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Mavericks, Stars, NM Exiting Downtown Dallas

DFW: After months of speculation, the Dallas Mavericks have selected a North Dallas site that once drew hundreds of thousands of people each year as their new home. And that was just one announcement in the past week that has Dallas city leaders looking for a silver lining of corporate relocations and an iconic retailer shuttering amid continued debate over the fate of the aging Dallas City Hall and the possible redevelopment of city land in the central business district and Uptown. The NBA team has exercised options to buy more than 100 acres of land at the former Valley View Mall site along Interstate 635 in North Dallas. It plans to build a year-round multibillion-dollar sports and entertainment complex that will include a 20,000-seat stadium, corporate headquarters, entertainment and restaurant venues, a medical facility, a hotel and more. The team’s lease at the aging American Airlines Center ends in 2031 and the team says it expects to be in the new arena by then. 

DFW: And the Dallas Mavericks were not alone in their announcement. The Dallas Stars, also a tenant at American Airlines Center whose lease also expires in 2031, formally revealed plans to move north—to the site of the Shops at Willow Bend, another mall site in Plano. No surprise, as the NHL team also wants to build and control its own sports and entertainment district and be closer to its suburban Metroplex fan base. The announcement follows on the heels of AT&T announcing its own global headquarters move to Plano, and recent plans for iconic retailer Neiman Marcus to close its historic downtown location in late September, after nearly 120 years. The luxe retailer, whose parent company is in bankruptcy proceedings, plans to spend $100 million to revamp its operations at its thriving location in NorthPark Center. 

DFW: And Plano appears to be the bigger winner in these real estate moves. That’s because Samsung says that it also will move its U.S. corporate headquarters to the Dallas suburb. And quickly. The electronics giant says that by the end of the year, it will relocate 1,000 employees from its most-recent American headquarters in Englewood Cliffs, New Jersey, to Plano. It wasn’t even a year ago that Samsung opened that new campus in New Jersey but says the move to Texas will position the company for future growth. Those relocated employees will work at the company’s 300,000-square-foot campus near Legacy Drive and U.S. 75. More than 100 corporate headquarters have relocated to the Dallas-Fort Worth area in the past eight years, the most of any region in the country. Plano is now the corporate headquarters for not only Samsung but for Toyota, PepsiCo, and Liberty Mutual, and, in a few years, AT&T.  

DFW: A planned billion-dollar development near Burleson is expected to break ground by year’s end. The Tallgrass development at FM 1902 and the Chisholm Trail Parkway south of Fort Worth eventually will have a combination of 4,000 single-family homes, multifamily units and large estates. Groundwork Development Partners has received preliminary approval for its first phase, which will encompass 200 of the total 620 acres. That first phase will include nearly 650 residences, about 50 acres of parks and more than a dozen acres for an elementary school. When completed, the development will have a town center, about 1 million square feet of commercial, retail and restaurant space and about 100 acres of open spaces and parks. And government leaders say that in the next 20 years, the area will eventually be home to nearly 100,000 people. 

U.S.: Mortgage rates trekked up in the past few weeks, and some recent and positive economic news could keep them that way. The U.S. Bureau of Labor Statistics announced June 5 that the U.S. economy had added 172,000 jobs in May. That was more than expected and was the third consecutive month of job growth, despite a war in the Middle East and rising gasoline prices at home. Those good reports have economists signaling that an interest rate cut from the Federal Reserve in mid-June is unlikely. They also say that the good news may provide more consumer confidence to help the housing market, but perhaps not enough to lower mortgage rates. 

COPYRIGHT © 2024. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

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