Acadia Realty Trust and Ignite-Rebees’ mixed-use development on Henderson Avenue is envisioned to turn the corridor between Uptown Dallas and Lakewood into a national retail destination.
The 161,000-square-foot mixed-use development is designed with 75,000 square feet of walkable retail, 12,000 square feet of restaurants and 74,000 square feet of office.
The project, which has 11 buildings under construction, is pitched as the missing piece to Knox Street eastward, unlocking demand from East Dallas residents, Bisnow reported.
The project is like “releasing a stopper,” CBRE’s Elizabeth Herman Fulton told the outlet.
Knox Street has long been one of Dallas’ shopping magnets, but the stretch across Central Expressway, where the street name changes to Henderson, has lagged behind.
The developers are betting that Henderson will catch up and help create a retail corridor with prestige. If Highland Park Village is Dallas’ Rodeo Drive, then Knox/Henderson will be Melrose Avenue and Abbot Kinney Boulevard, Weitzman’s Vice President of Research Rob Darnell told the outlet.
The corridor has luxury momentum. Ralph Lauren, Kith and Jones Road Cosmetics debuted on Knox Street this year, joining more than 70 shops and restaurants. Rents have followed: Fulton said deals range from the double digits per square foot to triple digits, rivaling Los Angeles shopping hotspots.
Knox Street’s connection to the Katy Trail adds value akin to waterfront property, drawing affluent residents from nearby neighborhoods, Fulton said. The area already has a wealthy population, and luxury highrises are expected to bring more.
CBRE subsidiary Trammell Crow Company and a slate of partners are developing a 150-unit luxury condo tower and Auberge Resorts Collection hotel at 3319 Knox Street, expected to open next year. That project will also have 90,000 square feet of retail.
Dallas-Fort Worth’s millionaire count has jumped 85 percent over the past decade, according to Henley & Partners. The appetite for high-end retail is only growing.
— Eric Weilbacher
Read more
Trammell Crow Co, Washburne–led supergroup plan Knox office project
Acadia gears up for East Dallas makeover
The mogul behind the real estate marriage of two Dallas dynasties
Washburne, Hill-Hunt families launch commercial real estate firm
