High Street Residential (“HSR”), the residential subsidiary of Trammell Crow Company, partnered with Principal Real Estate Investors to develop M-Line Tower – a 20-story mixed-use project containing 261 for rent luxury residences and 11,636-square-foot of ground floor retail. Located at the corner of McKinney Avenue and Bowen Street in Uptown, the development is a vibrant living community in the heart of Dallas’ fastest-growing neighborhood.
M-Line Tower’s location in the heart of Uptown, with over 250 feet of frontage on McKinney, aligns HSR’s strategy of building on best-in-class sites. M-Line Tower fits into the context of the neighborhood while maintaining a significant presence in the Uptown skyline. M-Line Tower is pursuing LEED Gold certification.
First-class amenities include a 3,450-square-foot fitness facility and lounge, 9,000-square-foot amenity deck and pool perched over McKinney Avenue, and a 1,042-square-foot penthouse level clubroom with 1,053-square-foot of outdoor space. Ground-floor retail on McKinney Avenue includes Blue Sushi Sake Grill complete with outdoor patio seating, bringing an inviting atmosphere to the bustling street.
Opportunity, Solutions & Outcomes
Situated on the historic McKinney Avenue Trolley line, the project also has the unique opportunity to house the historic McKinney Avenue Transit Authority (“MATA”) executive offices and trolley barn for MATA’s 7th trolley car, Margaret. With the recent record ridership and the extension of M-Line loop to downtown, HSR identified a need to provide MATA, located adjacent to the subject property, with its 7th historic trolley car and trolley storage barn. Providing MATA with a 7th trolley car, executive offices and a trolley barn provides MATA an opportunity to continue to maintain and improve its service level.
In order to provide MATA with a trolley car and storage barn, the HSR team needed to pursue an increase in density, via a zoning change, to offset the costs associated with MATA in the development (at no cost to MATA). This zoning change added eight months to the schedule and introduced additional development risk, but the team believed including the trolley in the development was right for the real estate and the community. The project was legally challenging based on the ground lease in place. The existing ground lease was in favor of the existing restaurant user and had to be seamlessly replaced by a longer term ground lease for the new development while allowing the current restaurant user to have future operations in the new tower. From a land use perspective, there are always challenges associated with tight urban development (compounded here by the trolley lines, trolley barn) but the cooperation of the Oak Lawn Committee, the City and the neighborhood allowed the project to be a win for all constituencies.