Caven Enterprises has sold its land along Cedar Springs to developer PegasusAblon with plans for two mixed-use high rises, according to the Dallas Voice. Caven owns Station 4, JR’s Bar & Grill, Sue Ellen’s and TMC, as well as many of the surrounding parking lots.
As a condition of the sale, Caven will continue to operate its bars in their current locations, which will be incorporated into the larger project with a pocket park, 70-foot waterfall and other outdoor community spaces.
“We’re not taking anything down. It’s all being built into the fabric of what’s there,” developer Michael Ablon to The Dallas Morning News. “We don’t plan to displace a single tenant.”
The first of two phases, designed by Dallas-based GDA Architects, will include a tower up to 20 stories tall with space for multiple new restaurants and retail establishments. When complete, the development will include 450 apartments.
Caven CEO Gregg Kilhoffer told Dallas Voice that he’s been approached with offers from developers for years, all of which would involve tearing down the bar buildings along Cedar Springs.
Construction is planned to start in mid-2022, pending zoning approvals and community feedback.