EXCLUSIVE TO D ECONOMY
City of Dallas Office of Economic Development Launches New Website
The City of Dallas Office of Economic Development (ECO) is pleased to announce that its web site, www.dallasecodev.org, has relaunched with a new design and enhanced features. The site is just one part of an ongoing commitment to ensure the resources necessary to support the Dallas economy’s continued strength are readily available and widely circulated. Source: www.dallasecodev.org, May 30, 2017.
Dallas' Latest Shopping Hotspot
One of Dallas’ newest success stories is The Shops at Park Lane, a multi-phase mixed-use project located at Park Lane and North Central Expressway (US-75). The Shops at Park Lane was created as part of the Vickery Meadow Tax Increment Financing (TIF) District, managed by the City of Dallas Office of Economic Development, and was established in 2005 to assist commercial and residential transit-oriented development near the DART light rail Park Lane Station. Source: www.DallasEcoDev.org, May 25, 2017.
Sprouts Opens in the Lake Highlands Town Center
Lake Highlands’ newest grocery store, Sprouts Farmers Market, opened on May 3rd at the Shops at Lake Highlands Town Center (LHTC), with an estimated 200 people waiting eagerly in line at the early hour of 7 a.m. to receive discount coupons and other giveaways. A grocery store anchor for LHTC has been greatly anticipated for a decade; the opening marked a milestone in the 10-year public and private partnership to create the LHTC and the infrastructure supporting it. Source: www.DallasEcoDev.org, May 26, 2017.
Survey of Downtown Dallas Residents Shows Retail Preferences, Market Potential
In November of 2016, the City of Dallas Office of Economic Development and Downtown Dallas, Inc. (DDI) conducted a survey of residents within Dallas’ Central Business District (CBD), otherwise known as downtown Dallas. The purpose of this survey was to provide valuable information about downtown households to potential retailers, employers, and investors to better meet the needs of residents. Over 466 CBD residents responded via SurveyMonkey. Source: www.DallasEcoDev.org, May 17, 2017.
City Center News
Global Tech-Recruiting Firm is Opening Downtown Office
Frank Recruitment Group, based in the U.K., has signed a lease for 12,000 S.F. in downtown’s Ross Tower. The company will operate its Nigel Frank International subsidiary, and will move into the new space on June 5th. Initially they will hire approximately 100 people, with plans to expand to 26,000 S.F. of space and employ more than 300 people. Source: D Magazine, May 22, 2017.
Downtown's Historic Statler Hotel Apartments Now Ready for Renters
The first residents of The Statler Hotel have moved in, the first of hundreds who will be living in the historic building. The 61-year-old hotel will have more than 200 apartments, as well as a Hilton Hotel with 161 rooms, restaurants and retail space. Source: Dallas Morning News, May 16, 2017.
Real Estate News
Deep Ellum Art Co. Opens This Summer with Music, Art, and Food
Construction is stirring at 3200 Commerce Street, where Deep Ellum Art Co. is taking shape. It’s slated to be an art and music performance space that will have two stages, a bar and a food truck park. In addition, it will host a monthly art bazaar named, appropriately, Deep Ellum’s Art Festival, that will exclusively feature local vendor. Source: Guide Live, May 10, 2017.
Small Business News
Dallas Climbs to Top of Paychex' Small Business Ranking
Dallas was named to the top spot of Paychex’ Small Business Jobs Index, an indication of economic growth in the sector. Dallas’ index number was 102.93, calculated from the payroll information of about 350,000 businesses with fewer than 50 workers across the U.S. Paychex’ president and CEO Martin Mucci said “This month’s jobs index once again reflects consistent small business job growth, far above pre-recession levels.” Source: Dallas Morning News, April 4, 2017.
New Interactive Toolkit for DFW Entrepreneurs
Looking for all things entrepreneurial in the Dallas area? This new interactive toolkit has a range of information, with maps showing where to find accelerators, incubators, innovation centers and more. As new resources become available, the toolkit will be updated with that information. Source: Dallas Innovates, May 12, 2017.
Peridot Coffee is Serving Game-Changing Drinks in Asian Trade District
Located in the Komart complex near Royal Lane and I-35, Peridot Coffee is serving a wide range of coffees, tea, bubble tea and snacks. While there are a variety of artisanal coffees served, the go-to drink is the “green tea flat,” a three-layered drink with matcha tea at the bottom, espresso in the middle, and whole milk foam on top. Peridot is named for the olive-green gemstone that evokes the color of unroasted coffee beans. Source: Dallas Culture Map, May 10, 2017.
Southern Dallas News
Southern Dallas is the Place for E-Commerce Fulfillment Centers
The competition for space is heating up in southern Dallas as e-commerce companies establish warehouse and distribution centers there. Companies such as Chewy.com, which accounted for more than half of the online pet supply market last year, recently opened a 663,000 S.F. warehouse at Mountain Creek Business Park. Retailers are focusing on southern Dallas due to the area’s excellent transportation infrastructure, labor market and space. Source: Dallas Morning News, April 26, 2017.
Fair Park’s Starplex Ampitheater Gets $8M Makeover
The Starplex Ampitheater in Fair Park recently reopened after a $8 million renovation. A range of upgrades have been made, including replacement of all 6,900-plus seats, updated VIP areas, lighting and entranceways. “There’s not anything here that hasn’t been touched in one way or another,” said Live Nation Dallas’ chief operating officer Danny Eaton. Live Nation operates the complex for the City of Dallas. Source: Dallas Morning News, May 3, 2017.
 Economic Review
FHFA House Price Index - Q1 2017
Source: Federal Housing Finance Agency, Quarterly House Price All-Transactions Index, 100 Largest Metropolitan Statistical Areas, 2017; Dallas Office of Economic Development, 2017. Values not seasonally adjusted.
- 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 and Freddie Mac. Home prices in the Dallas-Plano-Irving Metropolitan Division increased by 2.25 percent during the first quarter of 2017. Over the same time period home prices for the entire U.S. rose by 0.76 percent.
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