Developer Shawn Todd and his firm Todd Interests are selling its share of downtown Dallas’ growing East Quarter district to partner J.P. Morgan Asset Management.
Todd told The Dallas Morning News Tuesday that the deal will close imminently. He declined to disclose financial terms of the impending internal buyout.
Started in 2018, the 20-acre redevelopment on the eastern edge of downtown has been developed by founder Shawn Todd and his sons — CEO Philip Todd and partner Patrick Todd.
The real estate firm assembled over 30 different properties spanning eight city blocks, converting the 1920s and 1930s structures along Cesar Chavez Boulevard as well as Commerce and Jackson streets into offices and restaurants.
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Todd Interests also built the 20-story 300 S. Pearl tower as part of the redevelopment. The recently created district was meant to bridge the gap between Deep Ellum and downtown.
“We’re thankful for J.P. Morgan Asset Management. They’re an outstanding partner, and we’re very proud of the work we did creating that district,” Shawn Todd said.
Tax records and estimates from Steve Triolet, senior vice president of research and market forecasting at Partners Real Estate firm, place the projected value of the entire district between $200 million and more than $300 million.
The deal draws parallels to J.P. Morgan’s deal at NorthPark Center, where it acquired a 60% stake in the mall in 2014. The deal was for $362 million.
The financial institution was bought out of its ownership interest in the high-profile shopping hub earlier this year.
Todd Interests is one of the city’s most successful development firms. Todd’s firm was behind the $300 million renovation and rebranding of Dallas’ Energy Plaza into The Sinclair.
Constructed in 1983, the 49-story I.M. Pei-designed structure was converted into a combination of residential and business space.
Todd and partners were also behind the $460 million redo of downtown landmark First National Bank tower into a combination of retail and office space, apartments and a luxury hotel.