Residence Inn by Marriott and Denny’s Restaurant are among the first tenants to sign on for space in The Canyon in Oak Cliff, developers announced at a groundbreaking ceremony and press conference yesterday. (Scroll down for photos.) Frank Mihalopoulos of Corinth Properties said In-N-Out Burger is in the advanced stages of negotiations to build a restaurant in The Canyon, too.
The 200-mixed-use project, which sits about 5 miles west of downtown Dallas at Interstate 30 and Westmoreland Road, is owned by Stratford Land. Executives from the firm were joined by Dallas Mayor Mike Rawlings at the groundbreaking event.
Rawlings said companies “are starting to tap into this fertile area, as it presents ideal investment prospects, rising property values, and an opportunity to serve the needs of a rapidly growing community.”
Construction on the new space is expected to begin as soon as possible, said Steve Sanders, senior investment manager in Texas for Stratford Land. Already under way is a new I-30 exit ramp and three-lane frontage road at Westmoreland, a collaboration between the City of Dallas, the North Texas Council of Governments, the Texas Department of Transportation, and Stratford Land.
The improved I-30 access is essential to the project’s success, Sanders said.
“We strategically chose this site for The Canyon due to its proximity to downtown Dallas, its natural, rolling landscape and convenient access to I-30, Interstate-35, and Loop 12,” he said.
The project is already home to two residential communities, both from Groundfloor Development. Taylors Farm Apartments was built in 2011 and is fully occupied; construction of the 130-unit Hillside West Seniors Community is expected to wrap up next month.
At full-buildout, The Canyon should be similar in scope to Pinnacle Park, developers say. During the next two decades, the project is expected to create 6,000 new jobs and generate $31 million in sales tax revenue and $285 million in property taxes.