Dallas is getting a new Porsche dealership.
Park Place Dealership broke ground on the multi-million dollar dealership and an expanded Volvo service facility on Lemmon Avenue last week.
Georgia-based Asbury Automotive Group purchased roughly 15 acres at 6000 Lemmon Ave., near Love Field from aerospace and defense manufacturing company RTX — formerly Raytheon Technologies — in December 2024.
The new dealership and Volvo service center should be completed in 2027. The group’s Volvo dealership has also been under renovation for the past eight months and is expected to be completed in 2027.
The value of the former RTX site is between $55 million and $70 million, real estate professionals previously told The Dallas Morning News.
D-FW Real Estate News
Estimated construction costs for the Porsche dealership are $26.7 million, according to a December filing with the Texas Department of Licensing and Regulation.
“We believe that these projects allow us to elevate the experience for both Porsche and Volvo clients in a meaningful way,” David Hult, president and Chief Executive Officer of Asbury, said in a statement.
“The new Porsche dealership is expected to be one of the premier Porsche dealerships in the country, with the ability to serve clients at the highest level.”
Hillwood’s new industrial building
Developer Hillwood announced construction of Alliance Westport 12, a 1.2-million-square-foot Class A industrial building at its AllianceTexas development.
Construction is set to start this month, and the building’s expected to be finished in Q1 2027. A filing earlier this month with the Texas Department of Licensing and Regulation puts estimated construction costs at nearly $47.7 million.
The building will be part of the newly-established Alliance Logistics District — a first-of-its-kind mobility logistics hub anchored by BNSF’s Alliance Intermodal Facility.
Hillwood will begin construction this month on a private bridge linking the industrial building and the intermodal facility. The bridge is expected to be finished in 2027.
The project is designed by GSR Andrade Architects. Civil engineering services were provided by Westwood Professional Services, and Hillwood Construction Services will serve as the general contractor. Alliance Westport 12 is financed by Bank of America.
It adds to a growing industrial corridor in North Texas. Far north Fort Worth has the largest industrial construction pipeline in the country, according to data from CoStar Group.
Uptown tower headed to council
Dallas city councilors are expected to soon rule on a rezoning request for a planned luxury hotel and residential tower in Uptown with a more than $200 million price tag.
Hotel developer and restaurateur Robert Colombo aims to build the Monclaire Hotel and Residences, an approximately 23-story tower at 2516 Maple Ave. The project requires a height variance, and other tweaks to existing zoning.
City planning recommended approval earlier this month. Dallas City Council is expected to hear the case Feb. 25.
Colombo told The Dallas Morning News the development will include 12 to 15 residences, 65 hotel rooms and suites, a spa, restaurants and a small banquet facility.
Talks on branding for the hotel and residential tower are ongoing. Colombo estimates the total investment on the project will be $200 million to $250 million.
The project could start moving forward in May as designs are finalized. The first shovel is expected to hit the dirt in May 2027, and the tower could open in spring 2030, he said.
New leases at 23Springs
Uptown’s tallest tower, 23Springs, has landed new tenants, bringing leasing at the tower to 74%.
The Dallas Morning News previously reported UBS would take more than 26,000 square feet. Two other firms are joining them.
Stonelake Capital Partners signed a lease for roughly 16,000 square feet, taking the building’s ninth floor. They’ll move to 23Springs from The Crescent.
An unnamed real estate firm signed a more than 22,000-square-foot lease. They’ll occupy the 10th floor in Q3 2026.
Granite’s in-house leasing team, consisting of Robert Jimenez, Burson Holman and Elizabeth Fortado, represented Granite in all three deals.
23Springs is a 642,000-square-foot development, consisting of a Class AA, 26-story office tower, two freestanding restaurant buildings and a half-acre neighborhood park.
Granite Properties and Highwoods Properties are behind the project.
Glitzy Knox Street development construction tops out. Here’s the Dallas project timeline
The residential, hotel, office and retail project on eastern edge of Highland Park was once called Dallas’ most expensive development.
Plano offers $20M in incentives for AT&T’s new multibillion-dollar HQ
It’s the largest incentive package the city has offered a private employer.