Jonas Woods, a longtime force in downtown Dallas real estate, is shifting gears.
The developer handed day-to-day control of Pacific Elm Properties to co-founder and chief investment officer Billy Prewitt while teaming with Ignite-Rebees to form a new platform, 3-O Real Estate Partners, with a $4 billion pipeline in the works, D Magazine reported.
The move marks another pivot for Woods, who made his name launching Victory Park for Hillwood before spinning out on his own in 2008. He recapitalized Woods Capital as Pacific Elm in 2022, and under that banner has been a leader in Dallas’ adaptive reuse wave. Santander Tower, his 50-story trophy on Elm Street, was redeveloped with offices, apartments under the Peridot brand, a Mint House hotel and the Tower Club.
Pacific Elm and Ignite-Rebees are pooling assets into 3-O, a venture led by Woods alongside Ignite-Rebees founders Tristan Simon, Mark Masinter and Tom Paterson. The companies didn’t specify which properties would roll in, but said 3-O will manage 2 million square feet across Dallas, Austin, Houston, San Antonio, Nashville and Los Angeles, with billions in development queued up.
Prewitt is stepping up as Pacific Elm’s CEO after 17 years working alongside Woods.
“Billy has been intricately involved in every aspect of our business,” Woods told the outlet. He will remain Pacific Elm’s second-largest investor and strategic advisor.
Pacific Elm is hardly winding down. Its portfolio spans six Class A towers totaling 4.4 million square feet and 10 acres of development sites, including One Dallas Center, 2100 Ross, and the 500,000-square-foot Bank of America Tower at Parkside, which is under construction. Santander Tower is getting a second Peridot phase, while the firm’s broader pipeline spans 9.2 million square feet across Dallas and Raleigh, North Carolina, Bisnow reported.
Pacific Elm also promoted Clint Corn to chief investment officer, joining chief financial officer John Rutledge, chief managing officer Sara Terry and executive vice president Ashley Becker on the senior team. Prewitt said the succession plan, set in motion months ago, will keep the firm on track.
The handoff clears the way for Woods to focus on 3-O’s expansion. Ignite-Rebees brings its own set of mixed-use plays, from Henderson Avenue in Dallas in partnership with Acadia Realty Trust to a 66-acre Uptown ATX partnership with Brandywine Realty Trust, billed as a transit-oriented mixed-use community.
— Eric Weilbacher
Read more
$132M loan fuels Pacific Elm’s ambitious Dallas office-to-resi plans
Pacific Elm Scores $280M construction loan for Parkside Uptown
Knox-Henderson envisioned as Dallas’ answer to LA’s Melrose Avenue
$24M metro station for $3B Texas development breaks ground
