Real estate and development firm E Smith Legacy has plans to bring back an innovation and office hub sitting inside a South Dallas opportunity zone.

With the help of the American South Real Estate Fund, E Smith Legacy, Emmitt Smith's CRE firm, retained enough construction financing to renovate the 29K SF 4315 South Lancaster property in South Dallas.

The mixed-use building, which was constructed in 1951 and expanded in 1999, is envisioned as an office destination and a community hub for the South Dallas region.

Known as the 4315 Innovation Center, the property sits on 2.3 acres next to the Dallas VA Medical Center and is in a designated opportunity zone. OZs are part of a federal program that allows states to designate tracts of land in disadvantaged areas in strong need of economic development. Investors in real estate deals in opportunity zones can inject money into the projects and neighborhoods while realizing capital gains tax savings if they hold their investments for a certain period of time.

South Dallas has had relatively little commercial development, making it one area where OZ developments have been greatly desired.

“We are excited to invite new tenants including Cedar Valley Community College, UNT Dallas, Guru Financial and other select, community-focused businesses committed to providing services and jobs to the local community,” Tamela Thornton, head of social infrastructure development at E Smith Legacy, said in a statement.

The property sits inside the Lancaster corridor, which connects Dallas to the city of Lancaster. The facility will give tenants a place to innovate and develop local talent while working only 15 minutes away from Downtown Dallas.

“We are pleased to continue our work on this strategically located and well-constructed asset in the heart of this growing South Dallas market,” Thornton said.

Texas Security Bank agreed to provide construction financing to bring the site back to life.