Dallas Symphony Foundation Sells Portion of Land to Lincoln Property Co.

The Dallas-based development firm Lincoln Property Co. has purchased a tract of land in the Dallas Arts District. Purchased from the Dallas Symphony Foundation, the land will be used to build a 23-story office tower that will house a fitness center, restaurant, a conference center and an amenity deck overlooking Klyde Warren Park.

Bringing New Space to Dallas

After purchasing the tract of land for $1.5 million in 1995, the Dallas Symphony Foundation sold the same space to Lincoln Property Co. for $7.2 million. Proceeds from the sale will be used to augment the Foundation, which expects to see returns of approximately $400,000 per year. Meanwhile, Dallas-based HKS Architects will get to work at designing the new tower, which will be located at the southeast corner of Pearl Street and Woodall Rodgers Freeway. Due to the convenient location, the 250,000-square-foot office tower will put its tenants within walking distance to the many cultural attractions and amenities found in downtown and Uptown.

Advancing the Mission of the Dallas Symphony Foundation

Given the current real estate climate, executives of the Dallas Symphony Foundation determined now was a good time to sell their property in order to enjoy a significant profit. By selling the property, the Dallas Symphony Orchestra will continue to have the resources it needs to move forward while also maintaining the program that already exists.

This is not to say that the foundation is giving up complete control, however, as it will still retain some review and approval privileges as the design of the new building is created. The foundation has even put together a concept design team to assist with the process. This is because the new tower will be located right next to the foundation’s current location.

In addition to bringing more money to the foundation, the orchestra will also benefit from the project in that it will enjoy after hours use of the 600 parking spaces that are being built as part of the project.

Originally founded in 1900, the Dallas Symphony Orchestra consisted of a 40-person ensemble performing under the direction of German-born conductor Hans Kreissig. Kreissig led the orchestra for five years, after which time it was led by Walter J. Fried, Carl Venth, Paul Van Katwiik and Jacques Singer. When Antal Dorati took leadership in 1945, he transformed the ensemble to a first-rate orchestra that won national attention. From that point forward, the orchestra continued to grow and gain international acclaim. Today, the orchestra conducts tours throughout the United States and Europe. The orchestra also regularly performs at its Dallas location, which is situated at 2301 Flora Street.

To learn more about the many amenities and cultural events that Dallas has to offer, we invite you to contact our team of knowledgeable real estate experts today. If you decide the Dallas-Fort Worth area is somewhere you would like to call home, we would also be happy to talk to you about the many excellent real estate opportunities that North Texas has to offer.

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