Downtown is full of rumors. Here’s the truth. (We think.)

The fine art of rumor mongering keeps a fair number of us clothed and well fed, and for those who love to monger, what better place than downtown Dallas? It has all the elements: money, power, and plenty of people lusting after both. The last few years have been especially rich on the rumor grapevine: Half a billion dollars in hotel and office development is being sunk into downtown, in a burst of fiscal energy built up over several years and loosed in 1976-77, when the Dallas real estate recession tapered off.

Take the case of Vince Carrozza’s $l65-million Dallas Centre, a hotel/office complex going up across St. Paul from Republic National Bank. After holding the four acres through the early 1970’s. Republic’s James Aston asked Carrozza in 1976 to develop it. He agreed in late 1976, and shortly thereafter I. M. Pei was selected as architect, Equitable Life agreed to finance the project, a contractor was chosen and plans were drawn. The project was officially announced last June and ground broken in August – just eight months after Carrozza agreed to deal. When conditions downtown are right, rumor changes to fact with surprising speed.

Two major hotel-office developments are underway – we think. Although no plans have been announced. Reunion’s Hyatt hotel, opening in May, will probably be joined by a 10- to 15-story office ’ building, with construction to begin later this year. By early 1980, you can add the sports/concert coliseum, which has just broken ground. The Wynnes’ Plaza of the Americas is a $100-million mystery project along Pearl just north of Southland Life. Ground breaking for the Plaza was supposed to occur last fall, but it didn’t and hasn’t yet, although managing partner Clyde Jackson Jr. says 25 people are working full time to “complete drawings.” Jackson anticipates construction will begin this spring.

Then there is the Murchison land, source of more rumors than one can count. The property adjacent to One Main Place and the Earl Cabell Federal Building was once slated for Two Main Place, but that grand project fell through five or six years ago; the land still holds only blacktopped parking lots. Today, construction costs and the land’s value might dictate an office building, but the Murchisons aren’t talking. It’s safe to say that they aren’t short-term specu-lators bothered by high taxes and interest payments. Translation: They can do whatever they want, when they want.

The other main source of undeveloped land downtown is the Arlen property. Former Mayor Erik Jonsson and other Dallas leaders are still steaming about the collapse of plans for the largest single tract of land assembled downtown in many years, at one time totalling 40 acres.

A few years back, owner Wes Goyer and his partners hoped to turn the tract, just west of the Convention Center, into a fabulous development called Griffin Square, but the project bombed and Goyer and partners sold out. Today, the only new building on the land is the undistinguished 555 Griffin Building.

The current owner, Arlen Realty & Development of New York, gets proposals from time to time, and definitely would like to rid itself of the acreage, according to an Arlen agent. But it isn’t prime hotel property, unless the developer builds a large, self-contained project; it’s far from the center of town and nearby buildings are unattractive. Ar-len’s best bet might be to swap some property with the City of Dallas, which could use more land in the Convention Center area.

The City of Dallas is, in fact, downtown’s biggest angel: Already it is building a library across from City Hall, and more than likely will expand and improve the Farmers Market, along South Pearl. But the city’s biggest impact may come in the fine arts area. The spring bond issue will probably include money for renovation of the city-owned Majestic Theater into an 1800-seat hall for musical, dramatic and dance productions; and funds to begin purchasing land along Woodall Rodgers for the Museum of Fine Arts, symphony and civic opera. Once these projects are in the bond issue, funding could come any time dur-ing the next 10 years.

Some juicy odds and ends: Southland Life is holding a tract of land next to its present building, with intentions of constructing another perhaps in the next ten years. And the warehouse district, north of Ross Avenue, is bound to come alive with something more than the Old Spaghetti Warehouse, because the city is spending a million dollars this year to turn Market Street into a mall similar to that on Akard. One architectural firm is moving into the area, with another likely to follow.

Perhaps the most interesting rumor Concerns the Mobil Building, which is owned by the City of Dallas. Sometime this spring or summer the city will sell it, perhaps for renovation as an office building. If not. the Mobil site, in conjunction with adjacent land, would form an excellent location for a new midtown hotel, which would abut Neiman’s.

Downtown housing has been talked about for years, but never has developed. With a sports arena, a fine arts complex, new hotels and restaurants, downtown housing finally seems inevitable. Several developers are thinking about it. But so far that’s still a rumor.