DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
A large mixed-use development is moving forward on Henderson Avenue, a highly anticipated next step for an area close to some of Dallas' busiest commercial districts.
New York-based Acadia Realty Trust has partnered with Dallas-based Ignite-Rebees on the development, which the companies said will comprise 10 buildings as well as public spaces. It will span about 161,000 square feet: 12,000 square feet of restaurant space, 75,000 square feet for retail and 74,000 square feet of office space.
The companies announced Oct. 14 that construction has begun. But this project has been years in the making. The rezoning was approved in 2018. Acadia dropped $85.4 million in 2022 for more than a dozen properties along the corridor.
Now, a lot of change is on the way for a quarter-mile stretch of Henderson, between Glencoe Street and McMillan Avenue. The retail hub will occupy 4.75 acres on the east side of Henderson, on land that has been vacant for decades.
The project is expected to be completed by fall 2026. Dallas-based architecture firm GFF was tapped to design the project and Balfour Beatty is the general contractor.
The new development will include new street paving, decorative crosswalks and landscaping, and will bury utility lines. There will also be 500 underground parking spaces.
The goal is to create "one of the most appealing stretches of walkable retail in Dallas and feature dozens of the most exciting contemporary retail brands in North America, many of which will be new to Dallas," according to Mark Masinter, managing partner and co-founder of Ignite-Rebees and Open Realty.
"Dallas is an extraordinary retail city that deserves an extraordinary retail street," Masinter said in a statement.
The developers chose not to pre-lease the project but said with construction now underway there are "dozens of active lease transactions" that will be announced in the first quarter of 2025.
The office portion of the new development, dubbed Henderson East, is set to feature contemporary interior design, customized meeting spaces, outdoor terraces and luxurious lounges, according to an announcement.
Henderson East will have "hotelized" space, meaning tenants will have access to onsite food and beverage options and hospitality staff. Office leasing will be overseen by Newmark and Setstudio is the interior designer for the office portion.
Tristan Simon, managing partner and co-founder of Ignite-Rebees, said the development team aims to "curate a community of special firms that desire to office in a remarkable environment with amenities befitting a private social club or high-end hotel."
More widely, the project should "spark a renaissance of Henderson Avenue," Simon said in a statement.
Acadia (NYSE: AKR) and Ignite-Rebees already own and operate 120,000 square feet of existing retail and restaurant space along Henderson Avenue, with tenants including Tecovas, Warby Parker, Heyday, LipLap, Sprouts Farmers Market and the recently opened Local Public Eatery. The real estate investment trust's Henderson Avenue portfolio stretches more than 1 mile between U.S. Highway 75 and Ross Avenue.
The area between the affluent Knox Street and lively lower Greenville Avenue has become a hot spot for restaurant and retail space, helping to bridge the gap between the two neighborhoods with a lot of foot traffic.
The new development should help "elevate the street to the next level of urban-cultural significance," Ken Bernstein, CEO of Acadia Realty Trust, said in a statement. He called Henderson "the connective tissue between the Park Cities and burgeoning East Dallas."
Open Realty will handle retail leasing on the property. Rebees Management Co. will be the property manager.
