Years after the announcement that the former Valley View mall site along Interstate 635 would be redeveloped as a global showplace for a new Dallas International District, the site is again up for sale.
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That bit of news came from a meeting of the Dallas City Council Economic Development Committee earlier this week while discussing whether to spend $11.3M to purchase a strip mall across from the site for use as part of a planned park.
When the mall site’s redevelopment as part of the 450-acre Dallas International District came up, the city’s interim director of economic development, Kevin Spath, said the entirety of the site’s 110 acres were back on the market.
“That means all three major owners have agreed to dispose of the property,” Spath said, according to the Dallas Business Journal. “Hopefully [it] will land in hands that are actually looking to develop it.”
Those owners include Beck Ventures, whose CEO, Scott Beck, bought the site in 2012 and owns around 100 acres, as well as Seritage Growth Properties and Life Time Inc.
The owners turned to JLL to find a buyer, and the lot received numerous bids before a Feb. 28 deadline, JLL Senior Managing Director Michael Swaldi told The Dallas Morning News.
Despite the anticipated sale, Beck told the DBJ he plans to remain involved in the project and looks forward to working with the city on its next chapter.
Beck Ventures in May 2023 announced the first phase of the site’s redevelopment, an $80M mixed-use building with 26K SF of ground-level retail, 275 luxury apartment units and 10K SF of amenity space.
Nearly two years later, little work has been done.
Valley View limped to its death with just an AMC theater as its biggest anchor years before that. Most of the mall was demolished in 2019, though some of it remained standing into 2023 as it neared the 50th anniversary of its opening.
The planned Dallas International District dates back to 2013 when the city expected to target international retailers and businesses for the area.
Last year, Dallas voters approved a bond proposition that will put $20M toward the district. A portion of the funds for the prospective strip mall acquisition at 13305 Montfort Drive comes from that money, with the rest to come from the area’s tax increment financing district.
If Dallas City Council approves the purchase later this month, it will be the second of the five properties needed for the park. The park is slated to include a dog park, an outdoor theater, water features, gardens and an event space, according to Dallas Park and Recreation Assistant Director Ryan O’Connor.
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