Lincoln Property Company, one of the largest and most respected diversified real estate companies in the United States and Europe, will soon break ground on a mixed-use development featuring 225,000 square feet of office space and 128 multifamily residential units in two side-by-side towers, separated by a parking garage and amenity deck in Preston Center. The commercial division of Lincoln Property Company, based out of Dallas, is developing the site on land owned by Saint Michael and All Angels Episcopal Church following a five-year collaborative effort to secure entitlements for the site from the City of Dallas.
Construction is expected to begin in May.
“Saint Michael and All Angels has been great to work with, and we are thrilled to take this monumental step forward to bring our shared vision to life,” said John Walter, Executive Vice President of Lincoln Property Company. “This project will be a best-in-class development designed to bring a dynamic mixed-use offering to the area. We are especially thankful to the City of Dallas and Preston Center Task force, whose feedback through the years made the project better. We are excited that Sewell Automotive Companies will move their corporate office to the campus as an anchor tenant, and we are encouraged by the significant interest we have seen from other prospective tenants so far. We look forward to working quickly to deliver the project to the community.”
In addition to the office and residential towers, the project features a ground floor restaurant with a patio. Community green space is also a focal point of the project, with over 1.3 acres of programmed outdoor green spaces, including a ground floor park, ample landscaping and a shared amenity deck located between the office and residential towers.
The office building, located at 8111 Douglas Avenue, features 12 stories plus a penthouse as well as several amenities including a putting green, pickleball court and an outdoor terrace at the penthouse level. The commercial division of Lincoln Property Company will lease nearly 59,000 square feet of space in the building. Sewell Automotive Companies, a family-owned business that has been in operation for over a century, will lease approximately 26,500 square feet. Floors 9-12 plus the penthouse remain available for lease to office tenants. The project has been designed, with the upmost consideration to health, wellness, and safety, using the very latest in technology and systems to create an environment for the future, where tenants will want to be. The buildings will maintain industry leading designations.
The multifamily building will feature 128 rental units within 14 stories. The building has unencumbered views of Downtown Dallas and a dynamic rooftop terrace with a pool and luxury lounge for residents. The building is located within the Highland Park Independent School District, one of the highest-ranking school districts in Texas.
Located off the primary intersection of Northwest Highway and the Dallas North Tollway, between the Park Cities and Preston Hollow, the property has unparalleled access from major thoroughfares.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 150 million square feet of commercial space and over 216,000 multifamily residential units. Access www.lpc.com for more information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210416005541/en/
Contacts:
310-251-5360
molly@sugermangroup.com
