DALLAS — Lincoln Property Co. has acquired a four-acre site at 2500 Cedar Springs Road in Uptown Dallas. The firm plans to develop a Class A mixed-use project with approximately 400,000 to 500,000 square feet of office space, 250 luxury apartment units, a 200-room hotel, 25,000 square feet of food-and-beverage retail, and ample green space.
The project site is near the Crescent office and hotel, the Ritz-Carlton hotel, the Katy Trail, Klyde Warren Park, Victory Park, the American Airlines Center and numerous restaurants. Although a seller was not disclosed, the Dallas Business Journal reports that an entity connected to Greenway Investment Co. previously owned the property, a retail strip built in the 1950s.
A timeline for development has yet to be finalized, according to Chase Prospere, senior vice president and office market leader at Lincoln in Dallas.
“Complex developments like this are years in the making and it’s very early in the process, but we intend to move at pace to get to groundbreaking,” says Prospere. “We are actively marketing the project to prospective anchor tenants and expect leasing activity to be strong given the unique location and amenities of the project.”
The Uptown submarket of Dallas posted an office vacancy rate of 22.2 percent in the fourth quarter of 2023 compared with 25.3 percent for the overall Dallas/Fort Worth market, according to CBRE.
Lincoln will handle leasing for the development in-house, with Jake Young and Worthey Wiles leading the effort.
With 35 offices across the U.S., Lincoln manages, leases, develops and provides advisory services to owners and occupiers of office, life sciences, retail, industrial, data center, production studio and mixed-use properties. The firm’s combined management and leasing portfolio on behalf of institutional clients includes approximately 500 million square feet of commercial space.
— Kristin Harlow