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FINALLY: $300M FIRST PHASE OF DALLAS MIDTOWN TO START

Tonie Auer
January 13, 2016
 
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The wait is over: construction on the long-anticipated redevelopment of the old Valley View Mall should kick off by summer.

He’s working with the City of Dallas and councilman Lee Kleinman to finalize the street infrastructure plan; all of the pieces were approved at the end of 2015. The councilman has also been working with the Dallas Midtown Park Foundation to secure the 20-acre Midtown Commons Park Three projects will start simultaneously: a new AMC theater on top of 80k SF of office that sits atop retail, a hotel on top of retail and a new grocery store on top of retail. And, we’ll finally say goodbye to the old mall with its demolition probably between July and October. He expects the first retail and the office space to open at the end of 2017 or beginning of 2018.

Scott says construction plans are being drawn now. Omniplan assisted with master planning and Dallas Midtown is working with WDG, 5G and NY-based Streetworks on the three projects. GCs haven't been selected yet; he expects final pricing to come in around April. He’s hoping to get the ink dried so he can announce the hotel and grocery flag at our State of the Market event.

 
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Construction underway on Scott Beck's $4B Dallas Midtown project

Candace Carlisle
January 28, 2016
 
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Dallas developer Scott Beck has begun environmental remediation and pre-demolition work on the $4 billion Dallas Midtown mixed-use development in North Dallas that will make way for a new corporate magnet and entertainment destination.

 

Beck's Dallas-based Beck Ventures is overseeing the redevelopment immediately surrounding Valley View Center, which is about 17 blocks within a larger 40-block, 430-acre mixed-use development.

Valley View Center is expected to be taken down brick-by-brick versus an implosion to salvage materials that could ultimately be used in the new development on the site in North Dallas. Beck Ventures also is in the process of creating a tree farm by pruning back the roots of certain trees to ready them for being moved, he said.

 

The pre-demolition work began in earnest in December. By May 1, Beck said he expects to begin demolition on Valley View Center and have the entire site cleared and ready for vertical construction by the end of the year.

Our retail partner Shop Cos. is working on bringing all kinds of interesting retail and restaurant groups to the project.

We plan to be open by December 2017 with some opening the first quarter of 2018.

 
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  • 2 weeks later...

Not Dead Yet. Valley View Center Is Still Open for Business. (Really.) http://centraltrack.com/Culture/8556/Not-Dead-Yet/Valley-View-Center-Is-Still-Open-for-Business-Really

The center is marked for demolition.  The developer is looking at a staging plan, I'm sure as most due.  You have an AMC there, and I think that is just about the only thing that still brings in people to that area for nighttime other than the adjacent mall (Galleria).

 

FYI - This area around the Galleria has seen a bit of a shift from the hot bed of activity in the 80's / 90's.  Developers / companies have been concentrating on areas to develop where the young talent is.  These two areas or concentrated in the uptown/downtown area and Frisco / Plano's 5 billion dollar mile where Toyota, Liberty Mutual, Raytheon, Fed ex, etc. are building big new campuses along with private developers expanding multifamily, hotels and retail offers.  This is not to say these are the only big development areas in the metro, but these are the top 2.  The activity up at 121 and the tollway is pretty insane.  They are basically building an area similar to Dallas's uptown all at once at this intersection.

 

In regards to Midtown....  Developers are seeing an area that has more less been in holding pattern for sometime since all the investment previously and now those developers see that the center of the metro's population is somewhere around 635 / 75 or 635/tollway.  The housing in this area is of an older stock mostly with some spots of newer apartments.  They are working to change this, and the speed of gaining interest affects the financing.....  Ironic that Galleria area and Addison where red hot in development in the late 90's (mostly Addison along the Tollway / Beltline).

 

Bottom line - Its an ambitious project and one I hope to continue to develop.   The Galleria area has needed a makeover for a while now to stay competitive with other submarkets.

Edited by slfunk
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The center is marked for demolition.  The developer is looking at a staging plan, I'm sure as most due.  You have an AMC there, and I think that is just about the only thing that still brings in people to that area for nighttime other than the adjacent mall (Galleria). Not sure what the point of the article is trying to make, but the retail tenants in there are tenants like local mom & pop's / hair salons / dance studio etc. with a large portion of the mall vacant or blocked off.  They basically have a place where they put up storefronts at a low price until the mall closes.  Many of the old stores like the Disney store have not been remodeled for the current tenant.  So you can still make out the old staple tenants when the mall was going strong. Its not the most uplifting place to go.

