Hard Rock Turns High-Rise

Hard Rock Cafe space in Uptown Dallas to become mixed-use high-rise tower

Years after the old, much-revered Hard Rock Cafe on McKinney Avenue in Uptown Dallas was razed, plans are finally underway for a new high-rise to be built on that site.

Stoneleigh Companies has acquired the land for the development of One Dallas, a mixed-use, high-rise tower at the northeast corner of McKinney and Routh. One Dallas will include up to 30,000 square feet of premium restaurant and retail space and 200 apartment units in a 20-story tower.

"The former Hard Rock Cafe site has been sought after as the best development location in Texas," said Rick Cavenaugh, president of Stoneleigh Companies.

"The acquisition of the site for One Dallas is an opportunity to develop the premier multi-family property in the rapidly expanding Uptown market," said Rick Cavenaugh, president of Stoneleigh.

"The former Hard Rock Cafe site has been sought after as the best development location in Texas, and we are fortunate to ... work with architect Phil Shepherd to design an iconic tower that will include two or three world-class restaurants and 200 units of super luxury apartments. We expect to break ground on the tower in 1Q14."

No relation to the Stoneleigh Hotel in Dallas, Stoneleigh Companies is a private real estate investment and development company. It has acquired more than 3,600 units in the past three years and is building more than 1,000 units, including M2 Apartments in Denver, One Arlington in Chicago and Waterford Springs in Houston.

Stoneleigh's partner on the project is Dallas developer/investor Cheng Investments. The two have co-invested on two other projects in Texas in the past three years, including the 80-unit Silver Spring Senior Housing property in Forney and Waterford Springs, a 308-unit new construction project near the Woodlands.

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Real Estate News

Dallas real estate developer pleads guilty to bribing 2 city officials

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Dallas developer Sherman Roberts

Dallas real estate developer Sherman Roberts pleaded guilty on November 12 to conspiracy to commit bribery, according to a release from the U.S. Attorney for the Northern District of Texas Leigha Simonton.

Roberts, 70, who previously helmed City Wide Community Development Corporation, was indicted in December 2020. According to court documents, Sherman bribed two city council members — Mayor Pro Tem Dwaine Caraway and City Council member Carolyn Davis — to support loans and low-income housing tax credits for his apartment projects.

In return for several thousand dollars in cash – plus the promise of future payments after her city council tenure ended – Davis lobbied for Roberts' real estate projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing.

She promoted Serenity Place to the City Housing Committee, demanded other developers also seeking real estate funding withdraw their applications in order to increase Roberts' chances of success, recommended Serenity Place receive a 9 percent low income housing tax credit, and voted to approve a $1.9 million loan from the city of Dallas.

“Right now you and me are making money,” Roberts texted Davis shortly after the vote.

Later, she repeatedly reached out to ask for more money — "just a few dollars" — and he agreed.

Davis and Roberts then met with Caraway to address a problem with the Patriot's Crossing project. In return for several hundred dollars cash and a $2,000 monthly stipend, Caraway agreed to stop the city from issuing a request for proposal (RFP) for the Patriots Crossing project and to deliver the project for Roberts.

“How much is the project worth?” Mayor Pro Tem Caraway asked. “Once you’re successful with this project, don’t forget about me.”

“I won’t forget about you,” Mr. Roberts responded. “That’s where the money is… the money has never been an issue.”

Roberts now faces up to five years in federal prison. He is slated to be sentenced on March 12, 2025.

Caraway pleaded guilty in 2019 to conspiracy to commit honest services fraud and tax evasion and was sentenced to more than four years in federal prison.

Davis pleaded guilty in 2019 to conspiracy to commit bribery concerning an agent of a local government receiving federal benefits, but passed away in a car crash before she could be sentenced.

Roberts was one of three real estate developers charged in connection with the bribery scandal. Devin Hall, the developer behind the Grand Park Place apartment project, pleaded guilty in August 2020. Ruel Hamilton, the AmeriSouth Realty Group executive who backed the Royal Crest housing project, is awaiting retrial on conspiracy and bribery charges.

The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of IRS – Criminal Investigation’s Dallas Field Office. Assistant U.S. Attorney Marcus Busch is prosecuting the case with the help of Assistant U.S. Attorney Donna Max.