When it comes to the downtown Dallas real estate market, many eventual home, condo, and loft buyers usually take into consideration all of the nearby community amenities when looking for a new place to live almost as much as the actual living space, making it essential for the city to continue to evolve with all of the growing needs and wants that many of today’s local urban dwellers have when choosing where to call home.
Much of the attraction involved with living in downtown Dallas relates to the ease of public transportation and the close proximity to a wide range of shopping, dining, and entertainment options, but along with that, there’s also a growing need for lots of outdoor amenities and open green spaces as well, which is something city officials have certainly noticed.
As announced earlier this week, the City of Dallas Parks Department will receive a $30 million increase in funds in order to develop four new parks around the downtown Dallas area.
If developed, the parks—Pacific Plaza, Carpenter Plaza, West End Plaza, and Harwood Park—would undoubtedly add appeal and desirability to downtown Dallas as a whole, consequently boosting home and real estate values, not to mention continue to invite even more development than we’re already seeing.
Looking at it from investment perspective, there’s no doubt Dallas has already seen a return on previously installed parks and green spaces, most notable around Klyde Warren Park, Main Street Garden Park, and Belo Garden Park. According to reports, each of these new park spaces have resulted in plenty of private investment around the downtown Dallas area, resulting in economic value that is sure to be felt for many years to come.
As of now, Dallas has about 8.7 acres for every 1,000 residents, but with these four new parks possibly being developed, that ratio would jump to about 14.5 acres of park space per 1,000 residents. In all, Dallas has roughly 52 aces of park space with the core central business district, which is among the lowest for any major city.
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