Wednesday, October 05, 2016

Dallas Midtown's 20-acre focal point 

begins to take shape


The conceptual vision of the proposed 20-acre Dallas Midtown project by MIG will be discussed at a town hall meeting next week.

The proposed centerpiece of the Dallas Midtown evolution will be unveiled at a town hall meeting next week.
This 20-acre focal point will tie in the rest of Dallas Midtown and could be a big draw to investors, developers and companies, said Bruce Bradford, president and CEO of the North Dallas Chamber of Commerce ."This will be the beginning of the framework that will change over time as donors make themselves available for the cause," said Bradford, who is also a member of the Dallas Midtown Park Foundation.
MIG, a placemaking firm based in Berkeley, Calif., conducted the three-month study on Dallas Midtown. Bradford declined to disclose the cost of the study, but said, "We got far more bang for the buck than the bucks we paid."
This study takes the proposed 20-acre park to the next level to anchor the Dallas Midtown site, which is a 40-block, 430-acre mixed-use development bounded by the Dallas North Tollway, LBJ Expressway, North Central Expressway and Spring Valley Road in North Dallas.
The park could help feed corporate interest in Dallas Midtown, which has a number of proposed projects in the works including Scott Beck's $4 billion vision of a redeveloped Valley View mall site and Fort Worth-based Hillwood Urban's proposed tower being developed in partnership with EF Properties.
Other developers and investors are also eyeing Dallas Midtown, though Bradford declined to mention the names of would-be stakeholders.
To be built, Bradford said philanthropic dollars would likely need to be raised to develop the park in partnership with an earmarked $36 million in tax increment financing funds designated for public infrastructure. He said Dallas' philanthropic nature could mean there would be enough money for the Dallas Midtown park and the proposed extension of Klyde Warren Park.
"Philanthropic dollars would be a big piece of the equation," Bradford told me. "This will be an amenity for the community and it's not unreasonable to hope the city would step up. I continue to believe the park will become a reality."
The park could help Dallas Midtown become a magnet to corporate companies and help bring corporate focus to the redevelopment, said Scott Beck, president of Dallas-based Beck Ventures, which is overseeing the redevelopment of 17 blocks within Dallas Midtown.
"The redevelopment of North Dallas is of great importance for the city of Dallas," Beck said ."Too often we see corporate users select neighboring cities. With the start of Dallas Midtown, we can now give these office tenants an additional urban destination within the city of Dallas and keep our Dallas tax base secure."

Written by Candace Carlisle - Dallas Business Journal