News Article | 11/15/2006

Victory Park To Get $640M in New Projects

DALLAS-Hillwood, celebrating its first office lease at Victory Park, has started dirt work for the $110-million House, a 150-condo project of Philippe Starck and YOO UK Ltd., and readying the market for holiday season openings for a 30,000-sf retail contingent.

The House will go vertical in 60 to 90 days during the same time that crews will be pushing up on Victory Tower, a $325-milion Mandarin Oriental hotel and residences. By June 2007, Victory Park’s vertical work will be in various stages for $640 million of mixed-use space. The $125-million One Victory Park got its go-ahead when Hillwood’s team nailed a lead tenant, Haynes and Boone LLP, for up to 175,000 sf on six floors of the 20-story, 456,000-sf structure. The first of two office buildings will break ground in the first quarter in a 75-acre district anchored by American Airlines Center and including a W Hotel and the Craft bar and restaurant.

The next construction wave will bring four of Victory’s 30 buildings on line. “This will finish the second and third phases,” Jonas Woods, president of Hillwood Capital, tells “Soon, we’ll be announcing our concept for the fourth phase.”

The 28-story House will stand as the landmark icon for Victory’s southernmost gateway. The Starck-Yoo project is being built by Manhattan Construction Co., a subsidiary of Tulsa-based Rooney Holdings Inc., with WDG Architecture Inc. of Dallas and Boston-based Elkus Manfredi Architects Inc. as part of the design team for the renowned Starcke, who’s marking his first project in the Southwest with the undertaking. The House is set to open in 2008.

Woods says the 150 condos are nearly half sold out to what Starcke likes to call “the smart tribe,” crisscrossing all generations on the buyers’ profile. Condos range from 1,000 sf to 8,700 sf, with the average standing at 1,500 sf and the average sticker at $600,000. Al Coker & Associates of Dallas is marketing the project.

The holiday retail openings will be Quicksilver, Paciugo Gran Caffe Fall, Haven, J. Lindeberg, Bella Flora, Gachet Coffee Lounge, Jolie Boutique, Luna de Noche Gourmet Grill and Klad Clothing. Also coming soon is WFAA Channel 8’s in-town studio. And, doors open in January or February on another 125,000 sf of retail and restaurant space.