Introduction to Recent Developments in Dallas-Fort Worth
The Dallas-Fort Worth area has been experiencing significant growth and development in recent times. This growth is evident in various sectors, including real estate, hospitality, and industry. Several projects have been undertaken to cater to the increasing demand for commercial and residential spaces, as well as to enhance the area’s infrastructure and amenities.
Miyako Hybrid Hotel Plano
Just days ago, Japan-based Kintetsu Group Holdings Co., Ltd. broke ground on the Miyako Hybrid Hotel Plano. The $117.5M hotel will be 12 stories and house 217 rooms. It is projected to open in fall 2027. This will be the first Miyako Hotels & Resorts property in Texas and only the third in the United States. The Miyako Hybrid Hotel Plano will be located within The Park at Legacy development in Plano — home to major corporate campuses that include Toyota Motor North America, plus 40 Japanese companies.
The general contractor is The Beck Group. Gensler is the design architect, and Looney & Associates is the interior design firm. Alejandro Vazquez will serve as the hotel’s general manager. The hotel will feature a traditional Japanese restaurant, an upscale lobby bar and Japanese bakery, a Texas-style rooftop bar, outdoor pool and fitness center. Those in attendance included Plano Mayor John Muns, Consul General of Japan in Houston Zentaro Naganuma and Takashi Wakai, president of Kintetsu Group Holdings.
“We chose Plano as the site for our new hotel because the area has experienced remarkable development in recent years,” Wakai said in a statement. “It is home to many companies, including Toyota Motors North America; and the local community, including Plano, has welcomed us warmly.”
Mortgage Lender Secures Large Office Sublease
California-based Pennymac, one of the nation’s top mortgage lenders and servicers, has signed one of the largest office subleases in Dallas-Fort Worth, in a move that’s expected to bring 1,800 jobs to Carrollton. The firm will occupy 150,000 square feet at 5025 Plano Parkway, with plans to expand to 300,000 square feet. PennyMac expects to begin operations in Carrollton by the end of the year.
CoStar first reported the lease. To support the move, Carrollton City Council approved a grant of up to $1.8 million if certain conditions are met. Founded in 2008, PennyMac manages nearly $700 billion in loans nationwide for five million homeowners. The company has 15 locations nationwide.
“Our new location in Carrollton is a direct result of our commitment to our people and our belief in the future of our industry,” Pennymac chief production operations officer Paul Szymanski said. “Through this investment in a best-in-class facility and access to the exceptional talent in the Dallas-Fort Worth area, we will drive growth for Pennymac.”
VanTrust to Develop in Terrell
VanTrust Real Estate, LLC will develop two speculative industrial buildings as Phase 1 of its Terrell Logistics Center. Construction on Phase 1, a nearly 75-acre site, is expected to begin in the second quarter of 2026 and be finished in the second quarter of 2027. VanTrust also recently acquired nearly 100 acres that will serve as Phase 2 of Terrell Logistics Center.
Phase 1 will feature a more than 200,000-square-foot rear-load facility at the northeast corner of U.S. Highway 80 and Outlaw Lane and a more than 500,000-square-foot rear-load facility at the northeast corner of Bizzell Street and Reveille Way. Phase 2 will include a more than 1 million-square-foot cross-dock facility that will be actively marketed for build-to-suit during Phase 1’s construction.
The facility joins a logistics district that includes nearby industrial tenants such as Goodyear and a site for a future Amazon facility. Bob Moore Construction, Alliance Architects and Claymoore Engineering will assist in the development. Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King with JLL are serving as the brokers marketing the project.
Fielding Law Expands to New Richardson HQ
Fielding Law, a personal injury law firm, is moving its headquarters to Richardson’s Tower at Lakeside. The firm will occupy 16,000 square feet of the top floor. NAI Robert Lynn’s Kent Smith, principal and executive vice president of the office division, and Stephen Cooper, principal and executive vice president, represented Fielding. The property is located at 2221 Lakeside Blvd.
The firm is moving from Mesquite. Fielding Law will move into its finished space in February 2026.
Construction Begins on Bridges into Turtle Creek Park
The Turtle Creek Park Conservancy announced earlier this week that construction is underway on the Hall Street and Bowen Street bridges. Built in the early 1900s, the bridges are two of the most historic gateways into the park. The restoration marks a major milestone in preserving Turtle Creek Park.
The effort is made possible through a partnership between the organization, the Turtle Creek Association and the city of Dallas. Phase 1 construction is now in progress, but funding for Phase 2 is still needed to complete the restorations, according to an email from the conservancy.
It’s Matthews’ latest investment in the neighborhood. Terms of the deal were not disclosed.
City officials and real estate experts say they would like to see the arena downtown. It remains to be seen whether a refurbished Kay Bailey Hutchison Convention Center would be the best fit.
Conclusion
The Dallas-Fort Worth area is experiencing significant growth and development, with various projects underway to cater to the increasing demand for commercial and residential spaces. From the construction of new hotels and office spaces to the development of industrial buildings and the restoration of historic bridges, the area is poised for continued growth and expansion.
FAQs
Q: What is the Miyako Hybrid Hotel Plano, and when is it expected to open?
A: The Miyako Hybrid Hotel Plano is a 12-story hotel with 217 rooms, expected to open in fall 2027.
Q: How many jobs is Pennymac expected to bring to Carrollton?
A: Pennymac is expected to bring 1,800 jobs to Carrollton.
Q: What is the Terrell Logistics Center, and what phases of development are planned?
A: The Terrell Logistics Center is a development project that includes two speculative industrial buildings in Phase 1 and a more than 1 million-square-foot cross-dock facility in Phase 2.
Q: What is the significance of the restoration of the Hall Street and Bowen Street bridges in Turtle Creek Park?
A: The restoration of the bridges marks a major milestone in preserving Turtle Creek Park and is made possible through a partnership between the Turtle Creek Park Conservancy, the Turtle Creek Association, and the city of Dallas.
Q: What is the potential impact of the $3.7B convention center redevelopment on the possibility of a new Mavs arena?
A: The redevelopment could potentially clear the site for a new Mavs arena, but it remains to be seen whether a refurbished Kay Bailey Hutchison Convention Center would be the best fit.
