A Chicago developer known for its major corporate office and mixed-use projects has purchased a block in Dallas’ Deep Ellum District.

The acquisition by commercial builder and investor Sterling Bay is another sign of the big changes taking place in the gritty urban area just east of downtown.

The more than 2.5-acre site that Sterling Bay purchased is across from the DART rail station at Malcolm X Boulevard and Indiana Street. A vacant 70,000-square-foot building on the site was previously occupied by animation firm Reel FX, which moved to a tower in downtown Dallas earlier this year.

Along with the old brick commercial buildings, the sale includes a large parking lot at the front of the site.

Real estate brokers who’ve been tracking the deal say Sterling Bay is considering a major office and mixed-use project for the site. Sterling Bay representatives weren’t available Thursday.

Sterling Bay has a $5 billion commercial property portfolio and has developed projects in Chicago; Portland, Ore.; Miami and other markets. One of its largest developments is the new 50-acre Lincoln Yards mixed-use project in Chicago.

The company also developed restaurant chain McDonald’s office in Chicago’s West Loop area and Google’s Midwest headquarters, which has grown to more than 1 million square feet.

Sterling Bay acquired the building and land in Deep Ellum in a Dec. 20 transaction with Asana Partners, one of the largest property owners in Deep Ellum.

Asana and Sterling Bay’s activity – both out-of-town investors – show that the players in Deep Ellum are evolving.

“Sterling Bay is one of the most well respected development firms in the U.S.,” said Shawn Todd, who is developing the East Quarter project near Deep Ellum. “Urban Dallas will continue to thrive as residents and office users continue to seek out authentic and historic neighborhoods close to downtown. Truly urban sites are difficult to find.”

With construction of Uber’s new regional office on Pacific Avenue and Baylor Scott & White’s new office center at the east end of Deep Ellum, there is a lot more interest in the area, said David Glasscock with CBRE.

Houston developer Hines also recently started a new office and retail tower on Commerce Street.

“With continued activity, there are fewer sites coming available for development,” Glasscock said. “There are very few large tracts left in Deep Ellum.”

Longtime Deep Ellum investor Scott Rohrman said new developers like Sterling Bay and Hines will be good for the district. But he also hopes the neighborhood will retain some of its character.

“It’s definitely a sign that things are changing,” Rohrman said. “We’ve always wanted more residential and office uses in Deep Ellum. This is a good thing. But people have to be diligent that Deep Ellum doesn’t lose the historic flavor.”