be a run-of-the-mill establishment.”

Williams is mum about the amount of preleasing and rents for the retail and residential space. But, the project is “well ahead of pro forma,” he says. “Rents are commensurate with the retail experience that we’re delivering. And we’re delivering a retail experience that’s unmatched in Dallas.” He predicts the entire project will be stabilized in winter 2007.

Williams says the retail pipeline has several more deals lined up to be signed. Already on board are Dondi Sofa, 3,851 sf for its first store in the US; Clive & Co., a seven-year-old upscale styling salon going into 1,961 sf; La Bella Belly Maternity, a 1,520-sf flagship store of apparel, accessories and select pregnancy massage services; and Lakeside Cleaners, 817 sf.