Crews have been hard at work at 2626 McKinney Ave., the site of Stonelake Capital Partners’ newest development. The firm announced in June that it had closed on a construction loan for the project.
Construction is expected to take 19 months and will include the use of two cranes. The tower is expected to be complete in early 2028 with the first tenants occupying the building near the end of the year, the firm said.
The high-rise is a speculative project. However, Kenneth Aboussie Jr., Stonelake’s managing partner, told The Dallas Morning News that the firm is negotiating with multiple tenants. Major lease announcements are expected in the coming months.
The project will feature nearly 174,000 square feet of office space with ground-floor retail filling the remaining space.
A recently built apartment tower in Uptown Dallas is on the market.
Co-owners, including Houston developer Hines, are marketing the 22-story Maple Terrace Residences roughly two years after completing the project. Real estate firm JLL is handling the listing. A joint venture of McNair Interests, Mitsui Fudosan America and Hines owns the building.
The high-rise is part of the larger mixed-use Maple Terrace development. The century-old property was once the city’s most exclusive residential address. Judy Garland, Dean Martin, Elvis Presley and Zsa Zsa Gabor were among its most famous short-term residents. But the property had fallen on hard times before Hines bought it in 2020. The old apartments were gutted and replaced with office space. The 22-story tower was built as an addition.
The property’s 345 apartments are 83.2% occupied, according to JLL data.
Amenities at the complex include a pool terrace with views of the Dallas skyline, a fitness center with a sunset terrace and two infrared saunas, a golf simulator, coworking spaces, a creative studio with canvas and easel sets, office phone booths with sound insulation, a secret garden, and a dog park and dog-washing station.
The tower’s 22nd-floor conservatory has a wraparound rooftop terrace with dining and event spaces. Concierge services, valet parking and dry cleaning are also available.
Plano apartment gets $54 million in financing
A planned apartment development in Plano landed $54 million in equity financing.
Dallas-based StreetLights Residential plans to develop a 22-story luxury apartment tower and three adjacent townhomes at the former JCPenney headquarters in Plano.
Northmarq’s Dallas debt and equity team of Joel Heikenfeld, Charlie Rimkus and Charlie Robinson arranged the financing.
The tower will include 261 apartments with one-, two- and three-bedroom units ranging from 682 square feet to 2,843 square feet. The three townhomes are roughly 3,300 square feet and feature three bedrooms and 3.5 bathrooms.
Construction is expected to finish in February 2029.
Update: This story has been updated with additional information regarding the ownership of Maple Terrace.