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DALLaS 5960 Berkshire Lane, Suite 1000 Dallas, TX 75225 214.346.0200
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1810 Commerce St, Dallas, TX
1800 Main St, Dallas, TX
1808 Main St, Dallas, TX
1623 Main St, Dallas, TX
01
Over the last two decades, Downtown Dallas has witnessed tremendous growth and has continued its evolution towards a vibrant 24-hour city. This growth has been a conscious effort of the city and a variety of public-private partnerships attracting new retail, office and residential tenants back into Downtown. Throughout the past two decades, over $400M direct public incentives have been provided throughout Downtown, generating more than $5.4B in private investment. Some of the public-private partnerships have led to older buildings undergoing adaptive-reuse renovations and new construction. Investment has focused on the revitalization of the city's urban core, particularly in the Main Street District, and nearby Farmers Market, East Quarter and Arts District. Two of the newest public greenspaces in Downtown Dallas are steps away from Mercantile Place: Main Street Garden Park and Klyde Warren Park. Key recent major commercial developments continue to speak to this revitalization: The National (a luxurious combination of dining, office hospitality, residences, and retail) and the AT&T Discovery District, a downtown destination where tech, culture and entertainment, combine to create unique experiences near the AT&T Headquarters.
Investment Highlights
Continued Revitalization of the Downtown Urban Core:
02
The Mercantile Tower building was converted to apartment units and completed in 2008. The interior finishes and amenities are in demand by tenants desiring downtown living, although 25 of the property’s units have subsequently received a moderate “refresh.” The Element has original finishes from it's 2007 construction and The Wilson interiors were last updated in 2008-2010. However, comparable properties in the Downtown core have more recently been renovated or been newly constructed, which provide higher luxury finishes achieving significantly higher rents. This dynamic has created a significant rental gap between the subject properties and the newer renovated Downtown product, as well as the neighboring Uptown submarket.
Historic High-Rise Product with Further Upgrade Potential:
03
Mercantile Place is directly across the street from the legendary Neiman Marcus downtown store. The vibrant urban lifestyle has attracted a growing number of residents in the Main Street District. The downtown population has increased over 70 percent in the last decade and now numbers over 14,000 permanent residents. Mercantile Place on Main is in the center of the Main Street District with a high Walk Score of 97 on a scale of 100. Residents have access to a variety of retail and lifestyle amenities right outside their front door. The nearby McKinney Avenue Trolley connects the Main Street District with Uptown. Along with the neighboring Uptown District, residents are within easy reach of numerous grocery stores, pharmacies, lifestyle retailers, restaurants, and entertainment venues. Also nearby is public transportation provided by the DART light rail, which has a stop on Akard Street, one block north of the property. The Dart Line allows access to destinations in the CBD, Richardson/Plano, Las Colinas and DFW International Airport.
Vibrant Live-Work-Play Location:
THE PROPERTIES
CONTACT
THE LOCATION
The Mercantile The Element The Continental The Wilson
AN EXCEPTIONAL HIGH RISE MULTIFAMILY INVESTMENT OPPORTUNITY IN DOWNTOWN DALLAS, TEXAS
DOCUMENTS
Property MENU
Constructed in 1943, the Art Moderne Mercantile National Bank Building was designed by Chicago architect Walter W Ahlschlager and was the only major office building completed during World War II. Including the clock-spire, the steel-frame building was the tallest building west of the Mississippi River until 1954. The conversion of the 31-story office building to 213 apartment units was completed in 2008 and includes 8,019 square feet of ground-level retail space and 34,000 square-feet of office space.
213 UNITS | YEAR BUILT: 1943/2008
220,758 +/- square feet
1,036 square feet
34,000 sqft - Page Southerland
3,500 sqft - Berkley's Market
4,519 sqft - Vacant
42,019 sqft
Net Rentable Area
Average Unit Size
Property Retail/Office
Retail Tenants
Net Rentable Area +/- SF
262,777 +/- square feet
31 Stories
199 units per acre
3
Property Totals
Land Area
Stories/Levels
Elevators
432 (parking not included in rent)
1.18
Parking Spaces (for combined Merc-Element
"Spaces / Unit (Including the Merc)"
Year of Construction/Renovation
1943/2008
1.837 +/- acres (including Element and common areas)
Density *
* Includes 153 Units at The Element
Unit Type 1BD/1BA 1 BR, 1.5 BA 2 BR, 1 BA 2 BR, 2 BA 2 BR, 2.5 BA Total / Avg.
Count 123 4 3 81 2 213
Avg. Unit Size 874 1,463 1,124 1,221 2,596 1,037
Current Market* $1,557 $2,488 $1,994 $2,187 $5,764 $1,860
RESIDENTIAL UNIT MIX
Market/SF 1.78 1.70 1.77 1.79 2.22 $1.79
Post-Reno Market* $1,714 $2,751 $2,196 $2,407 $6,231 $2,046
Post-Reno Market*/SF 1.96 1.88 1.95 1.97 2.40 $1.97
* Includes renovated and un-renovated units Based on rent roll dated 5/5/2023
PHOTO GALLERY
PROPERTY Profile
Property Residential
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THE MERC
Comprised of a two-story structure that serves as a common street-level entrance, lobby/leasing office, concierge desk, mailbox area and amenity areas, the Jewel connects the Mercantile Tower and Element. The boardroom, catering kitchen, party room and poker table room are all located on the second floor. The Jewel also affords access to a fitness center located in the Element. Finally, this building provides access to the outdoor amenity space, which includes pool, deck with water wall and fountains, outdoor lounge, cabanas, grilling and dining area, and a double-sided fireplace.
