Dallas is Reshaping Downtown

Dallas has always been quite a unique real estate market, but has never really been known as a condo market until the past few years.  With new urban centers and residential developments like Victory Park in the heart of the city, more young professionals and families are making the move back to the core of Dallas.  Dallas has had the traditional "sprawl" effect throughout the last 20 years as more people and corporations move to the suburbs. 

The areas immediately surrounding downtown like Turtle Creek and the Park Cities have been developed for years with high end single family homes, hotels, and retail.  Finally developers started looking to the industrial areas around downtown Dallas for new urban development opportunities, new Dallas condo development, new sports arenas, and hotels.  Eventually this trend caught on and new infill projects started popping up all over the place.  The next place to look was actually in the core of downtown which for years has primarily been office and some retail.  There has not been much infrastructure or residential opportunity to give downtown Dallas much life after 6 PM.  Of course, there are areas like Deep Ellum and uptown that thrive with nightlife, but in the actual center of downtown, not much happens after work.  This has started to really change in the last few years.

An over abundance of empty office space also gave developers from out-of-state interesting ideas about introducing the office to condo conversion model.  Developers like 3J Development from San Diego purchased buildings like 1600 Pacific with intentions of converting the office tower to condos.  The comapny has since sold the project to another company.  New construction condos, however, are on the rise in the central downtown area.  One Arts Plaza combined office space and condos with sales holding strong. 

The newest and possibly most successful new high-rise luxury Dallas condo project though is Museum Tower.  NCO will be representing this project starting September 1st and local area experts feel this development will change the face of the downtown skyline forever.  This is a true luxury highrise tower like we have seen in so many other cities such as Miami, New York, Seattle, and San Diego.  There is currently no other project like it in Dallas.

More to come on Dallas as the city takes new form...