General
When Stan Richards of The Richards Group, the country's largest independently owned advertising agency, decided to move his company's headquarters, he determined that renting new office space wasn't the answer. He decided his company was going to build a brand new building from the ground up, and that building was going to be located in the heart of Dallas. Source: D Economy Blog, December 21, 2015.
OneSource Virtual starts new headquarters in Dallas' Cypress Waters development
HR services firm OneSource Virtual has announced plans to move its headquarters to Dallas' Cypress Waters development. The company will have about 1,000 workers based at the new location when it opens in late 2016. CEO Brian Williams says "The site's new state of the art features and cutting-edge designs will provide OneSource Virtual the ability to better serve our customers as we enhance our operational efficiencies. Source: Dallas Morning News, December 10, 2015.
City Center News
Construction underway on $175 million redevelopment of historic Statler Hilton Hotel
Construction has begun on the historic Statler Hilton Hotel project in downtown Dallas. In its heyday the hotel's music venue played host to such luminaries as Elvis Presley and Tina Turner. In addition to redevelopment of the hotel and music venue, the site will have 75 condos, retail space, and a high-end spa. The project is scheduled for completion by the end of 2016. Source:
Dallas Business Journal, November 25, 2015.
The State of the City we call Dallas
Earlier this month Dallas' Mayor Rawlings gave his State of the City address to a crowd of 1,200 at the Hilton Anatole. He highlighted recent successes such as the redevelopment of the Dallas Farmers Market, the Oak Cliff Street Car completion and extension into downtown, and the 12 hotels currently under construction around the city. Source: D Magazine, December 7, 2015.
Construction starting on new Victory Park retail and restaurants
Victory Park's largest owner, Estein & Associates, has announced it will finish out a garage as well as add retail and restaurant space to its project at Olive Street and Victory Park Lane. Architect RTKL designed the project, which is scheduled to open next summer. Source: Dallas Morning News, December 1, 2015.
Real Estate News
Law firm Vinson & Elkins headed to Uptown to kick off $200 million Union development
Vinson & Elkins, a prominent downtown law firm, will be the lead business tenant in The Union, a 2-tower, $200 million office, residential and retail development on Cedar Springs Road. Vinson & Elkins partner John Wander says "The mixed-use amenities provided there are the single biggest reason we are doing it. For the young people we are attracting to our firm, those things are very important." The Union is being built by RED Development. Source: Dallas Morning News, December 10, 2015.
Small Business News
Mini-Fab: How a modern Oak Cliff company revived manufacturing
Oak Cliff business Mini-Fab is reviving a legacy of light-industrial manufacturing with its creation of clocks, lamps and razors in the old DEMCO Manufacturing Inc. building on West Davis Street. Mini-Fab founder Matt McCoy moved his company there earlier this year and now has two full-time employees besides McCoy. His products have been featured in several national magazines including "Cosmopolitan," "Real Simple," and "Country Living." Source: Oak Cliff Advocate, November 19, 2015.
West Elm goes local with help from Dallas-based artisans
National retailer West Elm is showcasing Dallas-based artisans in its stores as part of its "Local" initiative. "The idea," says West Elm's Dru Ortega, "is to give small businesses the opportunity to have retail space in our stores." Featured artists include Lilco, a design and letterpress studio with Texas-inspired notecards and tea towels, and Tiny Fawn, a producer of whimsical animal prints. Source: Dallas Culture Map, November 29, 2015.
Southern Dallas News
Bostik opens Dallas manufacturing hub
Bostik, a leader in adhesives for construction and industrial manufacturing markets, has opened a new manufacturing plant at 5111 Catron Drive in Dallas. Bostik Senior VP Bob Marquette says "Our new Dallas plant will enable us to provide customers with superior on-site technical service reduced freight costs, timely and convenient delivery and a centrally located fulfillment warehouse. Source: Area Development, December 4, 2015.
Developer Alliance Residential starting West Dallas apartment project
Alliance Residential has begun construction on a new apartment community in West Dallas, at 449 West Commerce Street. Alliance has filed permits with the City of Dallas to build 308 apartments, and includes retail fronting on Commerce. The project is valued at more than $48 million and the project's first units are scheduled for delivery in 2017. Source: Dallas Morning News, November 24, 2015.
 Economic Review
Federal Housing Finance Agency House Price Index Q3 2015
 Source: Federal Housing Finance Agency, Quarterly House Price All-Transactions Index, 100 Largest Metropolitan Statistical Areas, 2015; Dallas Office of Economic Development, 2015.
- The Federal Housing Finance Agency House Price Index is calculated using home sales price information gathered from mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.
- House prices in the Dallas-Plano-Irving Metropolitan Division increased 3.41 percent in the third quarter of 2015. Over the same time period home prices for the entire U.S. rose 1.68 percent.
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