URBAN INFILL DEVELOPMENT SITE
1312 S. ERVAY ST DALLAS, TX 75215
OFFERING MEMORANDUM CONTACT INFORMATION
EXCLUSIVE ADVISORS Matt Miller Vice President of Brokerage [email protected] 469 726 3849
Michael Rareshide Vice President of Brokerage [email protected] 469 726 3843
1350 Manufacturing Street, #101 Dallas, TX 7520 75207 214 741 5018 www.JimLakeCo.com
DISCLAIMER
The information contained herein was obtained from sources believed reliable; however, Jim Lake Companies makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale, lease, or withdrawal without notice.
PAGE 2 THE OFFERING
EXECUTIVE SUMMARY Jim Lake Advisors has been exclusively retained to offer qualified developers an unmatched urban core redevelopment opportunity at 1312 S Ervay Sreet in Dallas. This site is located in the burgeoning neighborhood of The Cedars on the south side of Downtown Dallas. At 2.48 acres, the previous site of the historic Ambassador Hotel is perfectly situated to take advantage of an opportunity zone within the urban core. A mixed-use development of multi-family, office, and street-level retail is best suited to continue the exponential growth seen in The Cedars over the last 10 years.
1312 S. Ervay is located at the corner of Ervay Street and Griffin Street with easy access to Downtown Dallas, the Farmer’s Market, I-30, I-35, and I-45. The surrounding neighborhood has new apartment complexes, new townhome construction, historic single family residences, retail, and is directly adjacent to Dallas Heritage Village.
This property gives developers the opportunity to pay homage to the oldest hotel in Dallas, the Ambassador Hotel, that was built in 1905 and tragically burned down in May 2019. Revitalize this corner of the historic Cedars neighborhood to leave a legacy and pay tribute to the Ambassador!
PROPERTY SUMMARY
Address 1312 S. Ervay Street, Dallas, TX 75215
Land Acreage 2.48 Acres
Zoning PD 317, Sub-district 2 (within an Opportunity Zone)
Environmental Phase I - 2018
Pricing Contact Broker for Pricing
PAGE 3 ST PE E A V NA RL A DIA LY T IN A E T S Y V S P JUL S O S E ST A T A M L T T R S P I S L S IN V I MA U A Y T U E W N R P O J E S T L S S E R S T X M N T A K E O I T U
C S A Y R O N A H T S O J A T E M R N V
W I A L S O L W S
EXHIBIT 317B O A A P D T R Y R W T T Y M S O N A A T T LM S E S E R L L S T T C C
O LOCATION INFORMATION O
N L L
N M A I S A R 3 T Y 4 E T X S R 5 D B
E S F E
X T P ST N Y H T O I S B N S T 34 E R NTO E 5 E L A R S AV N OV C E CL V T R C T IC E D F Y R A L ACI XP P P Y O CURRENTA ZONING - PD 317, SUBDISTRICT 2 R W E T D S
E D C F P IL H S G U R E VI E T S A S ST T N R PD 317, Subdistrict 2 was established to encourage the development of moderate-density office, lodging,OR retail, and residenU - L YL T TA
T
S
S S
T T T F S F tial usesO in compatible combinations along the mainE street corridors thatA serve the Cedars Area Special Purpose District; to L X R L U T M S A P R N H A Y O E
K S R W K S A C A encourageA development that supports increased pedestrianA and bicycle use; and toK encourage the preservation of structures M T R J E S Y R D T A S U UI S R O E L
T K ST S
E
E T C Y with historic value. R P E M N L M L S O A F C A B I T L N T E S A W E J L ON T E D KS S P A F AC E Y F J G R T UN I O E E Y S R B S B
R T R S O Most likelyT uses for future development of the site include but areA not limited to: S Y N T T W L S
D
E T S R T D I S E R Hotel R K R A P A M Z ST P I Y D T S A I N A C O R CKS T C JA K Office T S
OD O W
A P V E A Multifamily E R L C I O T T R Y S L E H A E ILL P X E A A AR P V A M A N Y Mixed-Use L R A K S L K A
