Dallas Developments: The Impact on Real Estate

Known far too long for the big hair and materialism made infamous by the 1980’s television show of the same name, Dallas is making great strides toward showing that the city is much more than meets the eye.  Developers have descended upon Dallas in an effort to infuse the famed metropolis with both style and substance, and the city’s residents are reaping the benefits.

STYLE VS. SUBSTANCE

Dallas spent several decades as a towering example of big Southern business; however, big development seemed to slow once Reunion Tower went up in the early 1980’s.  It seemed that the corporate real estate had all been bought up, developed, and left to evolve on its own through much of the 1990’s.  The result was that Dallas entered the new millennium with a skyline, and a lifestyle, that was not much changed from those booming 80’s.  Then, as if in answer to the city’s cry for a face lift, entered a new concept: mixed-use developments.

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The first to be unveiled, and incidentally the first high-rise to go up in Dallas in more than two decades, was One Arts Plaza.  The 24-story development offers residential, office, and retail space, not to mention a significant addition to the Dallas skyline: the LED-lit floating cube that protrudes from the structure draws eyes from Central Expressway all the way down to downtown.  The concept is an urban takeoff of the suburban success of Austin Ranch, a multi-use sprawl built by the same developer just north of Dallas in The Colony.

Just across the highway from One Arts Plaza, another high-rise giant is also reviving the architectural landscape of Dallas.  Victory Plaza offers upscale shopping in a new retail development that makes use of massive open public space, used by both shoppers and sports fans mingling outside the American Airlines Center.  The W Hotel and residences reaches for heaven above the park as construction is completed and guests move in.

The marks of Dallas’ face lift can be spotted all over the city.  Older developments up and down Central Expressway and throughout downtown are being leveled, and construction cranes are hovering over the city as the old Dallas makes way for the new.
 
But what will the city offer in the way of a lifestyle change to accompany its new look?  Plenty.  At the feet of One Arts Plaza, a cultural revolution is taking place.  Substantive developments include an opera house, symphony center, and other undertakings that OAP developer Lucilo Pena calls “civic temples.”  Developers are hoping that an arts district with both impressive experiences and spaces will allow Dallas to become more culture-focused, more human.  The incorporation of natural elements in both the Plaza and developments like Victory Park serves to encourage meaningful interaction as opposed to a material consumption of the city.

WHAT IT ALL MEANS FOR RESIDENTS

To be sure, a more valuable Dallas is a more desirable one.  As the city reinvents itself, it draws more and more new residents, as well as old ones looking to come home to urban life.  The residential real estate market in Dallas is a reflection of what’s going on in the city.  Buyers are taking up residence inside the new mixed use developments as well as just outside the bustling downtown area.  In older neighborhoods like Highland Park and Preston Hollow, brand new homes are going up next to 1950’s bungalows, and getting sold before they’re even completed.  Dallas real estate is overall stronger than other areas where the market is suffering and volatile.

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