Highland House - Zoning
A Planned Ultra Luxury High-Rise Multifamily
Apartment Development
Located In Preston Center
Dallas, Texas
CONFIDENTIAL
4/8/2014
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Contents
Aerial Views
p.3-4
Street Views
p. 5-14
Traffic Impact Analysis
p. 15-17
Benefits and Advantages
p. 18-24
Features and Amenities
p. 25
Site Location
p. 26
Development Plan
p. 27-35
Landscape Plan
p. 36
F.A.R.
p. 37-39
Community Support Map
p. 40
Developer Information
p. 41-43
Traffic Impact Analysis Executive Summary
Appendix 1
Proposed Zoning
Appendix 2
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Aerial View with Chief Energy Building and Highland House
3
Detail View of Highland House
4
Eye Level View without Highland House
5
Eye Level View with Highland House
6
Eye Level View without Highland House
7
Eye Level View with Highland House
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Eye Level View without Highland House
9
Eye Level View with Highland House
10
Eye Level View without Highland House
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Eye Level View with Highland House
12
Eye Level View without Highland House
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Eye Level View with Highland House
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Traffic Impact Analysis – Site Use Options
Relative Traffic Analysis
2,800
1,209 more
Trips/Day
2,400
Average Trips/Day
2,000
485 less
Trips/Day
2,390
1,666
1,600
1,200
1,181
800
400
0
Highland House Luxury
Residential
Existing Building
Medical Office
Site Use Options
Traffic Generation
Source: DeShazo Group
Current Zoning Allows
Medical Office (66,000 sq ft)
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Traffic Impact Analysis – Northwest Hwy Traffic Impact
Existing Building Traffic onto Northwest
Highway
Highland House Traffic onto Northwest
Highway
0.66% - Of Total Traffic Cars/Day
0.47% - Of Total Traffic Cars/Day
56,659
56,659
Traffic from EXISTING BUILDING (Cars/Day)
Traffic from HIGHLAND HOUSE (Cars/Day)
Total Traffic at NWH (Cars/Day)
Total Traffic at NWH (Cars/Day)
Note: Northwest Highway Traffic Impact of
This Site is Negligible
Traffic Data Sources: NCTCOG traffic counts
on NWH, 2011 and 2004 and DeShazo Group
report 3/18/2014
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Traffic Impact Analysis – Net Reduction
The Proposed Residential Development
REDUCES Traffic volume 29% from the
EXISTING use levels
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Financial Benefits
Increased Ad Valorum Tax Revenue ($1.8 million estimated annual tax
increment assuming assessed value is 70% of cost).
Replacement of a Functionally Obsolete Building with Thin Profile High-Rise
Residential Development.
Catalyst Project to Increasing the Value of and Reinvestment in Preston
Center.
Presented to and verbally supported by Dr. Dawson Orr, Superintendent
Highland Park Independent School District and Monsignor Zimmerman of
Christ the King Church.
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Prototypical Urban Core Development
Creation of a pedestrian-oriented, mixed-use neighborhood providing a
balance of retail, services and housing near major employers as called for in
the forwardDallas! Comprehensive Plan.
Served by DART, bordered by two state highways and the Dallas North
Tollway providing efficient access to other urban centers.
Brings a 24/7 pedestrian presence to the existing neighborhood, increasing
safety, strengthening demand for neighborhood services and retail uses.
Sustainable development in that there is no additional infrastructure
required for the incremental development (fire protection, streets, and
DISD/HPISD).
Quality Urban Density
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Site Benefits
Produces superior traffic patterns and use to those currently allowed under
existing zoning and medical office use.
Easy ingress and egress with traffic lights located on Douglas at both Sherry Ln.
and Luther Ln.
Service and delivery of building completely off-street because of full alley
access.
Project is completely under surrounding Residential Proximity Slopes.
On site parking provided for tenants, visitors, and restaurant patrons.