P R T E R D S IS I A S U V V T T O A E L The maximum structure height is 180 feet. T S
T N S T E O S S T D T N S R A I C Z U N I T O D S O L S A W C T 4 A S D T A T S N S
A C L S I C I Y I S E N R R S R R A C O E O Y R O K F R B C FW C G IC D L O ONIAL R ON H N H EREM O NT A B O C W OR V L TH E U D D L Z R E L E R B S A E T T BL L I V L M D E S R T T
P S S A T R K E X O P N Y A A G T V S T E
S 2D
Y R T D B N P I N L R F X IA O O OR IF E
M E W M M R D G U E S A T
R 5 T S E
P B T A 5
T S U 4
S S L R T A I T R G S D E O E IN S S F N T F T A I S E G R W T P G P IE T A E V E R T E S T K E Y L S E O R L C E W S N E V E B A A T A T 1 V S L K T A S Y E S L L B R N S O L O K T Y K S N D T T C D A S 2 L I R G R U N T T E H A O E D R O H L A C R M TR 1 I M N R I T U T N A A S A N T L E H L A Y O W S B T IV E A L S L L L T R S L I T U A S O 4 T E C N L E 5 S A S E S V S T G A T T A W S E R A R E V C L E E L A H K Y N X T C A P N S M O V S Y A C E 3 T S S D Z H T T T T R A I O S B A N H 1 H A R N O L W O A R 2C A E I B A O M G E U M P A E N R L A E V V S R N T A T O K S A D IN C L A Y M L S Y T P TR 2 Y S L G R L T O A L U G H E L E T O K D E L S S M P E IT S M T T A H S N A S H B G S D T A R I I S O LK S F D T N W S T IE N L A D S D V E B A R L C M N S T O O T S C T S S T S T T E S W V A A L T S E E L C
E N D K E E L C R V O R E A A R M S F L O N T E E R K C A R A E A T V P N R E S A PA A T 3B 3B R S G N N A E H A U W LL S S R O T E A L I D L M N N L S E A TR 1 T S T R 2 X T T E E S V S L S S A T A T S
T O R L E W A F K C O R O R F A L U P O K B N R A IA P T L S
INCENTIVES
C O A Y C V R K T E E R S E M L O L Opportunity Zones G T L A N A P M M A H R O A L R O O E A L C M S V N M K A E E The I site is located in The Cedars/South Dallas Opportunity Zone. These tax incentives allowL for developers andE investors to S L S L R AN I Y D V A ER S C F T W L S R S E T participate in tax benefitsO that are meant to encourage more economic activity and to benefitT under served V and underdeveloped S N E T T L B A M N B O D LV C areas. Depending on theD amount of time assets are held within Opportunity Zones, investors canS defer capital gains taxes, IP L S T D L V A L B reduce capital gains taxes, or even forgive future capital gains taxes if the asset is improved beyond its originalG state. O U L D H T U CO C O K E S S R V T E A LL
A W VE O R K The Cedars TIF District R RO A C P K P I A S R The Cedars TIF is located southLA of downtownT surrounded by the Farmers Market on the east, Dallas City Hall andN the Convention N S E D L L E
V
D A S T H S V Center to the north, and the Trinity River on the west. The District was created in 1992 to enhance the real estateL market T T N B Y I D R O B O A and encourage new investment by providingC a source of funding for public amenities and infrastructure improvements in the E R P J
G
N neighborhood. Its mission is to capitalize on its proximity to downtown Dallas and major transportation arteries to attractI new E V K A
R
E residential and commercial development along its mixed use corridors - Akard, Ervay, Corinth, Harwood, and Lamar StreetsH - toA I T N E U A L V V L A Y N S facilitate growth and increase its tax base. I N T N R E T P S A E R M O F
PAGE 4
T C U N AT D IO A N I A V L
T S S T H T N I R
O C
ORDS_20395, 20822, 22003, 23144, 23379, 23470, 23921, 24014, 24017, 24124, 24430, 24503, 24826, 24872, 25160, 25850-COD, 27133, 27194, 27322-CORR, 27402, 27573-CORR, 28554-CORR, 29197, 29585, 29603, 30038, 30058, 30276, 30920, 30951, 31373
