Developers Propose $600 Million Dallas Tower Project
The two-tower development at 5114 McKinney Avenue aims to feature luxury condos and a boutique hotel.
Updated on Oct. 26, 2026 in Commercial
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Developers Jonas Woods and Ignite-Rebees have proposed a $600 million project in Dallas featuring two high-rise towers next to the Katy Trail. The development, dubbed 3-0 Real Estate Partners, requires zoning approvals to proceed with its planned heights.
Why it matters
This project would transform a 2-acre site formerly occupied by the Monticello West assisted living community. The proposal represents a significant high-end residential and hospitality addition to the Knox-Henderson neighborhood.
The Ivy Park tower is designed for 30 stories and 400 feet, while The English tower is slated for 20 stories, together holding 153 condo units and a 97-key hotel. Condo prices are estimated to range from $2 million to $8 million.
The players
Jonas Woods
He is a developer and partner in the 3-0 Real Estate Partners entity leading the proposed project.
Texas Department of Licensing and Registration
This state agency is the regulatory body where developers filed initial permits for the development.
The details
The developers filed initial permits for the 2-acre site in 2023. They must secure zoning variances to exceed the existing 240-foot height restrictions currently enforced in the area.
Timeline
Developers filed initial project permits in 2023.
Construction is expected to begin in late 2027 or early 2028.
Culture Shift
The proposal reflects a broader trend of luxury high-density development along urban greenways like the Katy Trail, which are reshaping neighborhood character. This project tests the balance between increasing urban density and maintaining local zoning height limits in established districts.
Residents should anticipate future zoning public hearings that will determine if the project proceeds as planned. The development will likely bring significant construction activity to the Katy Trail area once work begins in late 2027 or 2028.
The takeaway
This development marks a significant shift for the Knox-Henderson skyline if zoning hurdles are cleared. Interested buyers should monitor upcoming municipal meetings for updates on the project's feasibility and timeline.
Further reading
Find more insights on the regional market in our Dallas Commercial section.
Source note: This article includes information reported by The Real Deal New York.
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