The Lake Carolyn area of Las Colinas (Irving) will see significant real estate development activity in the coming years. Developers are queuing to build projects along the lake and take advantage of DART’s new Orange Line expansion that will improve access to downtown Dallas and DFW Airport. The City of Irving is helping to get the ball rolling by building a convention center and entertainment district that will anchor development in the region.
Las Colinas Convention Center – Phase I of development is scheduled for completion in fall 2010. The project will include 50,000 square feet of exhibition space, 20,000 square feet of ballroom space and 20 meeting rooms. The center will be able to house 4,000 attendees.
Las Colinas Entertainment District – Phase I of the development is scheduled for completion in Fall 2010. Plans for the project include a 3,500-seat concert hall, restaurant space, retail stores, a movie theater and a private hotel.
Water Street – Gables Residential & Urban Partners plan to build 300,000 square feet of retail stores, 500 luxury apartments and 250,000 square feet of office space on Lake Carolyn and O’Connor Blvd. Construction of the infrastructure is scheduled to begin in the second 2009 quarter. Phase I of construction is scheduled for delivery in fall 2010.
North Shore – Fram Development plans to build more than 1,000 residential units, 100,000 square feet of commercial space and 400,000 square feet of office space on Lake Carolyn and W Las Colinas Blvd. Project costs are estimated at $ 300 million.
Crow Holdings Site # 1: Crow Holdings owns 2 sites on Lake Carolyn. This site borders north of Lake Carolyn and south of the Northwest Highway. Plans for this parcel include a $ 250MM mixed-use project that will encompass 95,000 square feet of stores, 402,000 square feet of offices, and 1,404 residential units.
Crow Holdings Site # 2 – This site is located south of O’Connor Blvd, and is bounded by Lake Carolyn to the west and Lake Carolyn Parkway to the east. Plans for this parcel include 549 apartments.
Las Colinas Station – ICON Partners is building a $ 150MM project at the intersection of Lake Carolyn Parkway, O’Conner Blvd. and Riverside Drive. The complete construction will include 600,000 square feet of office space, 500 apartments and a 220-room hotel.
Vela – Palladium USA Development plans to build two 21-story condo towers near the intersection of O’Connor Blvd and Lake Carolyn Parkway. The $ 120MM project will include 280 condos and 20 villas.
Lincoln Northwest – Lincoln Property Company plans to build 1,655 apartments on the north side of Northwest Highway, between Riverside Drive and Colwell Blvd.