In all, the multimillion-dollar upgrade will bring about 800,000 square feet of office space and 50,000 square feet of retail space to a lighter design with upgrades to the lobbies of towers 2 and 3, and an outdoor courtyard with a fire pit, outdoor kitchen, koi pond, a walking trail and much more.
The renovations will add to the millions in renovations spent four years ago by Miami-based Parmenter Realty Partners to upgrade Mandalay Tower 1.
“The office towers stood alone for decades, joined more recently by multifamily,” said Josh Hedderich, senior vice president of asset management for Parmenter, in a statement.
“But the ‘play’ component was always missing. Water Street and the Music Factory will change that,” he added.
The Music Factory is slated to open by this fall. Gables Residential’s $100 million Water Street development is also underway to deliver more than 300 apartmentsand more than 60,000 square feet of restaurants and shops.
With these two developments bringing the missing component, Parmenter execs felt it was good timing to upgrade its Urban Center complex.
Office tenants in the market are giving Irving a hard look as they kick tires on various submarkets in the region. The Las Colinas submarket gives companies a cheaper alternative to Plano’s Legacy Business Park and Uptown Dallas with some new options for eateries and entertainment.
The upgrades to the Mandalay Towers will give tenants an exceptional return on investment compared with those pricier options, said Rodney Helm, a managing director at Cushman & Wakefield.
Helm and Chris Taylor of Cushman & Wakefield were hired to lease the property last year and helped develop the redevelopment strategy.
Dallas-based Entos Design, which worked on the original tower upgrade, was hired to finish the remainder of the office complex.
Plans include upgrading the lobby areas, reorienting the conference center, upgrading the fitness center and putting in a tenant lounge to give the building a boutique feel. The plans also include revamping entryways and signage throughout the office complex.
Construction is slated to get underway this summer.
Presented by the Dallas Business Journal – April 5, 2017