First Step In Long-Awaited Valley View Mall Redevelopment Breaks Ground
The initial project in the redevelopment of a prime 110-acre site along Interstate 635 in Dallas is expected to begin going vertical early next year.
Anthem Development broke ground Friday on the mixed-use Premier at Dallas Midtown project on the site of the former Valley View Center mall. The six-story project will include 296 luxury multifamily units and 13.5K SF of ground-floor retail at the corner of Dilbeck Lane and Preston Road.
Anthem and its parent company, Beck Ventures, are partnering with PLT America, a joint venture of Toyota Motor Corp. and Panasonic Holdings Corp., for equity on Phase 1 of the project.
Anthem Development President Will McNutt said the project will be the “activator piece” of the larger Dallas Midtown master-planned development.
Dallas Midtown is part of the city’s 450-acre International District, located north of Interstate 635 and east of the Dallas North Tollway. City officials want the district to include international chambers of commerce, a business center and a STEAM Academy from Dallas Independent School District.
“We particularly targeted overseas equity to serve as the ideal equity partner for Dallas’ International District,” McNutt said in a statement.
The Dallas International District dates back to 2013, though city voters approved a bond proposition last year that will put $20M toward the district.
Vertical construction on the Premier is expected to start in January or February, Beck Ventures CEO Scott Beck told Bisnow. Construction will take about two years, with the Premier slated to open in 2027.
It’s been more than a decade since the Dallas City Council approved Dallas Midtown, but the pandemic and disputes between the developer and the city have stalled the project.
Future phases of Dallas Midtown could include more multifamily, office space and a hotel, Beck said. The district could also feature an automated tram system that will connect the site to the Dallas Galleria, an endeavor that Beck said would be funded in part by a $10M grant from the North Central Texas Council of Governments.
The 4-acre project will be financed by NexBank, designed by Cross Architects and constructed by Anthem Commercial Construction. XIB Capital Partners and Nova Capital worked to secure the equity and financing, respectively.
The remaining 100-plus acres of the larger Dallas Midtown master-planned development could have a multitude of uses, Beck said.
“Whether it's a Mavericks or Stars or AT&T or the next Amazon, the beautiful part about this particular site is … those are all uses that are conducive for the zoning that's already in place,” he said.
The Dallas Mavericks are in the midst of a legal dispute with the Dallas Stars over the American Airlines Center. Both teams' area leases expire in 2031, and each franchise is on the hunt for a new home in the region.
The Mavericks want a new basketball-only arena in Dallas, with the Valley View site and Dallas City Hall reportedly being considered.
The Stars have talked with northern suburbs like Frisco and Plano but are said to be eyeing a $1B arena at the site of Plano's Shops at Willow Bend mall.
AT&T toured the 107-acre The Park at Legacy corporate campus in Plano and other northern suburbs in recent months as it considers a relocation. The telecommunications behemoth has had its headquarters in Downtown Dallas since 2008 and has a lease at Whitacre Tower through 2030.
