Wednesday, October 31, 2012
DALLAS (REBusinessOnline.com) – McCarthy Building Cos. has finished construction of the 124,000-sf Dallas City Performance Hall in the city's arts district.
The facility includes a 750-seat theater, educational/meeting space and an enclosed garden. The building is expected to achieve LEED Silver certification, a first for a Texas performing arts center.
A future second phase is expected to add two 200-seat theaters, an art gallery, café and bookshop.
Real Estate Center Online News
After a long drag along the bottom and a few false starts, the U.S. housing market has finally got game again. Home prices have turned the corner in most parts of the country. And builders are scrambling to meet demand for new houses.
So isn’t it about time for politicians to screw this all up?
In the bitter debate over cutting deficits and lowering income taxes, the home mortgage deduction is back on the table again. It’s the most popular tax deduction for Americans and has long been considered a boon for homeownership in this country.
The program takes about $100 billion a year from the federal budget.
Beyond the argument about whether the country can afford this expense, the more important issue here is timing. With the home market finally getting in gear after the worst crash in generations, is it a good idea to be messing with the mortgage deduction? Housing economists don’t think so.
“Removing the mortgage interest deduction would depress house prices, which would remove the shaky demand that has developed as home prices have begun to rise,” said David Crowe, chief economist of the National Association of Home Builders.
“A reversal in the small gain in house prices we have seen so far would also increase mortgage delinquencies and put more homes back on the distressed market,” Crowe said.
And even if the economic impact of ditching the home mortgage interest write-off is overblown, that’s not true for the emotional aspect. A significant majority of Americans say they don’t want the deduction killed.
“The true impact may be as much psychological as real economic, but it will be there nevertheless,” said Dr. James Gaines, an economist at the Real Estate Center at Texas A&M University. “The short-term impact on home sales will be detrimental and not at a good time.
“We need new home construction, which means we need new home buyers, especially in the price brackets that result in high new construction volume.”
Of course near record low mortgage rates in the last couple of years have lowered the home interest deduction’s benefits. Every time you refinance a house at a lower interest rate, the tax write-off goes down. Even so, housing economists say, the deduction boosts both homebuying and the overall economy.
“Homeowners pay well over 85 percent of the income tax, and the mortgage interest deduction and home ownership are the basis for middle-class homeowners to accumulate a nest egg over time to provide for retirement, to be leveraged in starting a small business, or to help children with their college expenses,” said Jed Smith, senior economist at the National Association of Realtors.
“Removal of the mortgage interest deduction — which has an established, proven record of benefits to the country as a whole — would probably cause decline in home prices and home sales and could wipe out much of the middle class’s home equity.”
Real Estate Editor
Dallas Morning News
Friday, October 26, 2012
Klyde Warren Park Ribbon Cutting Ceremony: Saturday, Oct. 27
What: Grand Opening Ribbon Cutting Ceremony: Please join the Woodall Rodgers Park Foundation for Klyde Warren Park’s official ribbon cutting ceremony presented by Museum Tower. Hear from local civic, state and business leaders about the significance of Klyde Warren Park and celebrate this monumental day for the City of Dallas. Following the ceremony, the Dallas Symphony Orchestra will perform from 11 a.m. to 12 p.m. Interviews will be available upon request after the event.
- Jody Grant, Chairman of the Board, Woodall Rodgers Park Foundation
- Mayor Mike Rawlings
- Lt. Governor David Dewhurst
- Congresswoman Eddie Bernice Johnson
- Anne Motsenbocker, Dallas President and Regional CEO, JPMorgan Chase
Who: Open to the general public.
When: Saturday, Oct. 27 from 10:15 - 11 a.m.
Where: Klyde Warren Park’s Muse Family Performance Pavilion at 2012 Woodall Rodgers Freeway. Parking instructions will be included with media credentials. All media must request credentials.
About Klyde Warren Park’s Grand Opening
Klyde Warren Park will open on Saturday, Oct. 27 and Sunday, Oct. 28 with a free, open to the public grand opening weekend presented by JPMorgan Chase and hosted by Honorary Chair Owen Wilson. The weekend will offer activities for all age groups, designed to showcase the park’s personality. The park will be open to the public on Saturday from 9 a.m. to 4 p.m. (ticketed concert on Saturday night) and Sunday 9 a.m. to 11 p.m. For more information, visit www.KlydeWarrenPark.org.
