Las Colinas Development Site Sells to Christus Health

With many developers eager to get a piece of Las Colinas, one firm is expanding its foothold in the area.

Christus Health, a Catholic medical group, has acquired one of the last major development sites in Las Colinas, the Dallas Morning News reported. The site is at the intersection of O’Connor Road and Las Colinas Boulevard. It spans just over 2 acres and is zoned for high-rise construction.

A sale price was not disclosed. The parcel was most recently assessed at about $2.2 million, according to property records, but assessed values are often far under actual market prices.

Christus has been based in Las Colinas since 2012, and it just opened a new headquarters across the street from the development site, along O’Connor Boulevard near State Highway 114.

Plans for the site aren’t immediately clear. The plot is for “potential future growth” and that the firm has “no immediate development plans,” Christus spokesperson Leigh Strope told the outlet.

Christus bought the site from Gables Residential, a builder with properties in nine states across the South and the East Coast, as well as Washington, D.C. Gables had held it for future construction, and is the firm behind Water Street, a residential project spanning 14 acres next to the development site. Water Street sits on Lake Carolyn and opened in 2017.

Elsewhere in Las Colinas, Wells Fargo is building a major office campus that could cost as much as $500 million. The property will span 800,000 square feet across two buildings at the intersection of Las Colinas Boulevard and Promenade Parkway.

Space at the former ExxonMobil headquarters, at 5959 Las Colinas Boulevard, is being marketed by JLL Dallas. The 379,000-square-foot property sits on 290 acres and was sold to Austin-based Capital Commercial Investments in late 2022.