It’s business as usual for Harlan Crow’s Crow Holdings, which is planning another industrial project.
Dallas Real Estate Backbone apply for construction 405,000 sq. ft. industrial estate at 1500 North Walton Walker Boulevard on the western edge of Dallas. The building’s estimated construction cost was $40.7 million.
Work is expected to start in August and run until December next year. The project is referred to in the documents as “Commerce 30 Building D,” an apparent reference to Interstate 30 north of the project site. Although it’s called Building D, no other project documents for the nearby address exist in the Texas Department of Licensing and Regulation’s database.
The project architect is Dallas-based Azimuth, which designs office and retail buildings in addition to industrial buildings. Crow and Azimuth are also collaborating 800,000 square foot distribution center In Lancaster, just south of Interstate 20 near Dallas.
Over the years, Crow has been investing heavily in industrial development near the city core.
“These industrial properties need to be closer and closer to the end consumer,” said Michael Levy, the company’s chief executive. Tell FundFire Not long after the pandemic started. “People used to expect delivery within a week, now we expect delivery within two hours.”
Industrial vacancy rates in Dallas-Fort Worth remain near record lows, according to a report recent reports From the agency Avison Young. Vacancy rates rose slightly to 7% as a slew of new square footage came online, but average rents remained on the low end nationally at $6.55 per square foot.
It’s unclear whether Crow has already installed tenants for the building, which the company describes in filings as a concrete sloping-wall shell.But the company has been in development in recent months, filing for $38 million logistics center close to the design district and $31 million refresh Hilton Anatole in the Market Center Complex.
The company recently announced a $2.8 billion fundin partnership with Crow Holdings Capital and an unnamed institutional investor to develop a small strip mall.