Klyde Warren Park Celebrates Grand Opening
DALLAS (October 26, 2012) – This weekend, Dallas will celebrate the grand opening of its newest landmark, Klyde Warren Park, the 5-acre deck park built over the recessed freeway in the center of the city. Klyde Warren Park Grand Opening Celebration presented by Chase and J.P. Morgan will begin with a ribbon cutting on Oct. 27 to kick-off a weekend full of more than 50 free and open-to-the-public activities.
“After 10 years of research, planning and preparation toward one big dream, we are honored to officially welcome Dallas residents and visitors to our city’s new town square,” said Jody Grant, chairman of board of the Woodall Rodgers Park Foundation. “Klyde Warren Park will help transform this area into a pedestrian-friendly hub of activity for our city to enjoy.”
Grand opening activities for all age groups are designed to showcase the Park’s personality, as well as the programming that will be available year-round. Organizers expect a crowd of 40,000 visitors throughout the weekend to enjoy family-friendly activities such as concerts, nature classes, storytelling, live music, opera, ballet, yoga, Zumba, croquet, dog training demonstrations, chess matches, live painting, knitting lessons, dance and art classes, architecture tours, and more. A full schedule can be found at www.klydewarrenpark.org.
On Saturday night, the park will host The Concert for Dallas presented by Deloitte, featuring performances by The Polyphonic Spree and Trombone Shorty & Orleans Avenue, which will be followed by fireworks over the Dallas skyline, presented by Oncor. Tickets are required for the concert. On Sunday, music fans can enjoy A Taste of Cherokee Creek Music Festival featuring Bob Schneider and Jimmy LaFavre. On Sunday night, grand opening Honorary Chair Owen Wilson will introduce his film “Midnight in Paris,” which will be shown as the first movie night in the Park, presented by Hillwood.
The park is planned to be a hub of activity with four to five events per day. Programming will be free and ranges from yoga and bootcamp to movie nights and outdoor concerts. The park will create a front lawn for the city’s Arts District, the largest contiguous cultural district in the U.S.
“Klyde Warren Park turns eight lanes of noisy, disruptive freeway into a beautiful park, creating green space out of thin air,” said Mark Banta, president of Klyde Warren Park.
The park is intended to promote sustainability, create pedestrian-friendly space in the center of the city, and enhance quality of life downtown. It will have a positive economic impact by boosting surrounding real estate development, increasing property values and increasing city tax revenue. The increased foot traffic should be catalytic for the surrounding arts institutions and street-level business opportunities.
Klyde Warren Park is the result of a public, private partnership, and the park will be privately operated and managed by the Woodall Rodgers Park Foundation. On Monday, October 29, Klyde Warren Park will officially be open daily from 6 a.m. to 11 p.m.
“The park is a free destination where people can gather to enjoy what living in a great city like Dallas has to offer,” said Banta. “We can’t wait to welcome the park’s first visitors.”
Additional Grand Opening sponsors include: Fossil, Sarah and Ross Perot, Jr./Hillwood, Sheila and Jody Grant, Museum Tower, Texas Capital Bank, Tenet Healthcare Corp./Melissa andTrevor Fetter, Hunt Consolidated, Inc., Jenny & John Kirtland and Tami Thomsen, Worldlink, Inc., Nancy and Randy Best, TXU Energy, Ernst & Young LLP, Highside Capital Mgmt., McKool Smith, Bernadette Schaeffler Collection, 2000 McKinney, Albertsons, Nancy and Randy Best, Boardwalk Auto Group, Carlson Capital, LP, Vinson & Elkins L.L.P., City of Dallas, Coca-Cola Refreshments, Ducky Bob’s Event Specialists, Sharon & Ed Fjordbak, GoVision, Hall Wines, Integrated Design Group, Inc., Ben E. Keith Co., Lambert Landscape Company, Potbelly Sandwich Shops, Pyrotecnico, Republic National Distributing Co., Rosewood Hotels, Space Light of Texas by Airstar, Todd Events, Urnameonit.com, DJ Lucy Wrubel, CBS Radio, CBS 11/TXA 21, KERA and KXT.