The Jewel
(Connection Between The Merc & The Element)
PROPERTIES
DOC CENTER
PRIVACY
TERMS OF USE
THE ELEMENT
Unit Type 1 BR, 1 BA 1 BR, 1.5 BA 2 BR, 2 BA 2 BR, 2.5BA Total / Avg.
Count 97 1 53 2 153
Avg. Unit Size 791 1,043 1,247 1,910 965
Current Market* $1,643 $2,346 $2,411 $3,044 $1,932
Market/SF 2.08 2.25 1.93 1.59 $2.00
Post-Reno Market* $1,791 $2,541 $2,643 $3,400 $2,112
Post-Reno Market*/SF 2.27 2.44 2.12 1.78 $2.19
154,192 +/- square feet
2007
15 Stories
2
* Includes 213 Units at The Merc
147,622 +- square feet
965 square feet
4,920 sqft - Wild Salsa
1,650 sqft - The Crafty Irish Man
6,570 sqft
Designed by Dimella Schafer Architects and BGO Architects, the 15-story post-tension deck building features a unique shallow V-shaped roofline, with an open steel frame extending from the top of the building’s eastern façade. Originally built in 2007 with 153 apartment units, three units on the second floor have been converted to office space, which are utilized by regional management for current ownership. Therefore, the Element currently offers 150 rentable apartment units, with an opportunity to continue the utilization of the 2,587 square feet of space as office suites, as a co-working space community amenity, or retrofit and return three units back into the multifamily mix. The building also features 6,570 square feet of ground-level retail space.
153 UNITS | YEAR BUILT: 2007
1800 Main Street, Dallas, TX
Three of the 153 units are currently utilized by ownership as Office for regional operations. These are reflected on the rent roll as Adminstrative/Down units.
THE CONTINENTAL
Unit Type 1 BR, 1 BA Bond 1 BR, 1 BA 1 BR, 1 BA Den 2 BR, 2 BA Bond 2 BR, 2 BA Total / Avg.
Count 29 100 16 12 46 203
Avg. Unit Size 844 972 1,029 1,255 1,376 1,066
Current In Place / Unit $1,387 $1,590 $1,681 $1,683 $2,116 $1,693
In Place / SF 1.64 1.64 1.63 1.34 1.54 $1.59
Total / Avg. Based on rent roll dated 5/5/2023
216,455 +/- square feet
1, 066 square feet
0.689 +/- acres
340 (parking not included in rent)
Parking
The Continental Building originally opened in 1948 as a three-story office building over a four-story parking garage, which was the first underground garage in Dallas. In 1958, an additional eight stories were constructed. Forest City renovated the property in 2013 into 203 apartment units. The Continental Building is currently financed with a HUD loan with an affordable requirement. As a result, 20% (or 41) of the property’s units participate in an affordable housing program, whereby these units are income restricted at the 80% area median income (AMI) level. While the Continental Building can be alternately financed, the use restrictions would still remain in place until September 2026. This presents the opportunity for Value Add renovations for additional rent at that time.
203 UNITS | YEAR BUILT: 1948/2013
1810 Commerce Street, Dallas, TX
Density
Parking Spaces / Unit
12 Stories
295 units per acre
1.67
1948 / 2013
THE WILSON
Unit Type Studio 1 BR, 1 BA 1 BR, 2 BA 1 BR, 2 BA Den 2 BR, 2 BA Total / Avg.
Count 23 81 4 2 25 135
Avg. Unit Size 602 883 1,100 1,252 1,692 997
Current Market $1,312 $1,516 $1,849 $1,871 $2,482 $1,675
Post-Reno Market*/SF 2.36 1.90 1.86 1.68 1.65 $1.86
144,689 +/- square feet
1904 / 1999
5, 8 & 12 Stories
0.665 +/- acres
203 units per acre
148 (parking not included in rent)
1.10
Spaces / Unit
134,585 +- square feet
997 square feet
3,300 sqft - Porta Di Roma
3,424 sqft - Pressbox Grill
2,500 sqft - Sapa House
10,104 sqft
This building was originally built in 1904 as an office building by J.B. Wilson, a wealthy Dallas cattleman. The Beaux Arts style building was modeled after the Paris Grand Opera House, and originally included the Titche-Goettinger department store on the lower level. Later expanded to include a taller adjacent building, this property was the tallest building in Dallas from 1904-1909. In 1979, the building was listed in the National Register of Historic Places. The main building & annex of the Wilson Building was designed by the architectural firm Sanguinet and Staats. Post Properties converted the building to 10,104 square feet of ground-level retail and 135 apartment units, which opened in Summer 1999.Forest City undertook unit renovations in 2008-2010.
135 UNITS | YEAR BUILT: 1904 / 1999
1623 Main Street, Dallas, TX
880 sqft - Vacant
Market/SF 2.18 1.72 1.68 1.50 1.47 $1.68
Post-Reno Market* $1,421 $1,675 $2,047 $2,097 $2,787 $1,855
