Serra Real Estate acquired the underlying property and served as the owner, financier, developer, and parking manager for the strategic parking and retail solution within the County’s billion-dollar master plan. Initially tasked with developing a parking facility to support the Dallas County Courthouse’s short-term needs, the structure can accommodate 15 additional floors or a hotel or office use, serving the County well into the future.
Serra structured an innovative Credit Tenant Lease (CTL) financing plan, ensuring financial flexibility for the County, which will become the eventual owner under the lease terms.
Located on a one-acre parcel, the 12-story, 480,000-square-foot facility includes 1,228 parking spaces and five large ground-floor retail spaces. The structure was built to support up to 15 additional floors, with vaults installed for transformer upgrades to accommodate future energy demands. In alignment with sustainability goals, solar panels are being added to the 12th floor to provide emergency power and supplement the electrical grid.
Serra’s leadership in this transformative project demonstrates its expertise in managing complex urban developments. Recognized with the Pillar Award for Project of the Year by the Regional Hispanic Contractors Association in January 2024, the project achieved over 50% MWBE subcontractor participation. This development exemplifies Serra’s ability to balance financial stewardship, sustainability, and future growth while delivering long-term value for Dallas County.
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Service:
Location: Dallas, Texas
Project Size: 480,000 sq. ft.
Project Cost: $66.8 million
Project Status: Completed
We specialize in providing tailored solutions for government and corporate clients, from project conception and financing to development and asset management.
