Author Archive

August 11th, 2015 by

Lionstone Investments, the Houston-based national real estate investment firm, and Dallas-based real estate developer PegasusAblon announced today they will begin construction of a new 12-story, Class A office tower in the heart of Dallas’ Preston Center submarket.  The new building is called the Terraces at Douglas Center, and it is expected to be completed in the first quarter of 2017.


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May 17th, 2015 by

At PegasusAblon we don’t shy away from expressing our position on what makes a development successful, especially as development is forced to increasingly concern itself with the wants and needs of the 21st century consumer.

Our EchoFlats multifamily concept is an excellent example. Designed to elucidate our understanding of what multifamily residents look for in an apartment development, the EchoFlats philosophy has informed our developments even as it continues to evolve to meet ever-changing tastes.

PegasusAblon Principal Mike Ablon recently sat down with Axiometrics’ Dave Sorter to discuss what differentiates today’s consumer from yesterday’s, and what a focus on the experience factor looks like in multifamily development.

Listen to the full podcast on axiometrics.com.

May 13th, 2015 by

We are in the midst of a massive societal shift, transitioning from the dominance of the Baby Boomers to that of Generation Connected and the experience and knowledge economies they bring in their wake. As we move away from a consumer-based economy, one of the most valuable commodities for a city is proving to be the ability to sustain a highly educated and creative workforce. Interestingly enough, this new workforce is knows their value and operates under the belief that the jobs will come to them. Accordingly, they live where they want to live, in a place that matches their lifestyle, and instead of chasing jobs, jobs come to them.

Progressive cities have figured out that you don’t get great companies to relocate by offering incentives (that was so 1990). Cities recruit great companies by transforming themselves into great places to live, giving new weight to the infrastructure discussions we have been having here in Dallas concerning the likes of Fair Park, the Trinity Corridor and I-345. These projects are proving to be much more than a referendum on transportation and its denizen’s perceived opposition to the tenets of New Urbanism; it is the debate surrounding these projects which will determine whether Dallas takes this opportunity to reconstruct itself as a desirable home for the members and businesses of this new economy.

As we have seen, cities have the ability to correct the unintended consequences of early infrastructure projects. San Francisco achieved this with the replacement of the Embarcadero Freeway, driving the revitalization of South of Market- now a magnet for Tech start-ups. Seattle, following the New Urbanism model of Portland and Milwaukee, replaced the 99 Viaduct with smaller surface streets and public parks focused on opening up its waterfront. The list is long: New York did the same with the High Line and Boston with the Big Dig.


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May 6th, 2015 by

Neighborhoods are one of the most important characteristics of a mature city after all, great cities are nothing more than a composite of neighborhoods and moments. Take, for example, New York City’s plethora of identifiable neighborhoods, Chelsea, Hell’s Kitchen, Spanish Harlem, the Lower East Side, the Upper West Side and Wall Street, just to name a few. In discussing Dallas, we frequently refer to ourselves as a “Great American City” and population predictors project Dallas (the MSA) will be the 4th largest city in the U.S. by mid-century. As we stand on the precipice of being one of the largest American cities, it should be a priority to also cement our status as a great American city.

The period of formative growth we are preparing to enter will more or less serve to define the face of our city for decades to come. When we look back at this period in Dallas’ history we will, I would posit, measure our civic success in terms of how successful, or not, we have been at creating a mature city fabric composed of numerous vibrant and self-sustaining neighborhoods.


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May 1st, 2015 by

Editorial Note: This is Part One of a Three-part series on Dallas.

In their formative years cities make strategic decisions, which over time determine the trajectory of future growth. Occasionally, as with Haussmann’s carving up of Paris for the great Boulevard project in the 1850’s, the disruption and residual damages are obvious from the beginning. In other instances, civic projects unveil their unintended consequences in a gradual escalation over time; the unforeseen effects occasionally taking on a weight equal to the problem which they were intended to alleviate.

It is frequently the case that how a city addresses these residual consequences, in large measure, defines both its character and its future. There is rarely a time when a city does not face more pressing needs, but we would do well to learn from history. While 50 and 100-year civic projects almost inevitably serve as catalysts, driving the city’s failure or successes, it is the boldness of a city’s counter-moves, intended to correct those early mistakes, that is one of the markers of a great city. Think, for example, of the Big Dig in Boston (1992), the Embarcadero Freeway in San Francisco (1989), or the High Line in New York (2008).


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April 27th, 2015 by

In case you missed them, D Magazine recently published our series of essays on what makes a great city great. Over the course of three posts, Mike Ablon details both the large and small moves a city makes as it grows, how they work together to create the archetype of a great city and how we, here in Dallas, can learn both from others, and ourselves, how to make our own city great.

