Dallas Stars owner Tom Gagradi is hoping to score in Texas’ high-stakes real estate market.
Canadian businessman Northland Properties Corp. is launching a new company to develop residential towers and mixed-use projects in markets including Dallas.
The new Northland Living company has purchased its first development site in downtown Austin, where it plans to build an apartment tower. The real estate company has also signed on a 40-acre site outside Austin, where it plans to develop a mixed-use development.
Mr. Gaglardi’s Vancouver-based real estate company also owns two of the last developments in Dallas’ Victory Park, about 2.5 acres north and west of American Airlines Center. Gaglardi purchased the property northwest of downtown Dallas in 2020. The land is used as a parking lot for the arena.
Northland Properties has hired Tony Khalil, who most recently worked in its Austin construction business, as president and chief operating officer of the newly formed Northland Living Company.
“We are confident that we have found the right person to spearhead our efforts to strengthen our development capabilities,” Gaglardi said in a statement. “As a family-owned company, we believe that the foundation of our continued success is our employees who care about our guests and the communities in which we invest. Tony shares our philosophy and desired level of excellence. is in good agreement.”
Mr. Gagulardi has previously focused his real estate activities on hotel and resort development.
The owner of the Dallas Stars professional hockey club is building one of his Sandman Signature hotels in Las Colinas on State Route 161 near the Carpenter Freeway.
The Sandman Signature chain operates a 233-room hotel in Plano, its first U.S. location.
Gaglardi has been the owner of the Dallas Stars since 2011.
Founded in 1963, Northland Properties owns and operates 63 hotels and resorts, 175 restaurants and venues, and three hockey teams in five countries. These companies employ his 12,000 people.
Northland Living’s Austin Tower site is located at the northwest corner of 14th Avenue and Guadalupe Street, west of the Texas State Capitol. The company is in the planning stages for a high-rise building. The suburban development is located in the town of Cedar Park, northwest of Austin. It will be located between HEB Supermarket and the future Nebraska Furniture Mart.
“We plan to dig deep into local economic and demographic trends to positively impact the communities in which we invest and develop,” said Northland Living’s Khalil. “Texas has always been entrepreneurial and has grown in a consistent manner. We look forward to making a valuable contribution.”
Northland Living is entering the Texas multifamily development market as new high-rise residential projects increase. In Vancouver, where the company is based, standard projects of large apartment towers and condominiums are being built.
Northland’s two development sites in Victory Park will each include major high-rise buildings.