Changes in Deep Ellum Property Ownership
It’s back to the drawing board for a choice piece of property in Deep Ellum. In early August, a 2.7-acre parcel at 301 N. Crowdus St. previously belonging to Chicago developer Sterling Bay was purchased by an undisclosed owner.
Previous Plans for the Property
State filings in 2022 revealed Sterling Bay had planned to build an office high-rise called The Assembly on the property, which currently houses a defunct mid-century office building. The developer’s portfolio includes the Chicago global headquarters of McDonald’s and Tyson Foods, as well as Google’s Midwest headquarters.
Design and Features of The Assembly
Sporting a $100 million price tag, The Assembly was designed by downtown Dallas-based architect HKS, and marketing materials noted JPMorgan as Sterling Bay’s financial partner in the venture. Designs available on the project’s website included an outdoor rooftop park on the seventh floor of the 13-story building, a private bar, fitness studio and even 23,000 square feet of ground-floor retail to boot — amenities intended to compete with Dallas’ most coveted trophy properties for tenants.
The Assembly even offered a 77,000-square-foot “superfloor” spanning the width of the building earmarked for collaborative space. At the time, a Sterling Bay spokesperson said plans were moving forward with the project, which was set to deliver in 2023.
New Ownership and Plans
No dirt ever turned for the 460,000 square foot development. “The new owner is planning some creative redevelopments for the parcel,” said Bennett Sikes, an associate with Davidson Bogel Real Estate who brokered the deal with colleagues Jake Milner and Scott Lake.
Sikes did not detail the nature of the potential redevelopment or the identity of the new owner. County filings did not reveal the owner’s identity. Sterling Bay did not respond to a request for comment.
Impact on Deep Ellum
Late last month, Dallas police revealed they would begin shutting down streets in Deep Ellum starting at 10 p.m. on Friday and Saturday nights, and increasing police presence due to public safety and code enforcement concerns.
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Conclusion
The change in ownership of the 2.7-acre parcel at 301 N. Crowdus St. in Deep Ellum brings new possibilities for the property. While the previous plans for The Assembly did not come to fruition, the new owner’s creative redevelopments may bring a fresh perspective to the area. As Deep Ellum continues to evolve, it will be interesting to see how this property is redeveloped and how it will impact the community.
Frequently Asked Questions
Q: What happened to the property at 301 N. Crowdus St. in Deep Ellum?
A: The property was purchased by an undisclosed owner in early August, after previously being owned by Chicago developer Sterling Bay.
Q: What were the previous plans for the property?
A: Sterling Bay had planned to build an office high-rise called The Assembly on the property, with a $100 million price tag and amenities including an outdoor rooftop park and collaborative space.
Q: What is happening to the property now?
A: The new owner is planning some creative redevelopments for the parcel, although the nature of the plans and the identity of the new owner have not been disclosed.
Q: How will this affect Deep Ellum?
A: The redevelopment of the property may bring new businesses and opportunities to the area, although the exact impact is unclear. Additionally, the increased police presence in Deep Ellum on Friday and Saturday nights may affect the community and local businesses.
