City Center News
Irving-based developer Newcrest Image LLC plans to convert the recently purchased 21-story downtown office building at 1700 Commerce Street into a Hampton Inn hotel. Proceedings are currently underway to designate the 92-year-old tower as a historic landmark. Source: Dallas Morning News, December 1, 2014.
New Orleans-based developer HRI properties is planning to redevelop a currently vacant office building in downtown Dallas. The top six floors of the former Mayflower building at 411 N. Akard will be converted into 215 apartments with an interior atrium. Source: Dallas Morning News, November 25, 2014.
Developers are spending more than $500 million to renovate office space in downtown Dallas. Redevelopment projects include a $150 million makeover of the former First National Bank tower at 1401 Elm St. and a $70 million project to revamp the former LTV Tower at 1600 Pacific Ave. Source: Dallas Morning News, November 27, 2014.
In addition to relocating its headquarters to downtown Dallas, software company Omnitracs is making steps to engage the community. Omnitracs employees placed wreaths on 44,000 graves at the Dallas-Fort Worth National Cemetery in December, and the company is planning other philanthropic ventures. Source: Dallas Morning News, December 17, 2014.
Southern Dallas News
The former Minyard and El Mariachi supermarket at West 12th Street and South Polk Street in Oak Cliff has a new tenant. The 20,000 SF vacant retail space has been renovated and is now home to a Planet Fitness gym. Source: Dallas Morning News, December 2, 2014.
Real Estate News
Developer Harwood International has started construction on a 33-story residential high-rise on North Harwood Street near the entrance to the Dallas North Tollway. In addition to 150 residential units, the Bleu Ceil will include ground floor retail space and access to the Katy Trail. Source: Dallas Morning News, December 8, 2014.
Dallas-based Prescott Group is planning to build a 380,000 SF office tower at 2727 Turtle Creek Boulevard. In addition to office space, the project will include premium dining, indoor and outdoor conference centers, and a rooftop terrace. Source: Dallas Morning News, December 15, 2014.
Trammel Crow Co. and Northwestern Mutual Real Estate are planning a 6-story mixed use project on McKinney Avenue near Knox Street. The Knox Heights project will include 182 apartments and ground floor retail space. Source: Dallas Morning News, December 16, 2014.
Small Business News
The Dallas Entrepreneur Center hosted their second annual State of Entrepreneurship event in December. Venture capitalists invested $323 million in 32 North Texas companies in the first nine months of 2014, and the area now has nine seed accelerator programs and 11 incubator programs. Source: Dallas Morning News, December 11, 2014.
Redevelopment efforts along the Garland Road Corridor in east Dallas are transforming the community. Revitalized shopping centers like Casa Linda Plaza have helped sustain economic growth as new businesses open and longstanding businesses continue to thrive. Source: Dallas Morning News, December 1, 2014.
Economic Review
Source: U.S. Bureau of Economic Analysis, 2014
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Real GDP increased in 292 of the nation's 381 metropolitan areas in 2013.
- The Dallas-Fort Worth MSA ranked 6th in the nation in real GDP, with a 2013 growth rate of 2.1%.
- Sectors contributing most to the 2.1% GDP increase in the Dallas-Fort Worth MSA were trade (0.52%), education and healthcare (0.19%), and information (0.18%).
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