Dallas Business Journal

Awards CityWalk@akard the Real Estate deal of 2010

By: Karen Nielsen (Correspondent)

Over the community room fireplace of the newly remodeled CityWalk@Akard building is the saying, "It warms him twice who cuts his own wood."  Its a fitting notion for a building that will serve as housing for the formerly homeless and affordable housing for low-wage earners who work near downtown.  The irony is that the saying came with the vacant, historical city landmark, a 1950s-era building whose third-floor boardroom was once occupied by the Baptist Annuity Board.

The $35million CityWalk@Akard project is one of the largest nonprofit housing developments undertaken in Texas, and is the largest project for Central Dallas Community Development Corp, which strives to increase the supply of affordable housing in Dallas.  The 15-story building consists of 206 high-quality residences, ground-floor retail space and two floors of offices, including the new headquarters for Central Dallas CDC and Central Dallas Ministries.  Of the 206 residences, 200 are rental units for affordable, work force housing (leasing for $350 to $900 a month); 50 of those are set aside for formerly homeless individuals who qualify for the permanent housing development.  The other six units are the top-floor condominiums, which have already been sold.  More than 5,000 square feet is devoted to resident amenities and services, including an outdoor terraceon the third floor and 12 community rooms.  The 186,000 square-foot building contains original interior features such as marble-walled lobby, terrazzo tile and a turn-stile entry.

The wheels were first set in motion in 2006, when Akard Walk L.P, a limited partnership formed by Central Dallas Ministries and Central Dallas CDC, bought the land at 511 N. Akard St.  Two years later, the property was divided into three projects and sold to Akard Walk Commercial LLC, Akard Walk Residential LLC and Akard Walk Condo LLC.  Central Dallas CDC controls the managing member of each of these limited liability corporations.

The building is scheduled for completion this month, with 65% of the commercial space leased, half of the residential units pre-leased and retial commitment from 7-Eleven.  For John Greenan, executive director of Central Dallas CDC, the project is a symbol of what is possible in Dallas.  "We needed to show that you could build housing for the homeless," he said.  "Right up until the day we opened (temporary occupancy was granted in January), there were people that didn't believe we could get it done.  This is a good thing for the city and it will make future projects easier.  We think that to have a vibrant downtown, you've got to have diverse housing options."  Putting together the financing proved to be extremely complicated, Greenan said.  The project is funded by 20 sources, including $1 million from the Rees-Jones Foundation, and is eligible for multiple tax credits.

While CityWalk@Akard presented many construction and design challenges, one of the best aspects was the opportunity to transform a derelict building into a restored piece of Dallas history, said Steve Whitcraft, executive vice president and general manager at Key Construction in Fort Worth and former president of Preservations Dallas.

 "It certainly is a project that we've been proud of and fortunate to be involved with from inception to completion," he said.  "We hope it provides another opportunity for people to afford to live in the downtown area and that it will really help the City of Dallas grow in a positive direction."

Published: B26 February 26, 2010-Dallas Business Journal-dallasbusinessjournal.com

KEY PLAYERS: John Greenan, Akard Walk LP; Robert Colburn, WKMC Architects Inc, Steve Whitcraft, Key Construction Texas LLC; and Brent Brown

Article originally appeared on dallasblog.com
Trey Garrison