Commercial real estate services firm CBRE, Inc. has been appointed by owner and developer Drever Capital Management as the exclusive retail and office leasing agent for the approximately 40,000-square-feet of retail space space at their 1.5-million-square-foot tower, The Drever. Lincoln Property Company has been awarded the management and leasing of the 324 multi-family units on floors 23-48 of the mixed-use 52-story conversion project expected to be complete in spring 2018.
The CBRE leasing team of Jack Gosnell and Amy MacLaren are leading marketing efforts for the architectural landmark as it is redeveloped into a luxury high-rise combining retail, office, hotel, residential, spa and restaurants located in the core of downtown Dallas.
“The Drever is an iconic building on its way to arriving,” said Jack Gosnell, senior vice president, retail consultant and leasing broker with CBRE’s Dallas Urban Division. “We are scanning nationally and internationally for top restaurants to anchor the proudest corner of the whole development, Elm and Akard. Because of the high quality finishes and second-to-none design throughout the building, this will quickly become a notable location. Retailers are attracted to the careful attention to quality, detail and design that is going into every inch of this mixed-use project along with the value proposition of the built-in customer base of the building’s boutique hotel, luxury apartments and surrounding residential and office buildings.”
The specialty retail space at The Drever will be unlike anything that is offered in Dallas street retail today. Some of the targeted uses include specialty food users, like an urban small gourmet products grocer, and specialty apparel and accessories concepts. The Drever’s location, a short walk from the flagship location of Dallas-based Neiman Marcus and renowned boutique Forty Five Ten will add to the appeal and cross shopping possibilities.
Dallas-based architects, Merriman Anderson/Architects, are the lead architects and designers designing the interior and exterior. Plans for The Drever focus on reimagining an office building that has stood empty for several years and carries with it a lot of Dallas’ most storied history into a first-class, community-driven gathering place for living, working, shopping, visiting and relaxing. Inviting art installations are planned throughout the building to enhance the city’s adjacent culturally rich arts district.
“Both CBRE and Lincoln saw the ownership’s vision and new direction for this landmark project in our city’s center,” said Jerry Merriman, president of Merriman Anderson/Architects, architects and designers for the renovation of The Drever. “What made them both stand out were the teams’ reputations and documented track records delivering the strongest mix of retail tenants and attracting the multi-family residents that will propel the building to world-class stature.”
Sitting on an entire city block bounded by Elm Street, Pacific Avenue, Akard Street and N. Field Street, the location offers the buildings’ residents the convenience to get from their front doors to the Dallas Area Rapid Transit’s (DART) Akard Street Station by stepping out of the back lobby entrance of their building or walking a short distance to some of Dallas’ best shopping and arts venues. The building’s 95 walkability factor is attractive to renters desiring a central location where cars are not needed for daily work commutes and errands.
The residents will enjoy ample parking, shared amenities with the hotel and access to a wraparound entertainment and relaxation deck on the ninth floor that will include a resort-style pool, fitness center, luxurious spa, dog park and refreshing dining options with sweeping views from floors 23-48. The residential tower begins where most Dallas high-rise apartments top out. The finishes will become more sophisticated and unit sizes increase as the floors rise, with penthouses planned for the top three floors.
“I’m very optimistic about both this particular project and what is happening with Dallas’ central business district,” said Robert Kline, senior managing director the Equity, Debt and Structured Finance Group in Cushman & Wakefield’s Phoenix office. “The Drever team is very careful to study a building thoroughly before investing in it and then they remain very, very detail oriented to make sure everything is done well, on schedule and within budget. Their vision for The Drever is to deliver a destination that is full of life and energy to the city while offering sound returns to their investors.”