DALLAS — A local partnership featuring KDC has revealed plans to build Uptown’s tallest office building, a representative for the company has confirmed.
KDC, along with investor Miyama USA Texas, are planning a 30-story, 450,000-square-foot tower overlooking Klyde Warren Park at the corner of Harwood Street. The project has been designed by New York-based architecture firm Kohn Pedersen Fox Associates and Dallas-based Corgan. Kohn Pedersen Fox was one of the architects behind the $25 billion Hudson Yards mixed-use project in Manhattan, and also previously designed the Federal Reserve Bank of Dallas at Woodall Rodgers and Pearl Street.
“We recognize this site is in a very special location. Our priority is creating a unique design that is worthy of facing the Klyde Warren Park," said Sawako Miyama, president and COO of Miyama USA Texas in a prepared statement.
While KDC is a well-known developer in Dallas, Miyama USA Texas has been a quieter force in the local real estate market. Still, the family-owned company has been buying real estate and working on developments here in Dallas since 1990, after coming over from Japan. The family business owns the five-story 1909 Woodall Rodgers building, once home to a motor bank. The building will play a key role in the second phase of the planned development, which will see an additional 450,000 square feet of office space added to the block.
A representative for KDC said the first phase will take 24 to 28 months to complete once it breaks ground towards the end of 2020. Along with new office space in perhaps the most desirable office market in the city, the first phase tower will include ground floor retail and restaurant space, a parking deck and landscaped terraces with a living wall.
“Dynamic architecture has been a driving force in our planning for the future of this location. We wanted to create a memorable building that adds to the Dallas skyline while also incorporating green elements. We were extremely selective in choosing a development partner. KDC has a stellar track record of working with some of the most impressive companies in the world. We are excited to work with their talented team,” said Takeharu Miyama, chairman and CEO of Miyama USA Texas in a prepared statement.
Uptown is home to the highest average full-service gross office rents in North Texas, according to a fourth-quarter CBRE report, at $45.94 per square foot. Class A rents are even higher at $48.61 per square foot. The area is also home to some of the lowest office vacancy rates in the area, at 14.1 percent.
Further north into Uptown, KDC could be close to breaking ground on another massive mixed-use project which would include new office space. Located at the corner of McKinney and Lemmon avenues, the new development would replace an abandoned Albertson's supermarket with fourth Central Market in Dallas. According to a recently submitted document to the Texas Department of Licensing and Regulation, above the grocery store would sit an 18-story office tower, a hotel and a 32-story high-rise apartment complex with 336 units. Totaling 1.1 million square feet, the development could cost an estimated $190 million. It might also break ground as soon as March, according to the document. When reached, a representative for KDC declined to share more details about the project.
More Dallas Business Journal on WFAA:
- These Texas high schools send the most students to Harvard, Princeton and MIT
- Need a better job this year? Start by looking at these best DFW companies first
- International food competition heading to Fair Park
- 14 Park Place dealerships to sell in $1 billion deal
- Dallas-Fort Worth top destination for interstate moves
