Two Dallas-based real estate companies, Cawley Partners and Alamo Manhattan, have announced plans for a new hotel development in Uptown Dallas. The firms recently acquired a 27,000-square-foot office building at 2909 Cole Avenue and intend to eventually demolish it to make way for a hotel project valued at approximately $50 million.
For now, the property will continue operating as an office while the developers work with city officials on rezoning the site. Bill Cawley, CEO of Cawley Partners, told the Dallas Morning News that groundbreaking could occur in about 18 months, pending necessary entitlements. The proposed hotel would feature around 140 rooms.
“With the growth in Uptown, we think there’s a shortage of quality, moderately priced hotel rooms,” said Cawley. “That’s the market we are going after.”
According to records from the Dallas Central Appraisal District, the building was constructed in 1981 and is currently valued at about $3.8 million for tax purposes. The purchase price has not been disclosed. Cawley indicated that total development costs are projected at $50.1 million.
This project continues a pattern of collaboration between Cawley Partners and Alamo Manhattan. Last year, they jointly acquired another office building located at 3400 Carlisle Street and Cawley Partners now manages and leases that property.
Alamo Manhattan President Matt Segrest commented on the Uptown hotel plan: he described it as an opportunity to address a gap in local lodging options by introducing a select-service, extended-stay concept aimed at business travelers and those needing longer-term accommodations.
Cawley Partners has been active in other areas as well. The firm recently purchased Harwood No. 1—a nearly 106,000-square-foot office property on North Harwood Street previously known as the old Rolex building—after it fell into foreclosure under its former developer Harwood International. While financial details were not made public, deed records indicate that Cawley Partners obtained a $29.5 million loan for this acquisition and plans to invest roughly $10 million in renovations.
Beyond Uptown developments, Cawley Partners also co-owns Shops at Willow Bend in Plano, which has been discussed as a possible future location for a Dallas Stars arena.
