Mall demolition marks start for $4b Dallas development
Beck Ventures has broke ground on its $4 billion mixed-use Midtown development project in Dallas with the demolition of Valley View Mall.
During a press conference, Scott Beck, CEO of Dallas-based Beck Ventures, said the site is three miles away from where approximately one-third of the city of Dallas’ population lives. The location allows Dallas to compete with surrounding suburbs for companies looking to relocate, Beck said. The district will give a multibillion-dollar boost to the city’s tax-base and generate more than $70 million for TIF funds that will go toward redeveloping southern Dallas, Beck said.
The project will be anchored by a 183,000-square-foot Life Time Fitness and a Cinépolis cinema. The $500 million initial phase will also include about 500,000 square feet of office space and more than 400,000 square feet of retail, along with more than 1,000 apartments, including affordable housing, and an 18-story luxury hotel.
Beck Venues is working with A.G. Spanos Corporation on the project’s 1,000 apartment units. The unidentified upscale hotel, in partnership with Hesperus Group and SB&G, will include 440 rooms and more than 50,000 square feet of meeting space.
Plans for Dallas Midtown also include a 20-acre park, which will be owned by the city of Dallas.
The initial phase of the project is slated to open by the end of 2019.