Earlier this week, we counted down the top 15 commercial real estate stories of 2014. (Click here to see the top five, here to see stories 6-10, and here to see stories 11-15.) Here’s our list of six things to watch in 2015. (Click on images for larger views.)
1. The 121 Corridor—The 1.9 million-square-foot Nebraska Furniture Mart, set to open in March 2015, is expected to draw as many as 10 million annual visitors. The massive project and the mixed-use complex that surrounds it—not to mention the development of nearby Legacy West—will transform that stretch of the Sam Rayburn Tollway.
2. More Corporate Relocations—Toyota isn’t coming solo. Suppliers and vendors are certain to tag along, too, and a number of other big-name companies are taking a hard look at Dallas. JLL is running with one that sources say is considering Trammell Crow’s new development off Woodall Rodgers Freeway in Uptown, along with two suburban locations.
3. Victory Park—The time has finally come for this mixed-use development surrounding American Airlines Center. Its owner, Estein & Associates, has tapped Trademark Property Co. to reinvent the project and help it become what it was always intended to be: a premier walkable urban dining, entertainment, and shopping district.
4. Love Field and DFW International Airports—The end of the Wright Amendment and Virgin’s move to Love Field opens up a whole new world for executive travelers in Uptown and downtown Dallas. Brokers say companies are already beginning to consider bargain space along Stemmons Freeway. At the same time, DART’s expansion to Dallas-Fort Worth International provides direct (and inexpensive) access for both inbound and outbound urban travelers.
5. Interstate 345—This aging, 1.4-mile elevated highway, which connects Central Expressway to interstates 45 and 30, divides downtown and Deep Ellum, creating blight on both sides. Much like Klyde Warren Park has linked Uptown and downtown Dallas, the teardown of I-345 could spark $4 billion in new investment and more than $100 million in property tax revenue over 15 years.
6. Dallas Midtown—What’s not to love about Scott Beck’s ambitious $3.5 billion plans for Valley View mall? Expected to kick off in 2015, the venture ultimately will ultimately add millions of square feet of retail, residential, hotel, and office space to the 430-acre district bounded by Interstate 635, Preston Road, Alpha Road, and the Dallas North Tollway. Beck has a number of things going for him: smarts, capital, patience, and experience. (His family developed Trophy Club.) I, for one, hope he doesn’t give up on plans for the Midtown gondolas.