Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Monday, February 06, 2017
Valley View mall facing the end
With a new project on the way, Dallas’ Valley View mall’s days are numbered.
Builders working to redevelop the 44-year-old Valley View Center in North Dallas hope to start knocking down the big mall during the coming months.
The mostly vacant shopping center at LBJ Freeway and Preston Road is the largest piece of a 400-plus-acre development district called Dallas Midtown.
“The Macy’s building will start coming down in the next three weeks, and the rest of the buildings will start coming down after that,” Scott Beck of Beck Ventures said Tuesday night at a meeting of the North Dallas Chamber of Commerce. “We are going to start taking down the mall before this summer.”
Beck Ventures’ 70-acre portion of the Valley View project will be replaced with mixed-use development.
“We will start with a project that will contain a brand-new hotel,” Beck said. “We have a 250-room hotel.”
A new fitness center, an eight-screen movie theater and an apartment community are also part of Beck Ventures’ plans. The development district, which stretches between Galleria Dallas and Preston Road, has been in the works for several years.
“People want to see it happen yesterday,” Beck said. “It doesn’t happen that way. Things take time.
“We are trying to get multiple projects started at the same time.”
The plan includes a large park in the center of the project. Beck said he’s working with the city of Dallas, other landowners and private donors to get the park built.
He said the developers are considering a plan to sell the tax increment finance district funding for Dallas Midtown in a public offering to finance part of the park construction.
City Council member Lee Kleinman said the city has provided zoning and economic incentives to redevelop the area and increase building density.
“We have enhanced the area with an incredible amount of entitlements,” he said. “It’s up to the developers to leverage those entitlements to build the development.”
One of the Valley View property owners has started demolition of the vacant Macy’s department store at LBJ and Montfort Road.
EF Properties owns more than 20 acres, including the empty store and surrounding parking lots. The investor and developer Hillwood Urban are working on plans that include an office building, apartments and a hotel.
Just west of Valley View near the Galleria, other builders are constructing a large rental community and two hotels along Noel Road and Temple Drive.
Beck said the goal of the Dallas Midtown project is to attract businesses and construction that normally would go farther north into Plano and Frisco.