In the first installment we examine the big, infrastructure decisions a city makes early in its existence, paying especial attention to the deleterious consequences of large, early moves, whose symptoms are often not revealed until decades after their completion, offering examples specific to Dallas alongside proposed solutions.

In part two we take a closer look at the more subtle, but equally important role of the city in the cultivation of a variety of distinct, vibrant neighborhoods and why these neighborhoods are central to a city’s success. And finally, in part three, we tie the two pieces of the puzzle together while reasserting their applications for Dallas itself.

You can of course read all of them on D Magazine’s Real Estate Daily, but over the next several days we’ll be posting the blogs in their entirety on PegasusAblon.com.

We hope you enjoy.

April 13th, 2015 by

Last week JLL & PegasusAblon took home the Dallas Business Journal’s award for Best Commercial Property Sale for 2014’s sale of the Dallas Design District to Dunhill Partners.

For nearly eight years PegasusAblon developed and managed the Dallas Design District portfolio for Houston’s Lionstone Investments, transforming 40 acres of the rapidly growing Dallas Design District from a warehouse district of trade-only showrooms, distribution centers and warehouses into one of Dallas’ most vibrant and exciting neighborhoods.

PegasusAblon and JLL, who marketed the property and represented the owner during the sale, accepted the award for best “Commercial Property Deal” at a gala dinner on April 8th celebrating the winners of the Dallas Business Journal’s 23rd annual Best Real Estate Deals.

To see images of the event and read more about the awards visit the Dallas Business Journal’s website.

 

March 26th, 2015 by

PegasusAblon and Principal Mike Ablon are the proud recipients of D Magazine’s inaugural Pioneer Award.

Mike and team received the award at D Magazine’s annual Commercial Real Estate Awards Ceremony on March 24.

“Once in a while, you come across a commercial real estate player who seems to transcend classification.” Christine Perez writes in the April issue of D CEO. “That’s the case with Michael Ablon of PegasusAblon.”

The award was created to honor the achievements of a pioneer in the Dallas commercial real estate industry. In this case, Mike received the award as an acknowledgment of his achievements as a “placemaker” in Dallas, most readily apparent in the redevelopment of the Dallas Design District.

 

March 11th, 2015 by

If you happen to be flying on American Airlines this month, flip to page 76 of the American Way magazine in your seat-back pocket. Dallas Reborn is the title of a travel feature in this month’s issue, which chronicles how Dallas, a city which has variously been stereotyped for its obsession with over-the-top glitz and glamor and its suburban sprawl, has been transformed into a vibrant metropolis. The transformation is thanks in large part to shifts in the discourse on development and transportation in the city, as well as the organic revitalization of areas in and around the former ghost-town that once comprised the urban core.

Un-Dallaslike is the author’s characterization of the innovative redevelopment strategies of several area real estate companies, such as PegasusAblon, who have been integral in the activation, and revitalization, of the urban neighborhoods surrounding the central business district.

Filling areas such as the Dallas Design District with new urban living opportunities and high density mixed use developments for example, while preserving each neighorhood’s unique history and character, these developers and their developments have encouraged the cultivation of vibrant, walkable neighborhoods, whose success is attested to daily by the crowds who fill their restaurants and shops, and the residents, who now occupy multifamily, urban living developments in these former ghosttowns

Read the full text of Dallas Reborn, and its interviews with Mike Ablon, David Spence and Scott Rohrman, as well as urban planner Patrick Kennedy online, or download a pdf of the story here.

 

March 6th, 2015 by

The term “sharing economy” has been tossed around with increasing frequency over the past couple of years. The rise of AirBnB, Uber and innumerable similarly focused websites and companies which provide opportunities to share everything from your vacuum to your clothes, has prompted a surge in debate concerning if, or when, the sharing trend will end.

We posit the trend is not a trend at all, but a dramatic and important societal shift, signifying a major change in lifestyle and values brought on in equal parts by the technology of the Internet, and the financial and emotional consequences of the Great Recession.

With Uber’s market cap larger than FedEx and Delta, and Airbnb’s nearly half that of Hilton Worldwide, it is not vital at this point to decisively determine whether it is truly a shift, or simply a trend. Whatever it turns out to be, ignore it at your own risk.

But how does, or could, the sharing model apply to the highly regulated world of commercial real estate?

In a recent contribution to D Magazine’s D Real Estate Daily, Mike Ablon considers the sharing economy and how, perhaps, the commercial real estate industry could learn from its assumptions.

Read the full blog on DMagazine.com or download a PDF version here.