X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DALLAS-Two hotel developers are seeking permits to build the first hospitality space in Pinnacle Pointe and the newest to rise in years in the South Dallas neighborhood. The unrelated projects will plant a 70-room Comfort Suites and 80-room Hampton Inn on abutting tracts.

Brothers Hospitality Inc. of Arlington, TX will invest roughly $7 million into building its first hotel in the marketplace, the Comfort Suites, says Andy Patel, partner in a development firm that’s developed commercial space in Arizona, California and Mississippi. The Hampton Inn will be built by Amit Patel, owner of a Dallas-based development group that formed a one-off limited liability company, Cockrell Hill Hospitality, for the project. The Patels are not related.

Brothers Hospitality’s Patel says ground should break by month’s end on the three-story Comfort Suites. The 57,000-sf tract is situated at the ramp of Cockrell Hill Road and Interstate 30. The Hampton Inn will be positioned to the rear on a 1.6-acre tract, which like its neighbor will be visible from the interstate.

“It’s interesting how many hoteliers are looking at this area,” David Cartwright, partner in Dallas-based Holt Lunsford Commercial, tells GlobeSt.com. In marketing the acreage for Des Moines-based Principal Financial Group, Cartwright says he has both limited- and full-service hotel developers milling around the additional land. Principal has 26 acres left to sell or ground lease for commercial-service flex space and industrial manufacturing. The unsold sites consist of three one-acre pad sites and four to 14-acre tracts.

Andy Patel says he looked at 10 sites, but quickly settled on Pinnacle Pointe because there’s no new product for several miles and it’s a close-in site to Downtown Dallas. “That corridor made it look really appealing to us,” he says. “It’s a hot location and I’m sure we’re not going to be the last going into that location.”

Patel and his brother, Ray, who is president of the company, hope to be the first out of the ground although their neighbor also is waiting in the permit line. The Comfort Suites is ticketed for completion in November. “It’s our first new construction in the Dallas/Fort Worth metroplex, but it’s not our last,” Andy Patel says. Details about the Hampton Inn were unavailable by press time.

Cartwright says Pinnacle Pointe’s pad sites “have gone very quickly.” Retail pads, ground lease or sales, are quoted at $20 per sf and the smaller industrial tracts are tagged at $4.50 per sf. Principal started with 86 acres, but sold 32 acres last fall to Voorhees, NJ-based US Cold Storage Inc. Word on the street is the company plans to develop 500,000 sf in phases.

Principal developed 83,000 sf of retail, attracting names like Conn’s and Staples and broke the balance into pad sites. Pad site development already has seated Sonic, Taco Bell and International House of Pancakes. Work is about to begin on a 50,000-sf pad site, which has been ground leased to Pollo Campero, a brand of Campero USA Corp. The Guatemala-based chain opened a US headquarters in Dallas last year and has been staking claims in the metroplex. It’s also rumored to have a ground lease to a site at Interstate 30 and Eastchase in Fort Worth.

Cartwright credits the I-30 changes, particularly the Cockrell Hill ramp, with creating the retail leasing momentum for Principal’s brokers, Darrell Hernandez, executive vice president and partner for United Commercial Realty/ChainLinks in Dallas, and his associate, J.D. Robertson. “Interstate 30 access was limited, but with the extension to La Reunion Boulevard, it’s generating retail interest,” Cartwright says. “The game has changed.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.