What's the Downtown Dallas Population?
In only 12 years, the greater downtown Dallas area has gone from only 200 residents to more than 8,000 residents in the urban core (the mattress industry is booming!) and more than 40,000 living in one of the 15 districts that make up the greater downtown area, says Downtown Dallas prez and CEO John Crawford (left, with Hudson Peters Commercial’s Janice Peters and Boykin Partners’ Jeff Boykin at a CREW Dallas event). He’s got the skinny on downtown and is ready to dish at the fifth annual Bisnow Dallas State of the Market event on May 29 at the Westin Galleria. Register now.
Downtown has basically moved from a one-dimensional commercial office center to a multi-dimensional live, work, and play urban environment, he says. That residential population is the key to any vibrant downtown, attracting more development, retail, services, and restaurants. The multifamily market is strong in North Texas and the same is true for Downtown, where occupancy is above 93%. Many old office buildings that are no longer relevant for office use are being converted into residential projects. (Any time you're out with friends you can brag that you live at the office.)
Here’s just some of the projects in the works, according to DDI:
*Wood Partners plans to build 300 units on a four-acre tract on Cesar Chavez Boulevard just east of the farmers market by summer.
*High-density residential is planned by 505 Riverfront Partners on 40 acres as part of a mixed-use project along the Riverfront property between Stemmons Freeway and the Union Pacific Rail tracks.
*Harwood International plans a 33-story residential tower, Bleu Ciel, at the end of North Harwood Street.
*Flora Lofts will bring 47 units of affordable housing on Olive Street to Downtown. The project is being planned and developed by La Reunion TX and Graham Greene.
*Stoneleigh Cos and Cheng Investments are planning a 20-story residential and retail tower at the northeast corner of McKinney Avenue and Routh Street.
*The 1900 Cedar Springs project at Cedar Springs Road and Harwood Street (on top of an existing parking garage) is under development by GenCap Partners and Spyglass Equities. Construction is set for completion in mid-2015.
*Other projects are being built by JLB Partners, Novare Group, and Forest City Enterprises, among others.