From late August...
WHATS NEW DOWNTOWN
Alice Murray
President
Central Dallas Association and Downtown Improvement District
Everywhere you turn, Downtown Dallas is making news with announcements like its first grocery store to open in July, the donation of a full city block of buildings by Atmos Energy, the planning of the Woodall Rodgers deck-over project, 7-Eleven’s move Downtown, the expanding Arts District and the surge of residents moving to the core of the city. There is no denying Downtown Dallas is energized. And everyone wants to know, “What’s new Downtown?”
Real Estate
Over $647 million in private dollars has been invested in the Central Business District TIF district since 1996.
2,610 housing units are complete or under construction and an additional 1,249 are announced.
2,174 hotel rooms exist and 4 million square feet of Class B and C office space has been renovated, with an additional 1.6 million square feet of obsolete buildings funded for future conversion.
“If you build it, they will come” is the mantra of Downtown Dallas residential developers due to the great urban dwelling renaissance of the past five years. Downtown’s newest residential projects include the Dallas Power & Light Building with 158 for-lease units and 20,000 square feet of retail space; The Metropolitan, 275 for-sale condominiums and 1,100 square feet of retail at 1200 Main Street; and the Interurban Building on Jackson Street with 134 for-lease units and downtown’s first grocery store, Urban Grocers. In addition, construction has begun on 1407 Main Street and the Gulf States Building. The first new residential construction development Downtown in 40 years, 1407 Main will not only add residential, but also 20,000 square feet of retail space and 350 parking spaces for shoppers and short-term visitors. Together with the Gulf States Building, this complete project will add 120 for lease units in 2006.
Gables Residential has announced plans to turn one of Republic Center’s towers into 225 high-end apartments. And downtown will soon see the redevelopment of Mosaic Towers (corner of Pacific and Akard) into 433 multifamily rental units and 20,000 square feet of retail.
A pivotal residential and retail development for Downtown Dallas is the historic Mercantile Complex. Sitting vacant for nearly 15 years, the Mercantile has been a million-square-foot hole in the heart of downtown. In April 2005, Forest City Enterprises revealed detailed plans for renovation of the Mercantile Complex, Continental Building and Atmos Energy block that include monumental residential and retail development for downtown. To date, Forest City is still in negotiation with the City of Dallas over development incentives; however, all parties are positive that the deal will move forward by year-end.
Additional projects include 1217 Main Street and 1530 Main Street. Developers are under way, transforming the currently unnoticeable building at 1217 Main into a restaurant/retail combination called Cascades, and integrating a public roof top garden. “deLuxe Hotel Group” has begun construction on Joule Urban Resort, designed by famed Italian designer Adam Tihany. This project at 1530 Main Street will transform the once vacant building into a 125-room boutique hotel with ground floor retail. Next door, the development group will also be opening an upscale, white table-cloth restaurant in early 2006.
Two major projects will change the face of Downtown are the Woodall Rodgers deck-over and the Trinity River Corridor. The new Woodall Rodgers Park will be built over the highway between Pearl and Harwood in the Arts District, bridging the gap between Uptown and Downtown Dallas. The Trinity River Project will add innovative bridges to connect downtown, south Dallas and west Dallas, an Interpretive/Equestrian center, park improvements, lakes and other water amenities. Construction on the first bridge is expected to begin by the end of this year.
Downtown Dallas’ office sector is buzzing with the announcement of the relocation of 7-Eleven’s headquarters as a part of the development of a new project in the Arts District — One Arts Plaza. The entire mixed-use development will be made up of 60 high-rise condominiums, 30,000 square feet of retail space and 425,000 square feet of office space, and is estimated to cost over $100 million. Overall last year, the Central Business District realized 2,182,288 square feet of lease transactions with 30 new companies moving to the CBD.
Downtown Shopping, Entertainment and Culture
Downtown Dallas is made up of four entertainment and cultural districts — the Historic West End, the Arts District, the Main Street District and Farmers Market. And neighboring Downtown is Uptown, Deep Ellum, Victory and the Cedars.
The Main Street District
The Main Street District has established itself as a dining and entertainment hot spot led by pioneers like Jeroboam Urban Brasserie and the restaurants of Stone Street Gardens. Other staples of the district include Iron Cactus, a 15,000-square-foot Mexican grill and margarita bar, City Tavern, a traditional American pub, and Blue, a lavish downtown nightclub with a 3,000-square-foot dance floor and 16 bar stations. Obar, a subterranean nightclub and lounge, is a place “to see and be seen.” New additions include Press Box Grill, a sports bar; Pandora, a combination sushi bar, robata grill and Japanese restaurant; and Fuse, a trendy TexAsian restaurant and bar. Those looking for more dining and nightlife should keep their eyes open for TEN, to open at Main and Field, and a Russian vodka bar to open across the street in the Davis Building.
