New Four Seasons Coming to Turtle Creek

[Landomatic 3813]

Four Seasons Project Set for Dallas' Turtle Creek will Bring Grand Hotel and Condos

Spoiler

A new tower on the way in Dallas’ Turtle Creek neighborhood will bring what developers promise to be the city’s most luxurious new hotel, plus high-end housing and exclusive office space.

The planned Four Seasons Turtle Creek high-rise includes a 250-room hotel, plus 100 condominium homes on the upper floors.

The project at Turtle Creek Boulevard and Cedar Springs Road is being built in a partnership between Boston developer Carpenter & Co. and Dallas’ Perot family.

At an estimated cost of $750 million, it would be one of the largest and most elaborate such developments in Dallas in years.

Award-winning architectural firm Pelli Clarke Pelli is designing the tower, which will be more than 20 stories and will be between Uptown and Highland Park.

“As soon as we get all the approvals, we’ll break ground,” said Richard Friedman, CEO of Carpenter & Co. “Our goal is to build the finest hotel in America and what Dallas deserves."

“It’s a very significant deal for all of us and a game-changer for the city. We are full speed ahead.”

Carpenter & Co., which has a track record of developing some of the country’s finest hospitality and mixed-use projects, is teaming up with the Perot family’s Hillwood, which has controlled the corner since 2015. It’s one of the last undeveloped properties along Turtle Creek and is across the street from the Perots’ business headquarters.

The Perots’ Hillwood Urban development company had been planning an office building on the property but decided to make a shift.

“It’s the right thing for that property,” Hillwood Urban executive vice president Ken Reese said. “The Perots and Hillwood are obviously very interested in quality projects on Turtle Creek.

“Ross [Perot Jr.] and his sisters own the land. They’ll be an investor in the project.

“Hillwood will help co-develop the office space,” Reese said.

The Turtle Creek development is one of the largest Dallas real estate investments proposed since the start of the pandemic.

“The arrival of the Four Seasons in Dallas will demonstrate again that we are an international city with a vibrant economy that is primed for immense growth as we emerge from the COVID-19 pandemic,” Dallas Mayor Eric Johnson said in a statement. “This is an exciting development, and I will be delighted to have the opportunity to welcome this global brand into our city’s thriving hospitality industry.”

Developer Carpenter & Co., a more than century-old firm, approached Hillwood about the property after scouting the area for potential building sites.

Construction of the Turtle Creek project will take about two years.

The development will include 100,000 square feet of office space. The homes will sit on top of the hotel.

“These condos will be for sale,” Friedman said. “They will be — I’m sure — the most expensive condominiums in the city’s history.

“Four Seasons manages the property. If you want room service twice a day, you can have it.”

The pricing and designs of the residential units and hotel are in flux. The project still has months of design work ahead and needs city approvals.

Carpenter & Co. has a long history with Four Seasons Hotels & Resorts.

The developer is finishing work on the $530 million Four Seasons Hotel and condominium project on the river in downtown New Orleans. It also built the 61-story Four Seasons Hotel & Private Residences One Dalton St. at home in Boston.

Four Seasons has operated its popular resort and golf club in Las Colinas since 1983.

“We have been looking for the right opportunity to complement the Las Colinas property,” said Vince Parrotta, president of hotel operations for Four Seasons Americas West division. “This is really an important, strategic market for us.”

Parrotta and Friedman say Dallas presents a great development opportunity for a five-star hotel, with the pandemic receding and Texas expected to recover more quickly than other parts of the country.

“Business is really rebounding here,” Parrotta said. “You couldn’t have picked a better time to announce a hotel that’s going to open a couple of years from now.

“All our forward-looking numbers are showing things better in ’21 than they were at the same time in ’19,” he said. “The resorts are leading, and the urban properties are picking up a lot of momentum.”

The developers are working with commercial property firm Jones Lang LaSalle to handle the transfer of the development site and arrange funding for the project.

“We have been involved in raising all the debt and equity for all of this project,” said Riaz Cassum, JLL’s senior managing director and global capital group leader. “From a capital markets perspective, it’s a very good time to be raising capital for a project like this in Dallas.

“We are seeing incredible interest in Dallas with all the job growth and everything that is happening.”

Jonathan Carrier, director with JLL Capital Markets, brokered the land sale.

Project architect Pelli Clarke Pelli is working with Dallas-based design firm HKS on the Turtle Creek Four Seasons. The buildings would be the Connecticut firm’s second major development in the area. Pelli Clarke Pelli also designed the McKinney & Olive high-rise in Uptown.

While several developers over the years have proposed Turtle Creek hotel projects, the venerable Mansion on Turtle Creek is the only high-end hospitality option along the boulevard.

The Mansion on Turtle Creek opened in 1981 with 143 guest rooms and suites. The historic Shepherd King mansion was incorporated into the project to house an award-winning restaurant.

 

[Firemans4Horn 18118]

Sweet. Drove by that intersection twice a day for 5 years, and that area could definitely use some density and retail. Close to the Katy Trail, Oaklawn and Uptown.

[Landomatic 3813]

Yeah, plus it’ll be nice to have another restaurant/bar option around that area at the level where high end hookers hang out at the bar. Having to rotate between just The Mansion and Al Biernats gets old after a while.

[TheAuditor 1038]

3 hours ago, Landomatic said:

Yeah, plus it’ll be nice to have another restaurant/bar option around that area at the level where high end hookers hang out at the bar. Having to rotate between just The Mansion and Al Biernats gets old after a while.

Rattlesnake bar should be in your rotation...

[Landomatic 3813]

20 hours ago, TheAuditor said:

Rattlesnake bar should be in your rotation...

Little too far outside the bubble. Uptown...blech