One of the successful mixed- use development project in Dallas, Texas is up for sale. Situated at downtown’s Art District, the mixed- used development One Arts Plaza has been a model for high- rise development since its completion in 2007. Billingsley Co— the project owner decided to sell One Arts Plaza’s Flora Street tower.
The 24- storey Flora Street tower is part of the mixed- use development, One Arts Plaza, and home to major tenants including Thompson & Knight— a law firm and 7-Eleven Inc.
Lucy Billingsley, the owner and developer of the mixed- use development said money from the transaction will help pay for the operational and construction costs for continued development of the project.
According to Billingsley, another two high- rise building are planned to be constructed on the mixed- use development’s site at Routh Street’s Woodall Rodgers Freeway.
Billingsley said on Tuesday, the sale of the 24- storey tower will give her company the leverage to start the new building with lots of momentum.
About 11 floors allocated for office space in the mixed- use development are fully leased, and only eight of the condo units are not yet sold. But none on the condominiums are included in the transaction for the sale.
And, Billingsley Co remains to be the operator of the building after the sale.
The $125 million tower building is conveniently located across Arts District’s entertainment sites.
Billingsley Co hired Holliday Fenoglio Fowler LP’s Dallas office to handle the sale of the mixed- use development, which is considered a trophy deal.