The aging Valley View Mall was recently demolished to make way for a new development, “Dallas Midtown.” Spearheading the effort is developer Scott Beck. Beck claims “Dallas Midtown,” is the most important construction project to take place in Dallas during this century. The amenity rich, mixed use development is a massive project, which Beck claims will encourage companies to relocate their offices into the heart of the city. “Today will mark the day when our city stops the flight of corporate America from our city’s urban core to the far-out reaches of our northern and western suburbs,” he said during a press conference after the demolition.
Beck claims “Dallas Midtown” will be a “city within a city.” The project will amount to an “urban, mixed-use village in the center of the population density in Dallas.” According to plans, the development will be fully operational by 2020 at a total cost of 4 billion dollars. In the end the project will amount to 1 million sq. ft. of additional retail and office space. Other amenities will include a 10 screen luxury cinema, a 183,000 sq. ft. gym, 1,000 new apartments all which will be anchored by the 20 acre Midtown Commons Park.
The Dallas Midtown project is a big opportunity for Dallas to expand the city’s tax base. Once completed the development will add about 20 billion dollars in taxable value to the city, which according to Beck, represents the sum total of the taxable value located in Dallas’ central business district. Local politicians agree, Council Representative, Tennell Atkins claimed the project was a “mega big tax growth for the city of Dallas.” Revenue brought in by the development will help the city repair aging infrastructure and help bring improvements to the cities struggling Northern Sector.
Whatever the outcome of the project, it will no doubt result in major changes to the surrounding area. The anchoring park, Midtown Commons will be one of the city’s largest and will dwarf the 5 acre Klyde Warren park, one of the city’s largest. Amy Monier, parks and recreation representative for the district claims Midtown Commons will be a Dallas equivalent to Central Park and will define the area for generations. The project will be the most robust mixed use development in the city, and according to some, one of the most transformational projects ever undertaken in Dallas.
The sheer amount of office-space added by “Dallas Midtown,” will certainly make an impact on the commercial real-estate market. If Beck’s claims for the potential of the development hold true, an aging neighborhood will no doubt see new life and the city will be encouraged to invest in the immediate area. Whether the scale of the development exceeds the demand for commercial space remains uncertain. But local authorities are clearly behind Beck’s vision, former councilwoman turned state representative, Linda Koop expressed her faith in Beck’s ability to transform the site, “ I know with Beck in charge, it will be that kind of project that will be a project that will last and last and last and be a centerpiece of not only North Dallas but of Dallas as well,” she said.
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About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.