DALLAS — Site of 1973 mall will include retail, condos, five-star hotel, office and apartments.
DALLAS — Redeveloping the Valley View Center area has been an idea on the boards for several years, but the project finally found investors in the local and family-run firm Beck Ventures.
The firm purchased the mall this week from LNR Partners, the court appointed receiver. The sale is the first step in a $2 billion redevelopment project that Beck executives say will transform the North Dallas area, where urban-style, walkable mixed-use properties are scarce.
Jones Lang LaSalle closed the sale on behalf of the sellers. "As locally based owners, Beck Ventures truly understood the opportunity here, and will be able to capitalize on it almost immediately," said JLL Managing Director Jack Crews.
The mall was built in 1973 and renovated in 2004. It is currently 55 percent occupied. Beck Ventures' acquisition includes the J.C. Penney anchor site as well as several outparcels surrounding the mall.
The property will undergo a phased redesign and redevelopment and will be called Dallas Midtown. There are high hopes for what the new project will do for the city.
"This development will create an urban oasis at one of Dallas' most venerable and desirable locations," said Dallas City Councilor Linda Koop. "Dallas Midtown will be at the epicenter of the North Dallas redevelopment, and this is exactly the kind of exciting, transformational project that Dallas needs."
When the $2.7 billion LBJ Expressway is complete, more than 360,000 cars will pass by the site each day.
Plans include 1.5 million square feet of retail, condominiums, a five-star hotel, apartments and office space.
"There is currently no other project like what we are planning within the Dallas city limits, especially not in North Dallas," said Beck Ventures President Scott Beck. "Currently, we have to drive to our northern suburbs to enjoy this type of entertainment and shopping experience. Dallas has been missing walkable retail and entertainment options. Dallas Midtown will provide that experience in a convenient location.
The mall will remain on the property while development gets underway.