Developer-enforced construction parking plan. Shuttles will bring workers to
the site from remote leased parking outside Preston Center. Workers not
arriving on a shuttle will not work.
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Sustainable Development
LEED Certified Building
Rooftop Garden
Creates Walkable Community
Dog Walk
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Residential Advantages
Addresses an underserved need for downsized housing in the
Park Cities/Preston Hollow area:
• Empty Nesters
• Single/Divorced Adults
• Lock and Leave families
• Couples downsizing from larger homes
• Young professionals
Addresses an underserved need for transitory housing in the
Park Cities/Preston Hollow area:
• Families with homes under renovation
• Families awaiting housing under construction
• Families in relocation to Dallas
• Families in relocation within Dallas
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Missing Element in the Premier Mixed Use Neighborhood in North Texas
First New Residential Development in Preston Center in 34
Years.
Preston Center has 4 Million Square Feet of Office Space, the
top office market in the Dallas MSA.
Preston Center has over 500,000 Square Feet of Retail.
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Within Walking Distance There Are
More than 40 Restaurants
32 Banks
5 Churches
1 Grocery store
Hundreds of Doctors
2 Private Schools
1 Former President
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Features and Amenities
Timeless, elegant design
Sustainable construction
Incomparable views
Spacious Apartments
Minimum 10-12 foot ceilings
Luxurious finishes
Doorman and valet parking
Restaurant and Room Service
Amenity floor with full spa and fitness center, wine “cellar”, card room, media center,
golf simulator, reading room/library
Dog Spa, pet walking and sitting services, on-site pet grooming
Pool deck with heated lap pool, cabana bar and food service
Actual parking ratio will exceed Dallas requirements
Private Garages with storage space
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Site Location
•
Highland House will be constructed on a prime 32,000 sq. ft. infill redevelopment site located at the intersection of
Sherry Lane and Westchester Drive in the heart of Preston Center. The surrounding thoroughfares provide
outstanding access and visibility to the property. The Dallas North Tollway, located less than ¼ mile west of the
site, provides convenient access to employment centers in North Dallas, Plano and Addison. The Dallas CBD is a
short 5 minute commute to the south.
•
The site is surrounded by over 4 million square feet of office space and a wide variety of retail, dining, churches,
and entertainment venues creating a truly walkable urban environment for residents.
SITE
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Development Plan
Project Overview
•
Location – 8215 Westchester Lane,
Dallas, Texas (Preston Hollow,
University
&
Highland
Park
submarkets)
•
Site Area – 32,900 Square Feet
•
Residential Units – Approx. 260
•
Average Unit Size – Approx. 1,200
net rentable square feet (or larger)
•
Construction – Multistory high-rise
concrete and steel structure
•
Green Initiatives – The project will
be constructed to achieve LEED
certification.
•
Parking – Structured parking garage
at a nearly 2:1 ratio with valet service.
•
Elevators – Four serving residential
portion of the building
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Development Plan – Underground Parking Level 2
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Development Plan – Underground Parking Level 1
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Development Plan – Ground Floor
30
Development Plan – Parking Levels 1-5
31
Development Plan – Amenity Deck
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Development Plan – Floor Plan Levels 8-24
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Development Plan – Floor Plan Level 25 (Penthouse)
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Development Plan – Floor Plan Level 26 (Penthouse)
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Landscape Plan
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F.A.R.
Higher Density Residential in Preston Center
Why a higher Floor Area Ratio (FAR) is good for this location and use and why it cannot
be replicated in this area.
The Preston Center area has a lot going for it; excellent traffic connections to
surrounding urban centers, 4 million square feet of office space, 500,000 square feet of
retail space including 40 restaurants, over 4,000 parking spaces, 32 banks and 5
churches.
What is missing? People. People who populate the area when the office workers have
gone home. People who are traveling out of the area in the morning and into the area in
the evening. Or better yet, people who are walking to their jobs from their home and
not touching a car all day.
