Developers buying up blocks of buildings and land on the eastern edge of downtown Dallas think they are in the right spot to make something happen.
Located between Deep Ellum and Dallas' financial district at Commerce Street and Cesar Chavez Boulevard, the area hasn't changed much in decades. Commercial buildings from the early 20th century line streets between downtown's skyscrapers and the Farmers Market.
Shawn Todd thinks this forgotten corner of downtown can be Dallas' next reborn neighborhood. He's heading a partnership that's buying about two dozen buildings and land to create a retail and office project that will cater to business entrepreneurs and creative and tech companies.
"This neighborhood already has so many things happening for it," Todd said. "It's one of the best kept secrets downtown.
"We view these buildings as true gems," he said. "We want to preserve these buildings and compliment it with new development."
Todd — whose credits include renovation of downtown's historic Post Office and redevelopment of the I.M. Pei-designed One Dallas Center — plans to remodel and repurpose buildings that once housed auto dealerships, parts warehouses and the like.
"This was a gritty part of town," he said. "It was agricultural and industrial. There's a lot of history down here."
Included in his pending acquisition is the pie-shaped Magnolia Oil building at Jackson and Chavez that during the 1960s and 1970s housed radio station KLIF.
Across the street, he's buying the old Cadillac showroom that still has the automaker's emblem etched into the floor. And a block away there's the Meletio Electric Supply buildings, which now house tech offices. Dallas' historic Masonic Hall on Harwood Street is also part of the acquisition, which spans a half-dozen city blocks.
In all, Todd Interests is buying some 200,000 square feet of buildings — about 40,000 square feet of which is occupied.
"We are buying 22 buildings from four different owners," Todd said.
The biggest chunk of real estate is coming from one seller.
Dallas businessman Ralph "Reggie" Graham is selling more than a dozen buildings to Todd Interests.
"I bought the first one in May of 1983" — the old KLIF building, Graham said. "I just picked them up one at a time over the course of the next 35 years.
"I'd fix one up, rent it out and go to another," he said. "Selling these buildings is the hardest thing I think I've ever done. I love them."
Graham's properties include 4.2 acres with 17 buildings. Nine of them are rebuilt. He said with the Dallas real estate market booming, he'd been approached several times to sell before striking a deal with Todd Interests.
"I waited until I got the right buyer," Graham said.
Both preservationists and downtown economic development groups are encouraged by Todd's plans.
"This is one of the most remarkable collections of historic buildings in downtown," said Katherine Seale, chair of Dallas' Landmark Commission.
"We are fortunate to have a developer amass this type of collection," Seale said. "This is going to be a game changer for the eastern end of downtown."
Kourtny Garrett with Downtown Dallas Inc. said the area around Todd's buildings is ripe for a redo.
"We saw that it was going to be the next place for downtown," Garrett said. "We looked at where development was going to go and it was obviously in this quadrant.
"Now that the Farmers Market is successful and Main Street is successful we are moving to the east and want to connect with Deep Ellum," she said. "You have a developer that understands the vision and the value and character of this neighborhood."
Todd Interests is putting together a team to tackle the project. He's partnered with Dallas top chef and restaurateur Nick Badovinus to redevelop the Magnolia Oil/KLIF building with a signature restaurant.
"It's been one of my favorite buildings since I first got to Dallas," Badovinus said. "It's a truly special place in an interesting pocket of the city."
Award-winning Dallas architect Omniplan is working on designs for the district along with landscape architects SWA Group. Andres Construction will be the general contractor.
Peloton Commercial Real Estate has been hired to market the properties.
"We are going to bring all the initial buildings on line at once," said Todd Interests' Patrick Todd. "We don't want to do it piecemeal."
The buildings will be remodeled for office and retail space — no residential.
The developers are still pondering what to do with the landmark Masonic Temple at Harwood and Young Streets. Built in 1941, the 3-story building has about 43,000 square feet.
"We think it could be a great creative office space or a concert venue," said Todd Interests' Philip Todd.
The developers hope to kick off the project immediately and bring the buildings online before the end of this year.
Shawn Todd said with the land included in the deal there is the potential to more than double the space with new construction.
"We think this is a five-year project," Todd said. "If you told me you could buy 20-plus buildings with land downtown in a major metro city, I wouldn't have believed it.
"It's been right under our nose."
