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Commercial Real Estate

What to Watch: Top DFW Real Estate Projects to Keep an Eye On in 2024

Transformative developments are underway throughout the region, from the Dallas Convention Center downtown to Legacy Hills in Celina.
| |Project photos courtesy of companies, Fountain place: travelview / Shutterstock.com
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The new Knox Street Development will transform the Dallas neighborhood and add more than 1 million square feet of mixed-use space.

Taking Knox Street to the Next Level

A project of this size and scope doesn’t happen overnight. But now, after years of planning, the much-talked-about Knox Street Development is underway. With a blue-ribbon team of developers—MSD Partners (a Michael Dell affiliate), Trammell Crow Co., The Retail Connection, and Highland Park Village Associates (a Ray Washburne group)—the project will add 1 million square feet to the heart of Knox Street. The project includes 48 residences, a tower with 140 hotel rooms managed by luxury hotelier Auberge Resorts Collection, a 150,000-square-foot office building with ISN Software Corp. occupying the top four floors, a 27-story tower with 173 apartments, and more than 100,000 square feet of restaurant and retail space. Knox Street Development is being built on four acres next to the Katy Trail and Highland Park and is expected to open in 2026.

Will the Dallas Convention Center Team Get it Right?

The green light for an expanded 2.5 million-square-foot convention center was approved by Dallas voters in 2022. Last September, the project was put in the able hands of Jack Matthews of Matthews Southwest, whose Inspire Dallas partners include Kaizen Development Partners, Azteca Enterprises, and nearly 30 subcontractors. Among those keeping an eye on the project is developer Ray Washburne, who said in October, “Dallas doesn’t need another designer petting zoo.” The redevelopment plan was updated just weeks ago after discussions between Inspire Dallas, the city, TxDOT, Union Pacific Railroad, and High-Speed Rail. An initial deck park concept was killed and replaced by more urban open space, and the planned location of the convention center itself was shifted deeper into downtown. Work on the project is set to start before the end of this year and wrap up in 2028.

Celina: The New Frisco?

Just how far north will Far North Dallas go? The latest emerging star, about 45 minutes north of downtown, is Celina. Making the biggest splash is Legacy Hills, a $4.5 billion development that’s expected to double the town’s population. The Centurion American-led project includes 7,000 homes and 4,000 multifamily units, as well as commercial and mixed-use spaces. It will be home to 1876 Country Club, a $16.6 million golf course on pace to open in late 2024 or early 2025.

An Abundance of Vacant Office Space

Despite 2023 net absorption ending in the black, DFW’s office market is still digging out of a hole—with more than 76 million square feet available, a record high. Some of that is being redeveloped into residential space, especially downtown. But with the rise of hybrid work, questions remain about how long it will take for available office space—both free and clear and sublease—to be absorbed. Among the largest is a 327,000-square-foot tower in Plano that Reata Pharmaceuticals planned to take occupancy of but is now trying to unload after being acquired by Biogen.

A Massive Biotech Hub

Ross Perot Sr. pioneered Legacy business park and built a new HQ there for EDS in 1992. Now, the 1.6 million-square-foot campus will become a life science development. Last summer, Plano approved plans for NexPoint’s $4 billion redevelopment, which will include 800 apartments, a hotel, and biotech hub. Called TxS District, it will include as much as 4 million square feet of lab, office, and therapeutic production space.

Authors

Christine Perez

Christine Perez

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Christine is the editor of D CEO magazine and its online platforms. She’s a national award-winning business journalist who has…
Will Maddox

Will Maddox

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Will is the senior writer for D CEO magazine and the editor of D CEO Healthcare. He's written about healthcare…
Ben Swanger

Ben Swanger

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Ben Swanger is the managing editor for D CEO, the business title for D Magazine. Ben manages the Dallas 500, monthly…

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