Downtown Dallas is full of redevelopment projects these days. The city is making a major transformation downtown, which has investors flocking. While uptown office buildings are increasing in rentals and huge corporate campuses are coming to the northern suburbs, the city’s center is seeing the biggest commercial real estate developing. Investors are turning to downtown Dallas and here is why.
Where in Downtown Dallas are the Changes?
The area between Elm, Commerce, Main Streets to Pacific Avenue is where the activity can be seen. Property owners are making capital improvements while sales volume is rising. The activity has been noticed.
Residents of this area feel that they are in a construction zone due to all of the improvements and additions. There is welding, building, and hammers banging that while loud, is proof to locals that they are going to have some exciting changes in the next 18 months.
Why are Investors Interested?
Due to the growth of downtown’s residential real estate, there is huge investor interest. In addition, investors are interested in the fact that people are flocking to the city for popular destinations including Perot Museum and Klyde Warren Park.
Along with downtown’s growth, downtown is seeing improvements like the redevelopment of The Joule Hotel by Headington Co. Main Street is seeing retail work improvement. Investors are taking advantage of low sale prices on troubled office buildings or vacant buildings. Investors can provide capital on these bargain prices, hire college graduates to work, and they’ll be lured in by the excellent amenities of downtown.
Who is Providing the Funds for the Revitalization?
Public-private partnerships and the city have been providing the money to support the revitalization of downtown. Since 5 million square feet worth of office leases will be due for renewal in the next few years, the timing is perfect.
Now, the city is just working to figure out how to improve the streetscape and add parking.