Developer Todd Interests is set to exit the East Quarter district in downtown Dallas, selling its ownership stake to partner J.P. Morgan Asset Management. The transaction will give J.P. Morgan full control of the 20-acre redevelopment project, which began in 2018. Shawn Todd, founder of Todd Interests, confirmed the deal and said it is expected to close soon. Financial details were not disclosed.
The partnership between Todd Interests and J.P. Morgan started in 2018 when they began assembling more than 30 properties across eight city blocks on the eastern edge of downtown Dallas. The area includes a mix of buildings from the 1920s and 1930s along Cesar Chavez Boulevard, Commerce Street, and Jackson Street. Todd Interests redeveloped these former industrial and warehouse spaces into offices, restaurants, and creative workspaces. The firm also constructed a 20-story office tower at 300 South Pearl Street.
The East Quarter’s transformation was supported by improvements at the nearby Dallas Farmers Market, where investors converted neglected sheds into an open-air pavilion with food halls, retail space, and multifamily housing.
While specific financial terms were not revealed, tax records and estimates from Partners Real Estate senior vice president Steve Triolet suggest that the district could be valued between $200 million and $300 million.
J.P. Morgan’s acquisition comes as it concludes its involvement in another major Dallas investment: NorthPark Center. In 2014, J.P. Morgan acquired a majority stake in NorthPark Center for $362 million but was bought out earlier this year.
Todd Interests has recently been involved in other large-scale projects in downtown Dallas. These include leading a $300 million renovation of Energy Plaza—now called The Sinclair—and overseeing the $460 million redevelopment of the First National Bank tower into apartments, offices, retail space, and a luxury hotel.
“East Quarter was developed by Todd alongside his sons, Philip Todd, the firm’s CEO, and Patrick Todd, a partner at the company.”
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