$2.5 billion development on U.S. 75 will start with office, apartments and retail.
Developers of a proposed mixed-use project north of downtown Dallas are updating plans for the huge development.
De La Vega Development has been working for more than three years on the $2.5 billion project on North Central Expressway. The 27-acre development — called The Central — is planned just north of the Cityplace complex on the east side of the highway.
The project attracted international attention when demolition of an old high-rise on the site took a wrong turn, leaving a leaning wreck of the tower that became a social media sensation.
Now De La Vega Development says its revised plans include a first phase with 350,000 square feet of office space overlooking a four-acre centerpiece park. Almost 29,000 square feet of retail and restaurant space are planned.
Dallas developer StreetLights Residential will also construct a 350-unit apartment community.
“We are thrilled to begin work on The Central — what will become a unique, superblock in the core of Dallas that is unlike anything else,” De La Vega CEO Artemio De La Vega said in a statement. “Listening to our community, we know we have the chance to deliver what people want the most: the opportunity to be outdoors, to create connections and to feel safe and secure.”
Dallas-based Falcon Realty Advisors is also joining the project team to market the restaurant and retail space.
“Our goal is to program the development, as well as the four-acre park, with welcoming spaces featuring approachable retail, food and beverage, hospitality and fitness options, all to create a premier destination for our city to discover,” Falcon CEO and President Tim Hughes said in a statement.
Irving-based apartment builder JPI has already started construction on a 430-unit rental community adjacent to The Central site.
The Central is one of the largest mixed-use projects in the works in central Dallas. And it would be the tallest, densest development in the area between North Central Expressway and Ross Avenue.
Information provided by Dallas News
Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.