Dallas’ Victory Park takes new direction with apartment, office rebirth

Victory Park, the 75-acre development just northwest of downtown is gaining hundreds of new apartments, more office space, and renovated retail. The process has been 15 years in the making, from 1999 when developers broke ground on the brownfield redevelopment project. Since then, the W Dallas Hotel, two luxury condominium buildings, more than two blocks of retail space and two small office buildings now surround a new sports arena, replacing the former rail yard, power plants and grain elevators.

The project was originally planned to be an exclusive neighborhood of office towers, high-rise condominiums and high-end retail, but a number of factors lead to a change in ownership and the development now has fresh direction with more focus on apartment communities and office space.

More than 1,000 apartments are now under construction in four developments and a 23-story office project by Houston-based Hines is planned to begin before the end of the year. The office space in Victory Park is almost fully leased.

Fort Worth-based developer Trademark Property Co. and owner Estein & Associates have plans to reconfigure the flow of traffic on a few major streets and redo sidewalks, landscaping, retail storefronts and signs. They’ll also build a small retail building On the vacant lot on Olive Street across from American Airlines Center, with shopping and office space next door in the unfinished garage.

Trademark also plans for a high-rise of 256 residential units with 19,000 square-feet of ground-floor retail. A 59,000 square foot cinema is also planned to be located in the building.

Most of the retail space in Victory Park sits vacant now, but as residences and the new office tower open, the daytime population is expected to jump from about 4,500, to around 11,000.

Timeline

1997: The former rail yard and power plant site northwest of downtown is chosen as the site for a new sports arena.
1998: Plans are unveiled for the Victory mixed-use development around the arena.
1999: Ground is broken on the project.
2000: Dallas voters approve millions of dollars’ worth of improvements for the project.
2001: American Airlines Center opens.
2003: Developer Palladium Co. pulls out of the project.
2006: W Dallas Hotel and Condos open.
2006: House condo tower starts.
2009: Hillwood surrenders control of most of Victory Park to German investors.
2012: House condo tower is foreclosed on.
2012: Arpeggio apartments are started.
2013: Trademark Property Co. is hired to revamp Victory’s retail space.
2013: SkyHouse apartment tower starts.
2014: Hines Victory Park office tower is unveiled.
SOURCE: Dallas Morning News research

 

Source: Dallas Morning News, April 20, 2014 and Dallas Morning News, April 7, 2014.
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