About Klyde Warren Park
Klyde Warren Park will serve as a central gathering space for Dallas and its visitors to enjoy in the heart of the city. The 5.2-acre park will create an urban green space over the existing Woodall Rodgers Freeway between Pearl and St. Paul Streets in downtown Dallas. The Park includes a performance stage, restaurant, shaded walking paths, a dog park, a children’s park, great lawn, water features, an area for games and much more.
Connectivity is central to the park's purpose. Klyde Warren Park will promote increased pedestrian, trolley and bicycle use between Uptown, Downtown and the Arts District, contributing to a more walkable city center.
Klyde Warren Park will create a front lawn for the surrounding cultural offerings including the AT&T Performing Arts Center, Dallas Museum of Art, Morton H. Meyerson Symphony Hall, Nasher Sculpture Center, Trammell & Margaret Crow Collection of Asian Art, Booker T. Washington High School for the Visual & Performing Arts and the future Perot Museum of Nature and Science.
Construction on the deck plaza began in October 2009. Klyde Warren Park will host a free, open-to-the-public grand opening weekend Saturday, Oct. 27 and Sunday, Oct. 28.
Design is led by The Office of James Burnett, Thomas Phifer and Partners, and Jacobs Engineering Group, Inc. The Texas Department of Transportation selected Archer Western as the contractor for construction of the deck plaza. McCarthy Building Companies, Inc. is currently building the park amenities. Bjerke Management Services provides program management services to the Woodall Rodgers Park Foundation.
Mark Banta is the President of Klyde Warren Park. Jody Grant serves as Chairman of the Board of the Woodall Rodgers Park Foundation and is joined by board members Elaine Agather, Nancy Best, Garrett Boone, Leo Corrigan, Ossa Fisher, Ed Fjordbak, Scott Ginsburg, Sheila Grant, Linda Hart, Mitch Hart, Jeff Jackson, Tom Leppert, John Muse, Bob Shapard, Rob Walters, Kelcy Warren and John Zogg.
For more information, visit www.KlydeWarrenPark.org or call 214-716-4500.
Tuesday, October 23, 2012
We can’t wait to see you at Klyde Warren Park’s Grand Opening weekend! There will be something for everyone to enjoy during Weekend Celebration presented by Chase and J.P. Morgan and hosted by Honorary Chair Owen Wilson.
Grand Opening Parking & Directions Map
In advance of the grand opening of Klyde Warren Park, the new 5.2-acre urban green space in Dallas, Texas Real Estate Business chatted with Mark Banta, president of Klyde Warren Park, about the project's background and what impact the park will have for Dallas businesses, residents and visitors. What follows is an edited transcript of the discussion.
TREB: How was the park first conceived?
Banta: It was a culmination of an idea whose time had come. The opportunity to build this park was first started when the freeway was lowered so that the opportunity to build the park over it could occur at some point. It was controversial at the time. The city was literally planning on building this freeway at grade level and it would have forever blocked the development.
The Real Estate Council (TREC) commissioned a study to figure out what would happen if the park were built. They spent about $1 million commissioning this study and, sure enough, they said, 'This is feasible if we can raise the public/private partnership to do it.' The rest, as they say, is history.
Park construction began in 2009, but the decision was made to undertake the park many years before that.
TREB: For Dallas, what's the short- and long-term impact of the park?
Banta: Downtown green spaces are game changers because they provide a central gathering place for people to reconnect. That's a basic human need that's been there from the beginning of time. The more technology pushes forward, the more intrinsic need for people to gather together and just be people.
[The park] will connect Uptown and Downtown and provide a place for people to gather and tell their stories of the day and just enjoy watching kids splash in the fountain. It's going to reconnect us.
TREB: What is the park's main purpose for residents? Tourists? Businesses?
Banta: In each case, the park targets individual audiences. One of the initial core users will be the downtown business community. As professionals break for lunch, as they exercise before work, the park will become a place where they get a break from their regular work routine.
Downtown residents will also become very early adopters of the park. Other residents who maybe live too far away to walk will use the park as a destination because they've heard of the programs and the [interactive] fountain.
