High Street Residential, the residential subsidiary of Trammell Crow Company (TCC), in partnership with Principal Real Estate Investors has broken ground on M-Line Tower, a new 20-story, 262-unit, luxury residential tower located at 3200 McKinney Avenue. The tower will also include ground floor retail anchored by a new 5,548-square-foot Café Express and a new McKinney Avenue Transit Authority (MATA) trolley barn and executive office.
"Situated in the middle of Uptown on McKinney Avenue, M-Line Tower is located in the heart of Dallas’ most walkable and culturally vibrant 24-hour live, work, and play neighborhoods,” said Joel Behrens, Principal of TCC’s Dallas-Fort Worth Business Unit and MATA Board Member. “After more than two years of predevelopment work, including working with the non-profit McKinney Avenue Transit Authority to provide additional space for the expansion of their trolley service in Uptown, we are thrilled to be under construction on M-Line Tower.”
Sitting on 1.28 acres at the corner of McKinney Avenue and Bowen Street, M-Line Tower will feature one and two bedroom luxury rental units. Resident amenities include a resort style pool, two-story fitness center, outdoor living space, clubroom, business center, and a rooftop sky lounge with unobstructed views of downtown, Uptown and Turtle Creek.
The southeast corner of the project’s ground floor will provide a new trolley barn and executive offices for the highly respected M-Line trolley, which offers the City’s visitors and commuters air conditioned, safe, clean public transportation free of charge from West Village to the Arts District down McKinney Avenue in restored, vintage trolleys. High Street Residential and PrinREI will be providing MATA with an allowance for a seventh trolley car, 1,730 square feet of space, a build-out allowance for its new space, and new trolley tracks and switch along Bowen Street.
"Principal Real Estate Investors is excited about delivering yet another first-class development to the dynamic Uptown submarket. M-Line Tower will offer residents unparalleled access to many amenities." said Alex Mather Investment Director of Asset Management. "This development represents our continued long-term partnership with the Trammell Crow Company across the US.”
“Since 1996, our McKinney Avenue restaurant has been serving guests flavorful meals made from the freshest ingredients,” said John Attra, FMP Executive Vice President and Chief Operating Officer of Café Express. “We plan to reopen to the public at M-Line Tower in 2017. Until then, we have two other Dallas locations at Mockingbird Station and Lovers Lane. We look forward to the new development taking shape and can’t wait to serve all our wonderful guests in the future.”
Construction financing was provided by U.S. Bank. Andres Construction Services, LLC is serving as the project’s general contractor.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $61.3 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About High Street Residential
High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. Over the past decade, the Company has completed 5,000 units in over $1.2 billion in value with a current pipeline of more than 4,500 units valued at $1.8 billion.