Is there a place for these people today? Barely. The 35 year old Shelton is an
antiquated facility and doesn’t meet the needs and desires of the market. Even so, it
stays full.
What is needed? Highland House; an ultra luxury residential development that provides
the amenities desired by the market; an iconic building with luxurious appointments and
boutique services. A development for TODAY’S Preston Center.
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F.A.R.
How can this be created? Land is expensive in Preston Center and there is currently none
undeveloped. Residential is, by its nature and design, an inefficient use of space. Homes
have many rooms that offices do not and tend to have larger open areas. They also are more
expensive to build than office space because of all the costly areas (kitchens, baths,
amenities, swimming pools) and because the finishes are higher quality.
In order to afford to build this higher priced building on the same amount of land, two things
are needed: higher rental rates and at least similar density as measured by FAR. We believe
we can achieve both successfully in Preston Center. The projected rental rates are among the
highest in the City and the proposed building will be, by floor area, very similar in size to the
surrounding office buildings, but in a thin profile – as floor plates must be smaller in a
residential building than in an office building. The double-loaded design of a residential
building requires a building width of no more than 70 feet, whereas an office building may
have a width of up to 130 feet, since the office building is built around a core.
Bear in mind, also, that FAR is a completely objective measure of “density”, measuring only
gross square footage of building area to land. It does not distinguish between amenity,
common areas or back of house and living space. Nor does it measure what we generally
think of as the real impacts of “density”: vehicle traffic, parking and people. In terms of these
measures of density, the Highland House property is much less impactful than the existing
medical office use. Vehicle traffic is reduced 29%, parking for all uses is included on site and
exceeds code requirements and the people, although fewer, will be part of the 24/7 life of
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Preston Center.
F.A.R.
If this higher floor area is necessary for successful residential development, won’t everyone try
to get it? Well, they can try, but even if they are successful, they can’t use the extra FAR. This
site is strategically located at the apex of all four surrounding Residential Proximity Slopes and
is, therefore, the location of the highest possible development in Preston Center. No other site
can build to the same height and the possibilities fall off pretty quickly at a 3:1 slope. This site
is the ONLY site in Preston Center that can utilize this kind of FAR for residential development.
Additionally, we have included specific restrictive requirements in our zoning request in
exchange for this higher FAR. They include a higher parking ratio, off-street loading and
unloading, minimum project size, maximum unit count and non-commercial development.
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Community Support Map
Green= Supported
Gray= Developer, Not Opposed
Purple= Management Supported
White= Attended Public Meetings, Not Opposed
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Development Sponsor
The Crosland Group
The Crosland Group is a full service real estate development and investment company based in Dallas, Texas.
Since its inception the Crosland Group has successfully executed multiple projects throughout the southwest and
southeast regions of the United States in markets including Tennessee, Maryland, South Carolina, North Carolina,
Texas, Arizona, Colorado, California and Florida. Crosland’s project experience includes class A apartment
development, condominiums, residential subdivisions, free standing retail facilities, regional shopping centers,
office buildings, warehouses and industrial parks. This comprehensive experience in a wide variety of product
sectors and markets enables Crosland to identify and execute attractive development opportunities driving
superior performance and returns for its investment partners.
Crosland through its affiliated entities has completed investment and development activity in excess of 10,000,000
square feet of properties with value exceeding $1.8 billion USD. Most recently, the company has completed the
development of the ilume® (see ilume.com), a mixed-use development comprised of 316 class A multifamily
residential apartments and 22,500 square feet of ground floor retail. The ilume is located katty-corner to the ilume
Park project currently under construction in the highly desirable Uptown/Oak Lawn submarket of Dallas. The
ilume development, the first certified Green Built Texas certified mixed-use property in the city of Dallas,
demonstrates Crosland’s unique ability to create highly desirable lifestyle destinations in dynamic market locations
which capitalize on underserved demand. The Company also has investment holdings in Dallas’ Preston Center
development including retail and office facilities as well as investments in other markets in the DFW area and
nationally. The Company is pursuing opportunistic investment and development activity in markets across the
country.
