The closing of Jack’s Pub has brought forth a flurry of real estate activity around the SMU campus.
On the east side of Central Expressway, Jack’s is not the only property SMU has taken control of recently. Multiple office buildings have been placed under contract by the university for possible expansion off of the main campus.
The buildings at 6200 and 6210 Central Expressway are slated for “future purchase,” according to Dana Gibson, SMU vice president for business and finance. These buildings have not been given a specific use yet, but Gibson said the university purchased the sites for the land.
“What we’ll be able to do is take all of these buildings down and have a good section of land that we can look at in our master planning update of being able to place strategically what we need for the future,” Gibson said.
However, the property at 6116 Central Expressway will continue to operate as an office for current tenants. SMU purchased the property from Gaedeke Holdings III Ltd. The Dallas County Appraisal District values the property at $9,886,300.
The building currently holds multiple tenants and will hold additional academic related offices. Tentative plans have the structure holding university related operations such as the Bush library or the university’s real estate arm – Peruna Properties.
Gibson mentioned future use for the land also.
“We want more intramural fields, graduate student housing, research facilities and lab facilities,” Gibson said. “After we finish space planning and the master plan update, then we’ll decide which things fit in which pieces.”
Gibson also mentioned more housing for undergraduates as a possible use.
All of these purchases are in addition to the $6.5 million request the university submitted last week to create, amongst other things, a pedestrian walkway connecting the main campus with Mockingbird Station. The proposal was submitted to the North Central Texas Council of Governments and details how such a walkway would increase DART light rail use and aid the redevelopment of the land SMU now owns.
Closer to campus, SMU has purchased several tracts of land off of Mockingbird adjacent to the main campus.
As far as the Bush library is concerned, the finalization of the University Gardens bid is the most important. According to Gibson, the university purchased the site on Dec. 15. A chain link fence was put up around the complex two weeks ago, and a demolition date has yet to be set.
The complex sits on a little more than 12 acres on the far east side of campus and is often mentioned as a likely site for the library if SMU is awarded it.
Asked if SMU is planning to close the Binkley Apartments, located immediately to the north of University Gardens, in the next few years, Gibson said, “I wouldn’t say right away.”
SMU also recently purchased Park Cities Plaza – home to the SMU Bookstore, la Madeline and CVS Pharmacy – among other tenants. Like the office building at 6116 Central, the center will continue to operate as is right now. No plans have been released regarding the future of the site.
The university is currently working on purchasing the final tract north of Mockingbird located within campus boundaries – the residences located on Potomac.
Across Mockingbird, the university purchased the tracts of land that held a pizzeria, liquor store and dry cleaners. All of the businesses vacated their property by mid-January. The university did not purchase the Citgo-7/11.
A new master plan is in the works, but will be “six to 12 months before finished,” according to Gibson.
