Are We Getting Back Into the Real Estate Business - $103M upscale multifamily complex planned on ExxonMobil land in Las Colinas (a.k.a. Dallas)

By Bill Hethcock – Senior Reporter, Dallas Business Journal
7 hours ago
Source: Dallas Biz Journal
18 February 2022

An upscale multifamily complex with a projected price tag of more than $103 million is planned at a high-profile site next to the ExxonMobil corporate headquarters campus in Irving. A powerhouse architect and an up-and-coming developer are teaming up on the 364-apartment, five-story project.

The developers of a proposed five-story, $100 million-plus apartment complex have their eye on the Las Colinas masterplanned community in Irving on land owned by ExxonMobil, which is moving its headquarters to the Houston area.

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Friendswood development company ring a bell? Don't they own a lot of land south of Houston?

XOM is in the real estate business. XOM is selling the 200 acres around the Dallas Campus and increasing the value of the acreage by making sure the new developments increase the value of the undeveloped acreage still held and increase the value of the developed buildings. Note this process is no different than selling Florham Park, Rockefeller center, Fairfax, Kingwood, Fairfield, La Defense building in Paris, Japanese real estate, thousands of gas stations and undeveloped real estate bought for new gas stations in North America. XOM has made several billion over the years selling its real estate.

Nope

Will end in tears

Thread regarding ExxonMobil Corp. layoffs

Are We Getting Back Into the Real Estate Business - $103M upscale multifamily complex planned on ExxonMobil land in Las Colinas (a.k.a. Dallas)

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