Z167-311(DM) I 1:8,900 PD 317 SUBDISTRICT MAP (Contains 10 Tracts)
Subdistricts: 1 TR-1. 1 TR-2, 2, 2D, 3, 3B, 3B TR-1, 3B TR-2, 4, 5 Printed Date: 2/9/2021 SurveyTHE SITE
THE EPIC UBER’S SECOND HQ 251K SF OFFICE | 164-ROOM HOTEL DOWNTOWN DALLAS 42K SF RETAIL | 310 UNIT APARTMENT
DEEP ELLUM
KAY BAILEY HUTCHINSON CONVENTION CENTER DALLAS FARMERS MARKET
DALLAS CITY HALL
1312 S. ERVAY ST LORENZO HOTEL
FOUR CORNERS BREWING CO. DALLAS HERITAGE VILLAGE
THE CEDARS
PAGE 5 POTENTIAL DEVELOPMENT CONCEPTS
PAGE 6 AREA AMENITIES
33 32 3
2 SMART 31 DISTRICT 1 DECK PARK 27
22 23 24 25 26
4 9 11 21 6 12 7 10 20 14 8 13 PROPOSED 19 17 28 HIGH SPEED 15 30 RAIL STATION 16 18 29
1 Hutchinson Convention Center 12 The Beat Lofts 23 The Buzz Lofts
2 Dallas City Hall 13 Southside on Lamar 24 Koffee Day Spa
3 Dallas Farmers Market 14 Dallas Police Department 25 Four Corners Brewery
4 Alamo Draft House 15 Dallas College 26 The Belleview Apartments
5 Gilley's Dallas 16 ZaLat Pizza 27 Heritage Village
6 Southside Music Hall 17 Edison's Event Venue 28 Dallas College Bill J Priest Center
7 Poor David's Pub 18 Sandwich Hag 29 Del Monte Fresh Produce
8 Canvas Hotel 19 Digit 1919 Apartments 30 American Beauty Mill Lofts
9 Southside Flats 20 Lee Harvey's 31 Good Coworking
10 Cedars Social 21 Cedars DART Station 32 Eleven10 at Farmers Market Apartments
11 Weekley Homes 22 Lorenzo Hotel 33 Cortland Good Latimer Apartments
PAGE 7 FUTURE DEVELOPMENTS
I-30 DECK PARK HOGUE GLOBAL: SOGOOD @ CEDARS
Plans to convert a 1.3-mile stretch of Interstate 30 will Designed by Hoque Global and Domus Studio Group, stitch together the Cedars with downtown Dallas initial plans include 260 housing units, a hotel, a City Park, Connections via deck parks, bridges, protected bike and 50,000 square feet of retail space. lanes and greenspace is all part of the plan, of which Small businesses and startups will find a culture of $300 million has been allocated by the state innovation and creativity with opportunities to grow and scale as the district evolves.
NEWPARK SMART DISTRICT THE TEXAS HIGH-SPEED TRAIN
Joint venture between Hoque Global and Lanoha Real Approximately 240-mile high-speed rail line will offer a Estate plan to construct a nearly 40-story high-rise total travel time of less than 90 minutes, with convenient at Newpark Dallas, featuring 225,000 square feet of departures every 30 minutes during peak periods each offices. day, and every hour during off-peak periods – with 6 hours reserved each night for system maintenance and First phase also calls for a 245-key hotel and 268 inspection. apartments Texas Central is partnering with Matthews Southwest to The Newpark “Smart District” will also include a 1-million- serve as the developer of the Dallas high-speed train square-foot educational campus. station. The North Texas passenger station will be located in the revitalized Cedars neighborhood of Dallas, just south of downtown, near the Interstate 30 and Interstate 35 interchange.
PAGE 8 AREA APARTMENT RENTS
CEDARS APARTMENTS DOWNTOWN FARMERS MARKET Older Construction: $1.10 - $1.40/SF/mo Rents: Rents: $1.50 - $1.95/SF/mo Newer Construction: $1.63 - $2.30/SF/mo
CITYSCAPE PARK TAYLOR LOFTS
Rents: $1.87 - $2.30/SF/mo Rents: $1.94 - $2.24/SF/mo
DIGIT 1919
Rents: $1.59 - $1.83/SFa/mo
PAGE 9 EXCLUSIVE ADVISORS Matt Miller Vice President of Brokerage [email protected] 469 726 3849
Michael Rareshide Vice President of Brokerage [email protected] 469 726 3843
1350 Manufacturing Street, #101 Dallas, TX 7520 75207 214 741 5018 www.JimLakeCo.com