ULI Spring Conference Transit Oriented DevelopmentWhy move outside of our EPN? Macro site attributes...

ULI Spring Conference

Transit Oriented Development

MASS TRANSIT

RETAIL

MULTI-FAMILY

OFFICE

HOTEL

ENTERTAINMENT

• Gables is one of the largest apartment owners in Dallas with 2,314 units in the uptown and downtown areas

• EPN strategy in Uptown

• Our philosophy is to bring retail, entertainment and luxury living together

Who we are

Why move outside of our EPN?

Macro site attributes:• Las Colinas daytime population - 108,000

• Las Colinas Trade Area has daytime population of 213,000 and 188,000 residents

Macro site attributes:• 22.5 million SF of Office

• 31,000 residents

• Home to more than 30 Fortune 500 companies

Why move outside of our EPN?

Why move outside of our EPN?

• Existing APT Rail moves people around Las Colinas Urban District

• New DART Line is a 5 minute walk from Water Street

• Orange Line will connect Downtown Las Colinas with Downtown Dallas

and DFW Airport

• Our retail success must rely

on a regional draw, not merely

local

With the arrival of the new

DART line in 2011, Water

Street will become even more

regionally connected

Specific site attributes:

• Las Colinas Urban Center – large number of

offices and residential, but lacks retail.

Existing opportunity to utilize APT line

• Williams Square – high occupancy and

architecturally significant buildings. Presents

urban backdrop

• Lake Carolyn – few urban waterfront

development opportunities in the Metroplex

The Development

Transit: APT Station

Retail: 250,000sf

Residential: 500+ units

Office: 250,000sf

Hotel: 125 keys

The Development

Transit: APT Station

Retail: 250,000sf

Residential: 500+ units

Office: 250,000sf

Hotel: 125 keys

Challenges

• “We’re all new at this” – increased planning term due to unknowns

• Numerous stakeholders – insuring all parties are accommodated

– City of Irving, Dallas County Utility and Reclamation District (DCURD), DART,

Las Colinas Association

• Meeting expectations

• New financial and legal implications

• Contracts and agreements

• Pursuit costs

• Regional impact

• National TOD projects not directly translatable in this market, such as parking

• Timing with new DART line arrival

• Rent and appraisal expectations

• A “heart” for the Urban Center

• Sustainable development

• Enthusiastic and eager city. Without infrastructural subsidies, this project

would be impossible to build at this scale

• Rising tide raises all ships – improvements throughout Las Colinas

• Lower exit cap

• Lower volatility cashflows

• Long-term enduring development

Benefits