DeBartolo Development and local real estate investor John Quinlan have announced the commencement of construction on Three Westlake, a 19-story office tower located at 550 Westlake Park Boulevard. The project is set to transform the building into a luxurious apartment complex consisting of 311 units. Construction began several months ago and is expected to be completed by 2026.
According to reports from the Dallas Business Journal, Quinlan acquired the property for $21 million through Ten-X, an online commercial real estate auction platform in early 2022. This purchase resulted in a significant loss of $67.4 million for its previous owner but presented an opportunity for Quinlan to repurpose its use.
The building will feature seventeen apartments per floor spread across eighteen floors with various amenities such as a rooftop pool and spa, gym facilities, club room, dog park with washing facility, bike storage and maintenance services as well as storage rooms. Additionally there will be recreational areas equipped with TV screens along with pool tables and shuffleboard games available for residents’ enjoyment. For those who work remotely from home there will also be offices and conference rooms available.
Recent data from RentCafe has shown that between years 2021-2024 there has been an increase in nationwide conversions of office spaces into apartments; rising significantly from approximately12 thousand one hundred units up to fifty-five thousand three hundred thirty-nine units being converted during this period alone.
This article was originally published on Connect CRE.