Then you have visitors who are down in that area. Perhaps they're coming to a symphony or they're coming to a play and they discover the park. That's part of what we really hope will happen in a big way.
TREB: What is the expected economic influence of the park?
Banta: The park is expected to be self-sufficient, so we'll have to raise between $2.75 million and $3 million annually of self-generated revenue. That's a direct economic impact. We're expecting to be self-sufficient with no tickets, no gates and no tax allocation.
What's interesting about Klyde Warren Park is that it's plopped into the middle of this pre-existing affluent Downtown and Uptown and Arts District sections. This will cause a very accelerated property value of the area immediately surrounding the park. It will also increase the opportunity for retail experience. One of the things that differentiates great cities from world-class cities is the pedestrian experience. If you've been to Chicago or New York, you can walk out on the street any time, night or day, and feel completely comfortable and see a million things as you walk along the cityscape.
Here in Dallas, we're not quite there yet. We have an opportunity to have the infill of residential, retail and restaurants that will help take us to the next level.
DALLAS' FIRST TELEVISED AWARDS SHOW FOR WOMEN Celebrating The Journey Of Women
Dallas, Texas (Oct. 22, 2012) Women That Soar, LLC, will host the Fifth Annual Women That Soar Awards, November 10, 2012, at the Music Hall Fair Park, 900 1st Avenue in Dallas, Texas. This year marks the first time that it will be televised. It will air on TXA 21 Sunday December 9 from 7 to 9pm and again on CBS 11 Sunday, December 16.
The Women That Soar (WTS) Awards, launched in 2007 by CEO Gina Grant, the show honors women for their personal and professional journeys to success. The one-of-a-kind event is not just another awards show. It's truly a celebration of the accomplishments of women. It's about our journey, our trials, tribulations and triumphs to success.
This simple, yet powerful, awards show honors and unites a diverse group of women, while empowering and inspiring them to soar and live brilliant lives. The WTS Awards provide a platform to honor women and share their compelling stories of overcoming personal and professional challenges as they are now soaring and empowering other women.
The show will be hosted by Joey Fatone, formerly with N'Sync and now on DWTS. The evening will open with red carpet interviews conducted by the CBS 11 on-air team, along with a star- studded cast and incredible unsung heroes. It will combine incredible entertainment, compelling accomplishments, and powerful vignettes to tell the stories of amazing women.
Women That Soar will honor women in (10) distinct fields of human endeavor. Some of the 2012 Women That Soar honorees and unsung heroes include: Joanne Herring, Sheriff Lupe Valdez, Mina Chang, Yvonne Crum, Debbie Dudley Branson, Dina Dwyer-Owens, Katrina McGhee, Wendy Lewis, Dornith Doherty, Cathy Vieth, Maggie Sova and many others.
Some of the awards show presenters will include: Senator Royce West, Sharon Robinson (daughter of the late Baseball Hall of Famer Jackie Robinson) LeeAnne Locken, Terri Provencal, Dawn Neufeld, Mary Ann Thompson-Frenk, and many others.
The WTS Awards bring legendary female artists together with powerful musical performances, on one stage, for one night, with one goal: To empower, inspire, honor and celebrate the accomplishments of women. A portion of all ticket sales will go to the Memnosyne Foundation and Women Called Moses, a local charity helping women who are victims of violence and abuse. For more information, visit www.womenthatsoar.com or to purchase tickets, phone 214- 708-2663.
It is a CELEBRATION...with a PURPOSE! It is a MOVEMENT!
Friday, October 19, 2012
Marcus & Millichap has arranged the sale of the 12-unit Crossroad Gardens Townhomes, located at 13333 Maham Road in Dallas. Each unit includes two bedrooms and two-and-a-half bathrooms. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction.
Texas Real Estate Newsletter
Jones Lang LaSalle has secured Crosstex Energy's 108,525-square-foot lease at Crosstex Court, a seven-story corporate office development previously known as Cedar Springs Plaza, located at 2501 Cedar Springs Road in uptown Dallas. Steve Thelen, Jeff Staubach, Torrey Littlejohn and Vince Burt of Jones Lang LaSalle represented the tenant in the lease transaction. Michael Dudley and Hunter Lee of CBRE Group represented the landlord, Caddo Holdings.
Texas Real Estate Newsletter