22 Acre Development, named Park Heritage, will cultivate an inspiring integration of uses in the Midtown Dallas Redevelopment Zone
SERITAGE GROWTH PROPERTIES, KDC, AND TOLL BROTHERS APARTMENT LIVING® COMMENCE CONSTRUCTION OF UP TO 2 MILLION SQUARE FEET OF MODERN OFFICE, RESIDENTIAL AND RETAIL IN MIDTOWN DALLAS
05/07/19 | Press Release
NEW YORK & DALLAS (May 2, 2019) – Seritage Growth Properties (NYSE: SRG) (“Seritage”), a national owner and developer of retail and mixed-use projects, announced today the commencement of construction of Park Heritage, a project of up to 2 million square feet, in partnership with KDC and Toll Brothers Apartment Living®.
Seritage is Park Heritage’s master planner and developer. KDC, a leading developer of corporate office campuses for the country’s leading companies, will construct up to 1.8 million square feet across two high-rise office buildings in partnership with Seritage. Toll Brothers Apartment Living, a national multifamily development company, will construct the first phase of apartments totaling approximately 300 luxury residential rental units in partnership with Seritage. In addition to unique street and larger format retail, entertainment and dining, Park Heritage will feature 3-acres of open space that serves as a central community hub.
“Dallas and Park Heritage is an ideal location for this integrated mixed-use project.” said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties. “We are excited to partner with KDC and Toll Brothers Apartment Living, two best-in-class companies, on this transformational development.”
Park Heritage will be situated in one of the busiest metroplexes in Dallas-Fort Worth at the intersection of the LBJ Freeway and Preston Road, providing convenient access to the area’s major thoroughfares that are traveled by over 350,000 cars per day.
“We are thrilled to start construction on Park Heritage and bring renewed energy and an iconic project to an area of Dallas that is ready for it,” said Bill Guthrey, SVP and Partner at KDC. “This project will be the new centerpiece of the LBJ Corridor already known for its bustling business district and the Galleria.”
Park Heritage will be the new destination in North Dallas and will connect Dallas’ North suburbs with Uptown and Downtown. Exemplifying the live-work-play-stay lifestyle, Park Heritage will feature office space suited for Fortune 500 corporate headquarters, luxury residences, shopping, dining, entertainment and a hotel within an inviting and walkable district.
“We are very excited to be part of the transformation of the former Valley View Mall site,” said Charles Elliott, President, Toll Brothers Apartment Living. “The collaboration with Seritage, KDC and other leading developers, will make Midtown Dallas a vibrant new addition to the city.”
This large-scale development will start with the demolition of the former Sears building and automotive center, followed by significant infrastructure investment and the road network.
About Seritage Growth Properties
Seritage Growth Properties is a publicly‐traded, self‐administered and self‐managed REIT with 206 wholly-owned properties and 26 joint venture properties totaling approximately 36.3 million square feet of space across 48 states and Puerto Rico. The Company was formed and listed on the New York Stock Exchange (NYSE: SRG) in July 2015 in conjunction with the acquisition of a portfolio of real estate from Sears Holdings. Our mission is to create and own revitalized shopping, dining, entertainment and mixed‐use destinations that provide enriched experiences for consumers and local communities, and that generate long‐term value for our shareholders. The Company is headquartered in New York, NY. For more information please visit, https://www.seritage.com/
KDC is a leading corporate build-to-suit development and investment firm for companies across the country. Within the last 30 years, KDC has produced approximately 33 million square feet valued at over $9 billion. KDC addresses the future of Corporate America by developing walkable, mixed-use urban environments anchored by notable clients, and specializes in datacenter and broadcast studio build-to-suits. KDC's portfolio includes developments for FedEx, J.P Morgan Chase, Liberty Mutual, Raytheon, State Farm (Dallas and Atlanta offices), and Toyota North America. KDC is headquartered in Dallas and is supported by a national team with offices in Atlanta and Charlotte, N.C. For more information, please visit kdc.com.
About Toll Brothers Apartment Living®
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 company and the nation’s premier builder of luxury homes. Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit TollBrothersApartmentLiving.com
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in Seritage’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission, or SEC, on March 1, 2019 and other risks described in documents subsequently filed by the company from time to time with the SEC.
Jason Chudoba for Seritage
Jason.Chudoba@icrinc.com | (646) 277-1249
Sydney Townsend for KDC
firstname.lastname@example.org | (469) 547-0201
John M. Piedrahita
Toll Brothers Apartment Living
email@example.com | (202) 378-3302