Woods Capital, Kaizen Development Partners and Dundon Capital Partners Acquire Prime Land Tract
Dallas, TX - A joint venture among Woods Capital, Kaizen Development Partners (Kaizen) and Dundon Capital Partners acquired today two prime tracts in the urban core of Dallas, with plans to develop the site into an iconic mixed-use neighborhood consisting of multiple office, residential and hospitality towers built above an engaging and diverse pedestrian-focused restaurant and retail ground plane with open spaces and amenities. Located at 1012 and 1100 McKinney Avenue, the tracts are zoned to permit over 5,000,000 square feet of building area and will be thoughtfully developed in phases, with the first phase likely containing 750,000 square feet of office space, 50,000 square feet of retail space and 300 multifamily apartment units. The project will join an ever-growing collection of high-quality developments along N. Field Street bridging Downtown and Uptown Dallas, including the Perot Museum of Nature and Science and The Union.
“Field Street is becoming the most exciting street in the City of Dallas, connecting the heart of Uptown with the Main Street District,” said Jonas Woods, CEO of Woods Capital. “The development of upscale office, residential and retail along Field Street over the next few years will create exciting connections between Uptown, Victory Park, the West End, the Arts District and the Main Street District. Our project is the nexus of all of these exciting neighborhoods.”
Woods Capital and Kaizen secured the rights to the nearly 6-acre property from the Shraman South Asian Museum and Learning Center Foundation, a non-profit founded by Dr. Vinay Jain, then formed a joint venture with Dundon Capital Partners to complete the acquisition. The foundation was represented in the transaction by Sarah Hinkley of Thirty-Four Commercial.
“The complimentary skillsets of our combined team make this a limitless opportunity for the community,” said Derrick Evers, CEO of Kaizen. “We are both humbled and thankful for the relationship with Dr. Jain and his foundation and will carry forward their desire for a transformational development in the City of Dallas.”
The joint venture is already fielding interest from several large office users looking for amenity-rich office space in Dallas’ urban core.
“Rarely is there an opportunity to truly place-make in an urban infill setting. A site of this size with our entitlements simply does not exist within any other Tier 1 market in the country,” said Evers.
Construction of the first phase of the project is planned to commence in the Fall of 2020.
About Kaizen Development Partners
Kaizen Development Partners (Kaizen) is a commercial real estate developer specializing in office and healthcare developments. Kaizen brings unencumbered creativity, marketplace knowledge and strategic vision to the built environment. Over the last decade, Kaizen’s founders have developed over 2,000,000 square feet of institutional quality projects valued in excess of $1 billion. Kaizen is driven by efficiency and agility with an acute focus on delivering extraordinary value and service through innovative thought leadership, effective market positioning, conservative risk management, and hands-on project management. For further information, visit www.kaizendp.com.
About Dundon Capital Partners
Dundon Capital Partners is a private investment firm headquartered in Dallas, Texas. Founded in 2015, Dundon Capital Partners is focused on private equity and credit investments across industries and asset classes. The firm is led by founder Tom Dundon, its Chairman and Managing Partner, who has more than 20 years of experience as an entrepreneur, operator, and investor. The firm is active in commercial real estate in select markets and has holdings in several top-quality office towers in the downtown Dallas core. Selected current portfolio investments include the Carolina Hurricanes, Employer Direct Healthcare, Topgolf, AT&T Plaza, 2100 Ross Avenue and OTO Development. For more information about Dundon Capital Partners, please visit http://www.dundoncapitalpartners.com/.
For questions, regarding this press release please contact:
Jonas Woods, CEO
Derrick Evers, CEO
Kaizen Development Partners
John Zutter, Partner
Dundon Capital Partners