Dallas: Former ExxonMobil Campus Converting to 23-Acre Mixed-Use Development
Feature Illustration: A GFF Interiors rendering of the Pegasus Place tower on the former ExxonMobil Oil Corporation campus.
Dallas (Dallas County) — A partnership between two developers has taken on the redevelopment of the former ExxonMobil Oil Corporation campus, which they intend to convert into a 23-acre mixed-use office campus.
The concept unveiled Friday would remake the campus with state-of-the-art facilities and amenities such as a conference center and wet labs. The site is being designed to support local biotech and corporate innovation.
J.Small Investments partnered with Lyda Hill Philanthropies to create what they’ve described as a “dynamic ecosystem that promotes collaboration, cross-creativity and entrepreneurship.” The repurposed campus will have four components–a biotech ‘plus’ hub, a social impact hub, commercial tenants, and entertainment/dining venues.
In response to current and future pandemic or public health crises, both the interior and exterior areas of Pegasus Park will be designed with flexibility to accommodate social-distancing, high-level cleaning protocols, and the latest technology to protect tenants and visitors. The project architect is GFF Interiors and the general contractor is Scott + Reid.
The total interior renovation has been reported to TDLR as 584,175 square feet. GFF Interiors estimated the project cost at about $7 million.
Located at 3000 Pegasus Park Drive, the former ExxonMobil campus has been vacant for over a decade. Strategically located between the Dallas Design District and the Southwestern Medical District, the campus provides a central location for networking and the convergence of entrepreneurs, industry leaders, social impact companies and wet labs.
Map source: Dallas Central Appraisal District.
Pegasus Park currently consists of more than 750,000 square feet across multiple buildings, including an 18-story office tower. Originally constructed for Zale Corporation in 1970, it was bought by the former Mobil Oil Corporation in 1981. J. Small Investments bought the property in 2015.
Renovations will take place beyond the end of this year. The repurposed development is estimated to open by June 2021.
“Re-imagining and transforming a former oil and gas industry campus into a center for innovation and social impact at Pegasus Park exemplifies the spirit that has made Dallas one of the nation’s most dynamic cities, and North Texas an influential region,” said Steve Davis, president of J. Small Investments.
The ability to generate profit, but with a strong sense of purpose for the community, sets the project apart from other mixed-use Dallas developments.
Dallas philanthropist Lyda Hill is a key partner in a project that will create an epicenter for social impact and regional life science innovation. Creative capital structuring and generous rent subsidies for nonprofit and biotech startup tenants will position Pegasus Park as the largest impact investment of its kind in North Texas.
New Pegasus Park key components:
COMMERCIAL TENANTS: Approximately 550,000 square feet of modern renovated office space will be available to commercial tenants. Access to the state of the art Convene Conference Center and other amenities will create synergy among tenants for the exchange of ideas throughout their workweek.
NORTH TEXAS BIOTECH HUB: A national biotech “plus” hub offering 37,000 square feet of premium, flexible lab, training and office spaces dedicated to life science innovation. The envisioned Biotech Hub at Pegasus Park will serve as the epicenter for regional innovation. Built in partnership with a nationally recognized operator, the project will provide personalized, tenant-driven services and cost-effective month-to-month leases for science and tech entrepreneurs to set up shop as they seek to commercialize their discoveries and healthcare-related businesses.
WATER COOLER: A community of social impact, nonprofit and philanthropic tenants at Pegasus Park. Approximately 150,000 square feet will be dedicated to this social impact hub, offering flexible office space to this sector for collaboration and problem solving. Nonprofit Water Cooler tenants will receive subsidized rent, access to philanthropic funds for furniture and infrastructure, and free or low-cost amenities and services designed to accelerate their respective missions.
ENTERTAINMENT, DINING AND SERVICES: Pegasus Park is in an under-served strip of the Stemmons Corridor. A local craft brewery, taproom, accompanying restaurant and beer garden, as well as an onsite café offering catering and grab-and-go selections, and an indoor/outdoor lounge serving cocktails and coffee will all be open to the public. Tenants and community partners will have access to a fitness center and a 16,000 square foot conference center.
For more details or for leasing information, visit www.pegasuspark.com or contact J. Small Investments at 214.351.6300.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.