DALLAS, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, announces the groundbreaking of 1400 Hi Line, a 23-story mixed-use project in Dallas, Texas. Demolition of the existing structures is complete, paving the way for the 340,000 square foot multi-family and retail project.
PMRG will develop the high-rise project, which is jointly owned by PMRG and Washington, DC-based National Electrical Benefit Fund. 1400 Hi Line will offer 314 multi-family rental units and approximately 27,000 square feet of retail for a grand total of 340,000 square feet. Strategically located in the burgeoning Design District of Downtown Dallas, 1400 Hi Line will offer superior views of Downtown, the Margaret Hunt Hill Bridge designed by world-renowned architect Santiago Calatrava, the Trinity River and the Trinity Strand Trail. The Design District is a thriving and eclectic community that offers residents over 370 shops and art/design showrooms, some of Dallas' best restaurants and convienent access to Uptown, The Arts District, the American Airlines Center, Dart and Downtown as well as Dallas's newest soon-to-be completed five-acre recreational park (The Park).
1400 Hi Line was designed for the "renter by choice." The generously-sized units will include the highest level of finishes, such as floor-to-ceiling glass, granite countertops, wood floors, and outstanding views of the Dallas skyline. All residents will enjoy convenient in-building parking as well as restaurants and service retail on the ground floor. The project will also feature a nearly one acre rooftop park that will include a distinct relaxation and reading area nestled among grass lawns, trees and a fountain.
Centered on the rooftop park, a recreational lounge will offer floor-to-ceiling glass revealing dramatic views of the Dallas skyline in tandem with all the contemporary comforts and amenities that the 'renter by choice' has come to expect, including full catering facilities, intimate lounge areas with views of the pool, and a 3,000 square foot state-of-the-art fitness center. A distinctly separate activity plaza offers residents an infinity edge pool, fire pits, cabanas, outdoor grills and plenty of room for lounging and socializing. Residents will also enjoy access to the Trinity Strand Trail and Katy Trail, which are adjacent to the project.
"Residents of 1400 Hi Line are going to love the rooftop park, outstanding views of Dallas and terrific access to the Katy and Strand Trails," said PMRG's Senior Development Officer Bryant Nail. "The mature Design Center neighborhood, with its oak lined streets, will provide a residential feel in the heart of the city."
"We are excited to be partnering with the National Electric Benefit Fund (NEBF) on this project," said PMRG's Executive Vice President and Chief Financial Officer Wm. Roger Gregory. "They are a great partner with a long history of investing in standout projects such as 1400 Hi Line."
The Dallas-based architectural firm Gromatzky Dupree & Associates designed 1400 Hi Line and was also responsible for the design of PMRG's award winning project, The Heights at Park Lane. The Heights at Park Lane has achieved LEED Certification-Silver, and 1400 Hi Line will receive a LEED Certification-Silver, upon completion.
1400 Hi Line anticipates that future residents will be able to begin occupying the development by summer 2012 with an anticipated completion date of the first quarter of 2013.
Broad Street Advisors acted as exclusive advisor to PMRG with respect to formation of the venture with the National Electrical Benefit Fund, and on behalf of the venture in arranging construction financing from US Bank.
For more information about 1400 Hi Line, contact Bryant Nail, Senior Development Officer of PMRG at firstname.lastname@example.org or (972) 850-1244.
About the National Electrical Benefit Fund
Based in Washington, DC, the National Electrical Benefit Fund (NEBF) is the third largest Taft Hartley pension plan in the U.S. with plan assets exceeding $10 billion. Founded in 1946, NEBF was created by the International Brotherhood of Electrical Workers and the National Electrical Contractors Association with the goal of providing financial security and a sound retirement for workers in the electrical industry in North America. The majority of NEBF's real estate investments, including the investment in 1400 Hi Line, are managed by National Real Estate Advisors. For additional information, visit www.natadvisors.com.