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Dallas

Jones Lang LaSalle Seeks $120MM Joint Venture Equity Partner to Launch Landmark Trinity River Corridor Development Project in West Dallas

West Dallas Investments, LLC to partner on 45 million-square-foot mixed-use project called “Trinity River West”


DALLAS, May 15, 2009 — The chance to change the skyline of a major metropolitan city comes to market only once in a lifetime and that opportunity is now available in Dallas, Texas. On behalf of West Dallas Investments, LLC, Jones Lang LaSalle’s Development and Asset Strategy team is bringing a $120 million joint venture investment opportunity to market on a development project that will change the cityscape of Dallas.
 
West Dallas Investments is seeking a development partner to jointly develop 57 acres of assembled property, representing the opportunity to develop approximately 45 million square feet of re-zoned mixed-use, sustainable property along the Trinity River Corridor in the Trinity West neighborhood of Dallas. 
 
Leading the Jones Lang LaSalle Development and Asset Strategy team on this assignment is Managing Director John Vick, Vice President Scott Cullen and Senior Associate Justin Bates.
 
“This project represents an incredible opportunity for potential investors to be in on the ground floor of one of the most exciting and rare mixed-use urban development opportunities in the United States,” says Mr. Vick.  “Trinity River West is a chance to build a sustainable city node which will feature thousands of residential housing units, millions of square feet of office space and limitless retail options, all within walking distance to community-oriented transit.  There is a light at the end of this tunnel, and it’s green.”
 
Trinity River West is an area already on the move; this development will create an entirely new district of Dallas. The property is adjacent to the Trinity River Corridor- the world’s largest infill urban park and recreation corridor.  The Trinity River Corridor will feature three new signature bridges over the Trinity River; all designed by world-renowned architect Santiago Calatrava.  The first bridge, already under construction, will land at the property’s front door.  Development on this site will extend the current Dallas Central Business District west to surround the urban park and the city’s signature bridges.  The site is centrally located and well connected, with five interstates within a 10-mile radius, Dallas-Fort Worth International Airport within just 12 miles, Arlington Stadium and Cowboys Stadium just 15 miles away.  Light rail and other public transit will provide additional options for Trinity River West residents, visitors and employees.    
 
“This is the most exciting and strategically located assemblage of property in Dallas today,” says Tom Leppert, Mayor of The City of Dallas.  “This project will make Dallas an internationally recognized Alpha World City.”
 
The Trinity River West project is expected to receive re-zoning approval this year to allow 45 million square feet of development product at an 18:1 FAR Central Business District designation.  The widespread civic and government support for redevelopment of the area translates into substantial incentive dollars to defray infrastructure and improvement costs.  The State Legislature is working towards designating the area as the Trinity River West Municipal Management District, creating a substantial and flexible financing vehicle for the master developers of the site.  New bridges, surface streets with new alignments, light rail and pedestrian options are all in queue for the development.  The City of Dallas is already underway on the $2.4 B capital project to build out the Trinity River Corridor with considerable investment in infrastructure, parks and public amenities, adjacent to the Trinity River West project.  The corridor will include hiking and biking trails, ball fields, amphitheatres, and other outdoor activity centers. 
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product.  The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team combines expertise in land use and development for the disposition of vacant or underutilized assets, raw land, and air and development rights. Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.3 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.