To spur growth of retail on Main Street, a program was launched last year to provide incentives to entice retailers downtown, called the Main Street Retail Incentive Program. Funds are offered in the form of rent subsidies and grants for tenant improvements. The first two retailers to open under this program are Kul Designs, a 10,000-square-foot ultra-modern furniture lifestyle store in the Davis Building, and Swirll, a Downtown winery and wine accessories store. Additional retail coming soon includes Benji’s Collezioni, BettyAnn Smith Gallery and Footgear. And Dallas Fashion Incubator, a retail/workshop space that provides a business incubation program for up-and-coming fashion designers, is now open across Main Street from the District’s anchor, the flagship Neiman Marcus.
The Arts District
Downtown Dallas has the largest urban Arts District in the country at 17 blocks, featuring the Nasher Sculpture Center, Dallas Museum of Art, Crow Collection of Asian Art and the Meyerson Symphony Hall — and it’s growing! The Dallas Center for the Performing Arts is a $275 million project and will consist of six structures, which include the 2,200-seat Margot and Bill Winspear Opera House and the 600-seat Dee and Charles Wyly Theatre. Booker T. Washington High School for the Performing & Visual Arts will undergo a $40 million expansion, and a $7 million renovation of the historic Moorland YMCA building will be transformed into new studios and offices for acclaimed Dallas Black Dance Theatre.
The Farmers Market
Dallas Farmers Market is recognized regionally as a vital center where farmers sell their seasonal crops directly to customers. Located in the southeastern corner of the Central Business District, it provides a unique opportunity to shop for fresh fruits, vegetables, flowers, specialty and international products. The Farmers Market features a regular schedule of cooking classes and special events.
The Historic West End
The West End boasts 40 restaurants and nearly 80 retailers included in the West End Marketplace. As a part of the 1001 Ross development, the West End also is home to downtown’s first above ground pharmacy, CVS and 204 apartments.
Also included in the West End District is the Old Red Courthouse, a premier Dallas landmark, currently under way on a $37.8 million renovation that includes the new Museum of Dallas County History & Culture to open in 2006.
Special Events
Downtown Dallas is home to hundreds of events annually, providing lots of play for residents, visitors and employees. Parks and greenspace are in the works to provide additional event venues while also serving the downtown population on a daily basis. Some of downtown’s signature events include the Taste of Dallas in the West End, Out to Lunch concert series, Jazz Under the Stars at the Dallas Museum of Art and the Neiman Marcus/Adolphus Children’s Parade. New, and quickly growing events Downtown include the Main Street Live evening concert series, and City Arts, a celebration of arts and culture in the Arts District.
Downtown Parking
Launching in September 2005, CityPark will offer 3,000 parking spaces in existing Downtown garages for $1 per hour (the same price as parking meters!) from 6 a.m. – 5 p.m. Monday through Friday, and a $2 flat rate after 5 p.m. and all day on weekends.
A Safe Downtown
On October 15, 2004, the Downtown Safety Patrol was launched. The 31-member team patrol is trained in security measures and pairs up with Dallas Police Department officers to offer a heightened sense of safety in the core of Downtown. Officers are on the streets seven days a week, from 6 a.m. – 11 p.m.
Downtown Management
The Central Dallas Association (CDA) is the principle advocate and champion for Downtown Dallas, and is the centralized policy-setting group for affecting change for Downtown. The CDA is comprised of CBD stakeholders, companies and residents who are focused on one goal — to create a vibrant downtown. The mission of the CDA is to serve as a clearinghouse — the central hub for all that relates to Downtown Dallas and its surrounding neighborhoods.
The CDA recently completed a major restructuring in preparation for the next resurgence of development, and to better serve the needs of a prospering Downtown. Boards and staff of various downtown-focused organizations were combined under the CDA umbrella, allowing “a more nimble and focused effort on redevelopment plans,” as described by CDA past Chairman David Biegler. The City, in an innovative partnership with the CDA, approved the new Downtown Connection TIF and Downtown Dallas Development Authority (DDDA), a limited Local Government Corporation, in June 2005. The new Downtown Dallas Development authority will work toward a “critical mass” of 10,000 residential units and 250,000 square feet of diverse and unique retail by 2010.
How will this be done? The Downtown Connection TIF was created to provide funding assistance on several large projects that could not be funded by the original City Center TIF like the Mercatile Complex, Lone Star Gas Building’s execution of the Downtown Parks Master Plan. The new TIF takes in properties not in the City Center TIF expanding southward to Young Street, west to Lamar, east to Central Expressway and north into portions of Uptown.
The Board of Directors for the Downtown Connection TIF overlaps the newly reorganized Executive Committee of the Central Dallas Association and Downtown Improvement District to align the interests of the public and private sectors. Potential revenues of the new TIF District are projected at $124 million, which allows funding assistance for several vacant Downtown buildings, the Woodall Rodgers deck-over park, a portion of the McKinney Avenue Trolley extension, improvements to the Cedar Springs median and the addition of green space in accordance with the CBD Parks Master plan