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Thursday, October 20, 2016
Victory Park Asks City for 3.5 Million in Funding to Help with Retail Projects
Developers of Dallas' Victory Park project are asking for $3.5 million in city bonds to help pay for additional retail space.
Victory Park's owners plan to begin construction in February on the project, which will involve 40,000 to 45,000 square feet of new retail space in the project located near the northwest corner of downtown.
The money - from the Victory Park tax increment finance district - will pay for new retail space and parking, renovation of currently vacant space and renovation of existing space.
The total project is expected to cost $17.8 million.
Dallas economic development committee is approved the project on Monday and the city council is scheduled to consider the TIF funding on Nov. 9.
The construction must be completed by the end of 2018 to qualify for the city grant.
The money is coming from almost $10 million in TIF funds the city council earmarked for Victory Park in 2012, said Lance Fair, chief operating officer of Estein & Associates and vice president of Victory Park.
"We've just asked for a portion of that," Fair said. "The two primary uses are for rehabbing some spaces for a new use.
"And also tenants get tenant improvement allowances," he said. "As we get deals done it will help offset some of those costs."
In May Victory Park announced it has formed a venture with Dallas restaurateur Tristan Simon to create the new Victory Park retail and restaurant venues.
Simon's company - Rebees -plans to develop and operate a 4,000-square-foot retail emporium in Victory Park
and operate a 6,000-square-foot restaurant in the project.
Rebees also will have 14,000-square-foot Victory Park co-working office center that will include a 3,500-square-foot café.
"Tristan Simon's announcement was very big and has given us momentum in the marketplace," Fair said. "We are halfway or more on the retail tenanting and the progress we wanted to make."
Victory Park's owners have been working for the last few years to revamp traffic flow through the 75-acre development, reposition retail space and add additional parking.
Currently almost a half billion dollars in new development is underway or has recently been completed at Victory Park.
More than 1,500 apartments are under construction in five Victory Park projects.
A 700-seat Cinepolis movie theater is also under construction in Victory Park. And the developers are seeking a grocer.