Crosland’s corporate mission is to acquire, develop and operate quality real estate projects while employing
geographical and product diversification in concert with conservative underwriting and investment strategies to
maximize financial returns and preserve investment capital. This market-based approach to investment and
development combined with the extensive experience and relationships of the company’s principals provides a
substantial platform for producing successful investments for our partners.
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Development Team
Lucien B. (Luke) Crosland – Chairman and CEO
Luke Crosland is the Chairman and CEO of the Crosland Group. Mr. Crosland has over 30 years experience in the real estate industry
involving the acquisition and development of properties in virtually all product sectors across multiple markets throughout the southwest and
southeast United States. Mr. Crosland has led successful real estate investment and development production in excess of $2.5 billion USD.
These projects have included free standing retail facilities, warehouses, regional shopping centers, industrial parks, office buildings, luxury
apartments, condominium towers and residential sub-divisions.
William B. Costello – Executive Vice President and CFO
William Costello is the Executive Vice-President and Chief Financial Officer of The Crosland Group, an Investment Builder of income
producing properties through related Crosland Group entities active on a regional basis with projects created throughout the Southeast,
Southwest and Mid-Atlantic states. Bill has been with The Crosland Group since 1979. Prior to working for The Crosland Group he has
worked for some of the most respected companies in the Dallas/Fort Worth marketplace including the Trammell Crow Company and the Bass
Brothers Enterprises. Mr. Costello has been engaged in Real Estate since receiving his MBA from the University of Texas at Austin in 1971.
He is a graduate of the United States Naval Academy and a former United States Naval Officer, Vietnam Veteran and served on the staff of
Hyman Rickover during his naval career.
Rick Williamson – Executive Vice President-Development
Rick Williamson is a Real Estate Consultant and Development Manager with 30 years experience in the real estate industry. Most recently,
Mr. Williamson worked on a major land project leading a team assembling, entitling and site planning a 200 acre green field site near
downtown Dallas. Previously, Rick held various development, management and finance positions with historic adaptive reuse development
companies in Dallas and New Orleans. His innovative financial structures and ability to negotiate fiscal incentives were fundamental to the
success of many projects. Rick is also a seasoned management professional, managing multifamily, commercial, hospitality and mixed use
assets throughout his career. Prior to his real estate career, Rick worked as a tax consultant for Touche Ross & Co. He earned Bachelor
degrees in Accounting and Finance at Louisiana State University and a Masters of Accounting and Taxation from the University of New
Orleans. Rick is a certified Public Accountant and serves on the Planning and Zoning Commission in Frisco, Texas.
Matt Blaxton – Construction Manager
Matt is the founder and president of Design and Construction Solutions, LLC. Matt was the project / construction manager for the ilume
project, built by the Crosland Group, across the street from the ilume Park site. With over 20 years of experience in the construction, design,
and development sectors and over 350 million dollars of managed work to date, Matt Blaxton and his company have managed projects
ranging in size from less than one million dollars to greater than one hundred million dollars. Throughout his career he has managed projects
for clients ranging from private to public to military. Building structure types have included low, mid, and high-rise projects with steel,
concrete, and wood framing. A wide range of new construction and renovation projects completed include mixed-use, multi-family,
hospitality, adaptive re-use, restaurants, office, industrial, and historic restorations. Contract experience has included contract negotiations
and execution management using hard bid and negotiated platforms utilizing design-build, fixed price (lump sum), and cost plus with and
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without a guaranteed maximum price structures.
Crosland Contacts
For more information please contact:
Rick Williamson – Executive VP
(214) 566-7353 cell
(214) 987-4888 office
[email protected]
8411 Preston Road
Suite 750
Dallas, TX 75225
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