Exclusive: Smoke on the Water — 3015 Cedar Springs’ Perot Plans and Turtle Creek Gardens Snatched Up

Way back, a rather large mansion occupied the northwest corner of Cedar Springs and … well … Cedar Springs (or Turtle Creek depending on your map). It’s sorta across the street from The Renaissance condos.  For as long as I’ve been coming to Dallas (the mid-1980s) it’s always been an empty lot.  Apparently that’s about to change.

Since 1986, the lot at 3015 Cedar Springs Road has been owned by a land trust setup by the Pennsylvania-based Linpro Esplanade Land Limited Partnership. In November 2015, the property was sold to 3015 Cedar Springs LP.

Side Note: I suspect what is now 3427 Cedar Springs was carved out of the larger 3015 Cedar Springs lot.  I suspect this because the 3427 lot, with its new building only has a tax history with DCAD since 2013 when Columbus Realty Partners acquired the land (in mid-2012 to generate a 2013 first bill). It could also be that the original address was on Sale Street and was changed to a Cedar Springs address.  Either way, that building is now the seven-story Gallery at Turtle Creek Apartments.

So anyway, back to 3015 Cedar Springs …

Seems 3015 Cedar Springs LP is really Hillwood Urban (Ross Perot Jr.).  They’ve applied for and given the timeframe, likely been granted approval from the Federal Aviation Administration to construct a 16-story office building on the site that will include eight stories of parking.  Construction is scheduled to begin after Sept. 1 and be completed before Sept. 1, 2018 (a two-year window).

The structure is described as, “380,000 SF speculative Office Building with 375,000 above grade and below grade parking structure. Office tower (16) stories, approximately 270 AGL (820 AMSL). Parking structure (8) stories approximate height 80′ AGL (530 AMSL).”  Because the FAA is involved and their concern is aircraft approach to Love Field, AGL stands for Above Ground Level and AMSL is Above Mean Sea Level.  Both measurements use the airport as their reference point.

As reported by the Dallas Business Journal, the lead architect will be Jon Pickard, founding partner of world-renowned PickardChilton.  BOKAPowell will build the project.  Both Renaissance condos and 3015 Cedar Springs are in PD-193 with an O-2 zoning designation, so 16 stories doesn’t appear to be an issue for aircraft or the PD-193 documents.

Apparently the reason for the building is so that the Perot corporate compound across Turtle Creek can have something pretty to look at.  Given the Gallery at Turtle Creek apartments’ REIT-inspired design, I don’t blame them.

For northern neighbors there will be selective cityview blockage, the severity of which will depend on the building’s footprint on the lot.  Certainly the southern side of the Gallery at Turtle Creek will have no view.  Parts of the Renaissance will also become blocked below the 16^th floor.  The Centrum will also have some downtown blockage.

 Turtle Creek Gardens – 2525 Turtle Creek

FINALLY after what seems like forever, we hear that Turtle Creek Gardens has been sorta-sold.  The ink isn’t dry on a sales contract just yet, but I’m told that about a week ago the votes were tallied and just one resident voted “no.”  The selling price is rumored to be in the low-mid $40 million range for the 4.68 acre site … that’s $400,000 per unit, give or take.

It’s also rumored to be a slow transition with residents having until February 2017 to move out.

We all know there have been rumors for years about this well-located parcel striking a deal with developers.  It only makes sense considering the development plans on either side of the parcel.  Being across the street from Park Towers and next door to the Limited Edition, I can’t imagine height is an issue. And any high-rise at Turtle Creek Gardens wouldn’t have a huge impact on Limited Edition as the spine of the building faces in that direction with the terraces and balconies facing away into Reverchon Park.

Whenever the Limited Edition at the corner (2505 Turtle Creek) takes flight, gold dust from its balconies will surely fall on Turtle Creek Gardens … although I don’t think Dallas can absorb another millionaires’ high-rise just now. Fingers-crossed for something condo and something affordable. Regardless, I suspect this tail end of Turtle Creek will soon be as spiffy as it’s better-loved northern end.

Remember:  Do you have an HOA story to tell?  A little high-rise history? Realtors, want to feature a listing in need of renovation or one that’s complete with flying colors?  How about hosting a Candy’s Dirt Staff Meeting?  Shoot Jon an email.  Marriage proposals accepted (they’re legal)!  [email protected]