General News
Dialexa expands Dallas footprint, prepares to grow
workforce
Startup
Dialexa has expanded its downtown headquarters from 4,000 to 11,000 square
feet, with plans to use the additional space to triple the size of its hardware
lab and expand into the virtual and augmented reality spaces. As part of that
expansion the company is also looking to triple the size of its workforce.
Source: Dallas Business Journal, December 28, 2015.
Jobs are following millennials to Dallas
Millennials
are unlike previous generations - they're not finding a job and then moving to
that job's location. Instead, they're deciding where they want to live, and
only then looking for employment. This is good news for Dallas, as millennials
have been moving here in droves, and the jobs are following. Given this trend,
it's no surprise that Dallas is said to have the lowest average age of any U.S.
city. Source: BisNow, January 20, 2016.
City Center News
Trammell Crow Co. and MetLife toast start of Park
District's construction
The
start of construction on the PwC Tower at Park District was marked at a
ceremony earlier this month. In attendance were approximately 800 attendees,
including PwC executives, members of the local business community, and Dallas
mayor Mike Rawlings. The tower's location, in Uptown next to Klyde Warren Park,
was key to PwC's decision to relocate there. The project's live, work, and play
environment will appeal to the firm's young workforce, says PwC. Source: Dallas
Business Journal, January 15, 2016.
How
a downtown Dallas block is being turned into a center of creativity
Downtown's
Encore Park, where blues great Robert Johnson once recorded and Warner Brothers
Pictures housed its film distribution facilities, is being revived as a creative hub.
Phase One of the project, the outdoor amphitheater, is already complete. Future
plans include adding an open art studio, coffee shop, and The Museum of Street
Culture, which will celebrate local contributions to the musical and visual
arts. Source: Dallas Innovates, January 14, 2016.
Real Estate News
Cityplace
Co. and Forest City to develop new West Village hotel and apartment tower
Cityplace
Co. and Forest City are teaming up to develop a new hotel and apartment tower
on 2.6 acres between Cityplace Blvd. West and Blackburn Street in Dallas' West
Village neighborhood. The developers are using this project for Hilton Hotels'
new boutique Canopy brand, and will be among the first built in the U.S. Plans
are for construction to get started in February, with completion by spring
2017. Source: Dallas Business Journal, January 7, 2016.
Construction
starts on Victory Park cinema and high-rise project
Construction
has started on a new movie theater and residential high-rise in Dallas' Victory
Park neighborhood, at Victory Ave. and Museum Way. In addition, there will be
approximately 20,000 square feet of retail space located on the ground floor of
the new building. International theater operator Cinepolis USA will operate the
new eight screen theater when it opens in late 2017 or early 2018. Source:
Dallas Morning News, January 12, 2016.
Lincoln
Property is starting work on new Dallas Arts District tower
Less
than six months after purchasing the vacant lot at the corner of Woodall
Rodgers Freeway and Pearl Street, Lincoln Property is breaking ground on their
latest project, a 260,000 square foot office tower. The half-acre property was
one of the last available development sites in Dallas' Arts District. The tower
has been designed by architect HKS Inc. and will include parking and retail
space on the lower levels. The developers are looking to open the building in
18 months. Source: Dallas Morning News, December 16, 2015.
New
investment is kickstarting downtown Dallas' West End district
More
than a half-dozen West End buildings have changed hands recently. While these
historic buildings have been sold before, this time there's a difference.
Instead of plans for the usual retail, restaurants or apartments, the buildings
are being developed as office space for innovative companies that want unique
work spaces. John Goff, of Goff Capital and developer of five of these West End
properties, says "The millennials crave new, cool, hip space" and
adds that "Dallas has a larger millennial population than most U.S. cities
- larger than Boston or Chicago." Source: Dallas Morning News, December
18, 2015.
Southern Dallas News
Historic
Oak Cliff church property will be home for new mixed-use project
Magnolia
Development is converting Trinity Presbyterian Church, located on Zang Blvd. at
Sixth Street, into a mixed-use development that will include approximately 15
apartments and a small amount of retail and office space. The project site has
some history, as the block of Zang Blvd. between Fifth and Sixth Streets is
where real estate developer and promoter John Zang built his original estate.
Nearby, along Sixth between Zang and Elsbeth Street, Magnolia plans to
construct 50 new apartments. Source: Dallas Morning News, December 14, 2015.
Firm partially owned by Bill Gates, George Soros and
Carlos Slim to break ground on new recycling facility in southern Dallas
Within
the next two months Spanish firm FCC (Fomento de Construcciones y Contratas)
plans to break ground on a new recycling facility, to be located at the
McCommas Bluff Landfill site in southern Dallas. The project represents new
territory for both the firm and the City of Dallas, as it will mean shifting
recycling operations to a public-private partnership. Instead of having FCC
process recyclables in its own facility, the city is partnering with FCC, who
will build the facility on city land. FCC will receive payment for operating
the facility. Source: Dallas Morning News, January 4, 2016.
Economic Review
C2ER 2015 Cost of Living Index
Source: Council for Community and Economic Research, 2016. http://www.coli.org
- The Council for Community and Economic Research publishes a quarterly Cost of Living Index to provide an accurate measure to compare cost of living differences among urban areas. Items on which the index is based have been chosen to reflect different categories of consumer expenditures.
- Since 2014, the City of Dallas has had the lowest cost of living index score of major cities within the ten largest metropolitan areas in the United States.
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