Downtown Dallas - Overview

Overview

The area is undergoing a transition as dozens of residential conversions and new high rise condos bring more permanent residents to the downtown area. (See: North Central Texas Council of Governments (NCTCOG).) Its redeveloped Main Street has recently become more of a place for Dallasites to play after several restaurants, hotels, and residential towers opened their doors along the strip. Downtown's growth can partially be attributed to Dallas Area Rapid Transit's (DART) three (soon to be 4) LRT lines and the one commuter line that run through Downtown and an aggressive stance taken by the city to drive development at all costs. The city has invested $160 million of public funds in downtown Dallas for residential development that attracted $650 million of private investment.

Two of the first new-construction office building projects downtown in over 20 years broke ground in 2005—One Arts Plaza, a 24 story mixed use office, retail, residential development in the Arts District which is the new home of 7-Eleven’s World Headquarters; and the vibrant 17 story Hunt Consolidated office building, with its spectacular state-of-the-art LED exterior lighting, which is the national headquarters for and fully occupied by Hunt Oil. Additionally, the $200 million dollar 42-story Museum Tower residential skyscraper is under construction in the Downtown Dallas Arts District with completion expected in 2012.

The City of Dallas, along with several non-profit organizations, have championed and successfully achieved the construction of a new $110 million dollar urban deck park over Woodall Rodgers Freeway to create a physically seamless Uptown/Downtown District; the urban deck park is scheduled to open in 2012. The new 5.2 acre urban park, simply called "The Park", will further strengthen the existing synergy between the Uptown real estate market and the booming development occurring in the Downtown Dallas Arts District which together help further the continuing growth and redevelopment of Downtown Dallas.

Importantly, The Trinity River Corridor is poised to undergo a significant transformation (the Trinity River Project) into a giant urban park. The park is expected to include an equestrian center, lakes, trails and three bridges designed by Santiago Calatrava. Funding over the years, however, has been a constant problem. Though serious work on the project now appears eminent, with the first two bridges having received significant private backing.