Two Dallas-based real estate firms, Cawley Partners and Alamo Manhattan, have announced plans for a new hotel development in Uptown Dallas. The companies recently acquired a 27,000-square-foot office building at 2909 Cole Avenue, with the intention to eventually replace it with a hotel valued at approximately $50 million.
According to Bill Cawley, CEO of Cawley Partners, the property will continue operating as an office for now but is slated for demolition once necessary entitlements are secured. “With the growth in Uptown, we think there’s a shortage of quality, moderately priced hotel rooms,” Cawley said. “That’s the market we are going after.” The developers aim to break ground in about 18 months and are currently working with city officials on rezoning the site.
The planned hotel is expected to include around 140 rooms. Discussions are already underway with two or three potential operators. The existing Cole Avenue building was constructed in 1981 and has an appraised value of about $3.8 million according to county records; however, the purchase price was not disclosed.
This project marks another partnership between Cawley Partners and Alamo Manhattan. Last year, they jointly acquired a five-story office building at 3400 Carlisle Street and have continued their collaboration on management and leasing efforts.
Alamo Manhattan brings experience from previous multifamily and hospitality developments in Dallas, including work on the Marriott Dallas hotel on Fairmount Street. Company President Matt Segrest described the upcoming Uptown project as an opportunity to introduce a select-service, extended-stay concept aimed at business travelers and those seeking longer-term accommodations.
Cawley Partners has also been active elsewhere in Dallas’ commercial real estate market. The firm recently purchased Harwood No. 1—a nearly 106,000-square-foot office building at 2651 North Harwood Street—securing a $29.5 million loan for the acquisition after the property had entered foreclosure under its previous owner. Plans include investing about $10 million into upgrades for that property.
Additionally, Cawley Partners holds co-ownership in the Shops at Willow Bend retail center in Plano, which has been discussed as a possible location for a future arena for the Dallas Stars hockey team.
