Dallas, TX – Las Colinas Real Estate Development Update

The Lake Carolyn Area of Las Colinas (Irving) will see some major real estate development activity within the coming years. Developers are lining up to build projects along the lake and take advantage of the new DART Orange Line Expansion that will improve access to downtown Dallas and DFW Airport. The City of Irving is helping to get the ball rolling by building a convention center and entertainment district that will anchor the regions development.Las Colinas Convention Center – Phase I of development is scheduled for completion in fall 2010. The project will include 50,000 sqft of exhibition space, 20,000 sqft of ballroom space and 20 breakout rooms. The center will be able to accommodate 4,000 attendees.Las Colinas Entertainment District – Phase I of development is scheduled for completion in fall 2010. Plans for the project include a 3,500 seat concert venue, restaurant space, retail shops, a cinema, and a privately owned hotel.Water Street – Gables Residential & Urban Partners are planning to build 300,000 sqft of retail, 500 luxury apartments, and 250,000 sqft of office space on Lake Carolyn and O’Connor Blvd. Infrastructure construction is scheduled to begin in the 2nd quarter of 2009. Phase I of construction is scheduled for delivery in fall 2010.North Shore – Fram Development is planning to build over 1,000 residential units, 100,000 sqft of retail space and 400,000 sqft of office space on Lake Carolyn and W Las Colinas Blvd. Project costs are estimated to be $300MM.Crow Holdings Site #1 – Crow Holdings owns 2 sites on Lake Carolyn. This site borders the north of Lake Carolyn and the south of Northwest Highway. Plans for this parcel include a $250MM mixed use project that will encompass 95,000 sqft of retail, 402,000 sqft of office, and 1,404 residential units.Crow Holdings Site #2 – This site is located south of O’Connor Blvd, and is bounded by Lake Carolyn to the west and Lake Carolyn Parkway to the east. Plans for this parcel include 549 apartments.Las Colinas Station – ICON Partners is building a $150MM project at the intersection of Lake Carolyn Parkway, O’Conner Blvd., and Riverside Drive. Full buildout will include 600,000 sqft of office space, 500 apartments, and a 220 room hotel.Vela – Palladium USA Development is planning to build two 21-story condo towers near the intersection of O’Connor Blvd and Lake Carolyn Parkway. The $120MM project will include 280 condos and 20 villas.Lincoln Northwest – Lincoln Property Company is planning to build 1,655 apartments on the north side of Northwest Highway, between Riverside Drive and Colwell Blvd.