Raising Cane’s founder Todd Graves buys condo in MSD development
Penthouse once listed for $25M; Knox Hotel and Residences under construction
The founder of popular fast-food chain Raising Cane’s has purchased a luxury condo at a highly anticipated development on the edge of Highland Park in Dallas.
Todd Graves paid an undisclosed amount for a penthouse in the under-construction Knox Hotel and Residences, which is being developed by a venture of Michael Dell’s MSD Partners and Dallas-based Trammell Crow Company, the Dallas Morning News reported.
Terms of the deal were not disclosed, but a penthouse at the site had been listed for $25 million. Even if it sold for considerably less than that, it would be an ultra-pricey deal, as eight-figure residential sales are rare in Dallas. By comparison, the median sale price for a luxury Manhattan condo was about $12.5 million in the fourth quarter, according to appraisal firm Miller Samuel and brokerage Douglas Elliman.
The Knox Hotel and Residences, which will be managed by Auberge Resorts Collection, is set to open in 2026. It will feature 140 hotel rooms and 48 full-service condos, ranging from 2,500 square feet to more than 15,000 square feet. The Knox Street development will also include a 27-story apartment tower, a 150,000-square-foot office building, over 100,000 square feet of retail and restaurant space and a half-acre park.
Graves, who has an estimated net worth of $7.2 billion, opened the first Raising Cane’s in 1996. The chicken-fingers chain is based in Louisiana, but Texas is its largest market. Graves has diversified his interests over the years, appearing in television shows, working at an oil refinery and collecting historical artifacts.
Other condo-hotel projects in Dallas’ development pipeline include the $750 million Four Seasons Hotel and condo tower at Turtle Creek Boulevard and Cedar Springs Road. That tower, spanning 1.1 million square feet and rising 35 floors, is slated for 233 hotel rooms, 118 residential units and amenities including two swimming pools, a 15,000-square-foot private club, three restaurants and several bars.