Dallas City Council just approved a 45-acre planned development district (mixed-use) at the foot of the Trinity River Corridor a few weeks ago. Today's spotlight is on this mixed-use development along the hot Trinity River Corridor in Dallas.
Just about every major city in Texas has had a surge in downtown revitalization since 2005, including San Antonio, Fort Worth, Houston, and Austin. Dallas Mayor Tom Leppert (inset) is relatively new, but has been surprisingly successful in rallying the city to respond to expected growth.
He's keen on mixed-use development along the corridor and in other areas facing revitalization. You may ask what makes the Trinity River Project different.
WHAT'S ALL THE FUSS ABOUT THE TRINITY RIVER REDEVELOPMENT PROJECT?
Dallas citizens voted to improve the area near downtown Dallas in a $246M bond package in 1998. The goal: transform the Trinity River flood zone, making better use of the land while taking advantage of the best views in town.
While you may hear that the market is not doing great, this is an example of the increased commercial development in Houston, San Antonio and Dallas, especially in undervalued areas. These major cities, including Austin, are managing growth by rewarding developers for mixed-developments that provide an urban lifestyle. No one wants to live in a concrete jungle.
For example, the 45-acre mixed-use community along the Trinity River Corridor by developer JPI, will sit on both sides of Industrial Boulevard between Continental Avenue and a Union Pacific Railroad track.
This will be the largest development in the area and
will impact property values.
OTHER ANNOUNCED CHANGES FOR TRINITY RIVER CORRIDOR
- The city just approved a very controversial high-speed toll road within the Trinity River's levee walls.
- Developer Scott Hager plans to spend $120 million building 90 to 100 condos and townhomes standing above the river levee to create a "sophisticated urban lifestyle at a prime location on the Trinity River corridor".
- Forth Worth's Uptown luxury condos along Trinity are already for sale and lease. Many of have sold out.
- Dallas is using tax increment financing to get more investors involved in redevelopment efforts. A developer was given $16M in tax-increment financing incentives to create a 307-unit apartment complex in a vacant, 32-story tower at 1600 Pacific.
What is tax increment financing and why do I think it's the best way to offer development incentives? Stay tuned for a future blog post about it and why it works.
Trinity River toll road vote and why many disagreed.
Uptown Luxury Community in Fort Worth along Trinity River