 

FYI - This area around the Galleria has seen a bit of a shift from the hot bed of activity in the 80's / 90's.  Developers / companies have been concentrating on areas to develop where the young talent is.  These two areas or concentrated in the uptown/downtown area and Frisco / Plano's 5 billion dollar mile where Toyota, Liberty Mutual, Raytheon, Fed ex, etc. are building big new campuses along with private developers expanding multifamily, hotels and retail offers.  This is not to say these are the only big development areas in the metro, but these are the top 2.  The activity up at 121 and the tollway is pretty insane.  They are basically building an area similar to Dallas's uptown all at once at this intersection.

 

In regards to Midtown....  Developers are seeing an area that has more less been in holding pattern for sometime since all the investment previously and now those developers see that the center of the metro's population is somewhere around 635 / 75 or 635/tollway.  The housing in this area is of an older stock mostly with some spots of newer apartments.  They are working to change this, and the speed of gaining interest affects the financing.....  Ironic that Galleria area and Addison where red hot in development in the late 90's (mostly Addison along the Tollway / Beltline).

 

Bottom line - Its an ambitious project and one I hope to continue to develop.   The Galleria area has needed a makeover for a while now to stay competitive with other submarkets.

 

Edited by slfunk
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^Wow! Much different impression then I had last October when I was there for a movie.  I would not go back except to see a movie and to be frank its sketchy at best.  The parking lots are dark dark dark at night.  Some parking areas are not lit anymore and the mall......... to each there own :0)

 

 Sears nearest locations are at Collin Creek, Town East and Richardson Sq Mall.  That location works well for them and I'm sure they will stay for as long as they can.  That is what JCP did until they opened their store on NW Highway.

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  • 4 months later...
On 2/13/2016 at 11:24 AM, texan41 said:

The Dallas galleria area kind of reminds me of Houston. I don't know what it is... Just the whole design of it reminds me of Houston.

Yea because Houston built it. :P (HInes)

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Dallas Midtown's 20-acre focal point begins to take shape
Candace Carlisle
September 6, 2016

 

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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.

 

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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.

 

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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.

 

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Beck plans to begin the tear down of Valley View Center by the end of the year. The developer has done some environmental remediation and pre-demolition work in preparation for the demolition.

 

MIG CEO Daniel Iacofano will unveil conceptual renderings of the new Dallas Midtown park and speak to the community on Thursday, Sept. 15 from 7 p.m. to 9 p.m. at a ballroom within the Westin Galleria Dallas hotel in North Dallas.

 

 

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Two Dallas Midtown stakeholders step up to help build centerpiece of $20B project
Candace Carlisle
September 23, 2016

 

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Two Dallas Midtown stakeholders have stepped up in a big way to help build the proposed centerpiece of the evolution of Dallas Midtown, which is expected — if all plans come to fruition — to be the $20 billion answer to Frisco's $5 billion mile (which actually now totals $6.4 billion).

 

Dallas-based Beck Ventures has pledged $1 million towards the $15 million privately-raised match proposed by the Dallas Midtown Park Foundation. The foundation has asked the city of Dallas to earmark $15 million of the upcoming 2017 bond referendum, which is capped at $800 million.

 

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Another stakeholder in Dallas Midtown — EF Properties — has also agreed to sell a 5-acre parcel of land on the east side of Montfort Road in the Dallas Midtown vision to the city at a $1.9 million discount to market value.

 

EF Properties would be one of five property owners that would need to sell acreage to the city of Dallas to create the 20-acre park. In all, it will take $30 million to acquire the land to build the proposed park.

 

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"The park is an integral part of the Dallas Midtown project," Beck, who also sits on the Dallas Midtown parks board, told the Dallas Business Journal."It's on the city's vision plan and office tenants, retailers and restaurants want to know the park is happening. It's important to stakeholders that the city will make good on a commitment that happened two years ago."

 

Land for the Dallas Midtown park would need to be acquired sooner rather than later since market values on the land is likely to rise as Beck Ventures begins the initial $400 million phase of its portion of the mixed-use development, he said.

 

"Now is the time to acquire the land for a park before you have escalating prices due to inner city development," he said.

 

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"Dallas needs to step up and allocate $15 million of its bond money to create a centerpiece of this $20 billion development."

 

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