{"id":511229,"date":"2026-01-12T16:42:15","date_gmt":"2026-01-12T16:42:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/511229\/"},"modified":"2026-01-12T16:42:15","modified_gmt":"2026-01-12T16:42:15","slug":"dallas-firms-buy-uptown-office-with-plans-for-50-million-hotel","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/511229\/","title":{"rendered":"Dallas firms buy Uptown office with plans for $50 million hotel"},"content":{"rendered":"

Two Dallas firms have purchased an Uptown office building with plans to build a $50 million hotel at the site.<\/p>\n

Cawley Partners<\/a> and Alamo Manhattan have acquired 2909 Cole Avenue. The 27,000-square-foot office building will continue to operate under Cawley\u2019s management before it is torn down. Alamo Manhattan is working with the city to rezone the site, Cawley Partners CEO Bill Cawley said Friday.<\/p>\n

Dallas Central Appraisal District records show it was built in 1981. The district valued the property at roughly $3.8 million for tax purposes.<\/p>\n

The sales price was not disclosed. Cawley said the group plans to spend $50.1 million on the development. <\/p>\n

D-FW Real Estate News<\/p>\n

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Construction is expected to start in 18 months. The hotel will have around 140 rooms, and Cawley said he\u2019s in talks with two or three operators.<\/p>\n

\u201cWith the growth in Uptown, we think there\u2019s a shortage of quality, moderately-priced hotel rooms,\u201d he said. \u201cThat\u2019s the market we are going after.\u201d<\/p>\n

It\u2019s not the first time the companies have paired up. The duo acquired the 3400 Carlisle office building in 2005. Cawley Partners is overseeing the management and leasing of the building. The five-story, 76,000-square-foot structure was built in 1985.<\/p>\n

Alamo Manhattan has been behind several multi-family and hospitality projects, including the Marriott Dallas hotel on Fairmount Street. <\/p>\n

\u201cWe see a tremendous opportunity to fill a gap in the Uptown hospitality market with a high-quality select service, extended-stay hotel,\u201d said Matt Segrest, president of Alamo Manhattan.<\/p>\n

It\u2019s the latest acquisition for Cawley Partners. The firm acquired the Harwood No. 1 office building at 2651 N. Harwood St., formerly known as the old Rolex building.<\/p>\n

The seller was First United Trust. The sales price was not disclosed. Cawley Partners obtained a $29.5 million loan to fund the purchase, according to deed records.<\/p>\n

The nearly 106,000-square-foot office structure opened in 1984 and marked the beginning of the Harwood District. Developer Harwood International lost the property to foreclosure.<\/p>\n

The firm plans to spend $10 million in finish-outs and upgrades, Cawley said.<\/p>\n

Cawley Partners is also a co-owner of the Shops at Willow Bend in Plano. The site has been identified as a possible location<\/a> for a new arena for the Dallas Stars.<\/p>\n

\"Goldman<\/a>With AT&T leaving, can \u2018Y\u2019all Street\u2019 save downtown Dallas? Not on its own<\/a><\/p>\n

City leaders touted Y\u2019all Street as the future of Dallas\u2019 urban core. The reality is more complicated.<\/p>\n

\"The<\/a>Can the D-FW bull market give downtown its swagger back?<\/a><\/p>\n

AT&T\u2019s impending move is provoking lots of tough questions about Dallas\u2019 urban core.<\/p>\n","protected":false},"excerpt":{"rendered":"Two Dallas firms have purchased an Uptown office building with plans to build a $50 million hotel at…\n","protected":false},"author":3,"featured_media":511230,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5135],"tags":[5229,12611,1596,17054,4329,358,3187,67,586,132,5230,20239,68,2969],"class_list":{"0":"post-511229","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dallas","8":"tag-america","9":"tag-commercial-real-estate","10":"tag-dallas","11":"tag-hotels","12":"tag-real-estate","13":"tag-texas","14":"tag-tx","15":"tag-united-states","16":"tag-united-states-of-america","17":"tag-unitedstates","18":"tag-unitedstatesofamerica","19":"tag-uptown-dallas","20":"tag-us","21":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115883130717115064","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/511229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=511229"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/511229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/511230"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=511229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=511229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=511229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}