One of the most ambitious developments underway not just in Dallas, but in the country is called Dallas Midtown. It’s a $4 billion project of Beck Ventures. The heart of the Dallas Midtown development is what has been known as Valley View Mall for the last few decades which Beck bought in 2012, but includes a total of 430 acres bounded by LBJ Freeway, Preston Road, Alpha Road and the Dallas North Tollway.
You can see conceptual videos of the plan about Dallas Midtown at Beck’s website by clicking here.
By the end of 2015, Valley View Mall will be demolished along with the AMC Theatre which sits on top. The Sears store may remain standing, however, as that building is owned separately. Quite a few other properties are included in the boundaries of the development which Beck doesn’t control not the least of which is the Galleria mall itself. Beck only owns about a quarter of the property within the Midtown development, but their property is the heart of where the new construction will occur.
One unique feature of Dallas Midtown will be a 20-acre park right in the middle of it. This will be a mini version of New York’s Central Park. The wildly successful Klyde Warren Park in Dallas is only 5 acres so Midtown’s park will be 4 times the size.
Dallas Midtown will be a true mixed-use project with office buildings, 225,000 square feet (SF) of retail, numerous restaurants, an 80,000 SF grocery store, an AMC movie theatre, 4,000 apartments, a 250-room luxury hotel, high-rise condos, and more. It will obviously take many years to fully build out a development of this scale.
Beck has been working on zoning and master planning while the widening of LBJ Freeway has been under construction. If all goes according to plan, Dallas Midtown should be rising out of the ground about the time the LBJ construction is finishing up.
Bob Gibbons is a Real Estate Advisor & Tenant Advocate with REATA Commercial Realty, Inc. which is a tenant advisory firm based in Plano, Texas. Bob serves companies in Plano, Frisco, McKinney, Allen, Richardson, Addison, Dallas and the surrounding areas and specializes in companies which lease or buy office and warehouse properties.