Estimated to cost almost a half billion dollars, Goldman Sachs’ tower planned just north of downtown Dallas will be the largest and most expensive such project in decades. The planned high-rise would kick off construction of Hunt Realty’s 11-acre North End development, which is located next to the Perot Museum.
The massive project is planned to include offices with as many as 80 floors plus residential and hotel towers and retail space just north of Woodall Rodgers Freeway.
The Goldman Sachs office would cost more than $480 million, according to the filings with the city. That would make it the most costly real estate project in central Dallas in decades.
The planned development would be even more expensive than Uptown Dallas’ landmark Crescent complex, which cost around $400 million to build in the 1980s.
“It is a huge deal for Dallas and the Field Street district,” said Jonas Woods, CEO of Dallas’ real estate developer and investor Woods Capital Management. “This will be the largest office investment in the history of downtown or Uptown in terms of gross development costs.”
Woods Capital is a partner in another big office development — the Field Street District — proposed on Woodall Rodgers Freeway.
Goldman Sachs’ planned offices will be of a greater magnitude than any of the other new offices on the way north of downtown.Developer Trammell Crow Co.’s office high-rise on the way at McKinney Avenue and Maple Street will have about 670,000 square feet of offices in 27 stories.
And Granite Properties’ 26-story 23Springs office tower that’s about to start construction on Cedar Springs Road near the Crescent will have about 626,000 square feet.Lincoln Property has proposed a 525,000 square-foot office tower on Cedar Springs Road at Fairmount Street that would be part of a larger mixed-use development.
Few of the office towers built in Dallas in the last couple of decades have been on par with the huge high-rises of the 1980s.The two last true Dallas office skyscrapers were the 1.3 million square foot Chase Tower, which was completed in 1987, and the 1.4 million square foot Cityplace Tower, which opened in 1988. Each of those high-rises cost about $300 million in 1980s dollars.
New York-based architecture firm Kohn Pedersen Fox Associates is designing the mixed-use development, which is expected to start construction later this year.
