Business News
Blue Cross Blue Shield to create innovation hub in Dallas' West End
Blue Cross Blue Shield of Texas announced it will house its new C1 Innovation Lab at Factory Six03, a historic building in Dallas’ West End. The neighborhood is touted as Dallas’ new innovation district, with other like-minded companies looking to locate there. “We want to create a place that will move ideas through the process of quick production or quick failure” says BCBS’ Kevin Cassidy. The lab is scheduled to open this April. Source: Dallas Business Journal, January 20, 2017.
Dallas sees big increase in overseas visitors
Visit Dallas says that the number of international visitors (excluding Canada and Mexico) increased by 33% in 2015 vs 2014. Statistics from the US Commerce Department show that there were 545,000 overseas visitors, up from 409,000 a year earlier. This results in a significant economic impact, as overseas visitors spend approximately $800 per day, four times the amount that Americans spend when visiting the area. Source: CBS DFW, December 22, 2016.
Salesforce.com is expanding Dallas operations with new office
Software and business services firm Salesforce.com is expanding, renting 18,000 square feet on the third floor of the Centrum Building in the Oak Lawn neighborhood. Centrum owner Quadrant Investment Properties is investing $24 million to revamp the high-rise, located at Cedar Springs Road and Oak Lawn Avenue. Source: Dallas Morning News, January 11, 2017.
New Uptown Dallas food hall hopes to pack big sales in a small package
While a fraction of the size of most foods halls, the 26,000 square foot Uptown Urban Market is packing a big punch with its offerings – the first counter service offering from Fireside Pies called Fireside Pies Pronto, The Cupboard from Top Chef Tiffany Derry that sells pre-packaged salads, sandwiches and wraps, as well as an outlet of La Duni Baking and Coffee Studio called The Hot Counter. The market, which opened in November, is focused on bringing high quality vendors to the heart of Uptown. Source: Dallas Morning News, December 27, 2016.
City Center News
Acclaimed Fort Worth taqueria brings authentic eats to downtown Dallas
Much-loved taqueria Salsa Limón is opening a branch in downtown Dallas at 411 North Akard Street in the historic Mayflower Building. Salsa Limón owner Milo Ramirez says “It’s a great location, with high-rises all around, and Klyde Warren Park up the street.” Currently the Mayflower is being renovated, with apartments, retail, and on-site parking all planned for the mixed-use project. Source: Dallas Culture Map, January 5, 2017.
Dallas Morning News inks deal at The Statler project in downtown Dallas
The Dallas Morning News has finalized a deal to move to The Statler project’s old Dallas Library building, where it will house 600-700 employees. The newspaper will occupy all 90,000 square feet of the building, where it hopes to create a collaborative environment for its staff. The $225 million Statler development is scheduled for completion by mid-2017. Source: Dallas Business Journal, January 3, 2017.
Downtown’s Trammell Crow Center gets a redo and major addition
Downtown Dallas’ Trammell Crow Center is getting a substantial update that includes construction of a new retail and hotel project across the street. Ramsey March, development manager of the project as well as managing director at Stream Realty Partners, says “The idea is to pour light and life into the heart of the building and encourage foot traffic between the Arts District and Ross Avenue.” Source: Dallas Morning News, January 20, 2017.
Why law firm Baker McKenzie is moving to the Dallas Arts District
Law firm Baker McKenzie has signed a lease for 50,000 square feet at 1900 North Pearl Street, a 25-story tower currently under construction. Later this year the firm will move its 65 lawyers and staff to the new location, and is working with architectural firm Gensler to build in flexibility and options for future growth to the new office’s design and layout. Per managing director of the Dallas office Mike Santa Maria “It will allow us to continue our strategic focus on recruiting and retention of highly talented people.” Source: Dallas Business Journal, December 27, 2016.
Southern Dallas News
Dallas Entrepreneur Center targets southern Dallas for expansion
The Dallas Entrepreneur Center, commonly referred to as The DEC, is expanding into four new locations throughout southern Dallas, as it seeks to reach more entrepreneurs. New locations include Southwest Center Mall and the Fair Park area, as well as satellites at the University of North Texas at Dallas and Paul Quinn College. The Southwest Center Mall location will be the largest, occupying 7,500 to 10,000 square feet. Source: D Magazine, January 8, 2017.
The return of Red Bird: Big changes planned for southern Dallas mall
The changing of Southwest Center Mall’s name to Red Bird is just the first of many developments planned for this southern Dallas mall. In addition to a tech incubator (see story above), owner Peter Brodsky hopes to add a new hotel, retail, and upscale apartments, for what will become a mixed-use site “Where people can live and also work.” The development will be done in phases, with construction likely starting in 2018. Source: Dallas Morning News, January 7, 2017.
 Economic Review
City Unemployment Rate Rises with the U.S.
 Source: Texas Workforce Commission; Preliminary values, not seasonally adjusted.
- The preliminary unemployment rate as reported by the Texas Workforce Commission for the City of Dallas for December 2016 increased to 3.7 percent. The rate reflects a 510 person decrease in the size of the city’s labor force with a 1,654 person decrease in the number of employed Dallas residents.
- December was the 22nd consecutive month that the reported unemployment rate within the City of Dallas has outperformed the state’s unemployment rate.
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