3.7MSF Mixed-Use Project on Tap for Dallas
- Mar 07, 2008
Plans have just emerged for the development of Midtown, a premier 3.7 million-square-foot mixed-use project in a blossoming area of Dallas. Icon Partners L.L.C. is behind the endeavor, which will sit at the intersection of I-635/LBJ Freeway and the Dallas North Tollway, the busiest intersection in the Lone Star State.”This is all redevelopment,” an Icon spokesperson told CPN about the community where Midtown will be erected. “This is an area of North Dallas that exploded with growth about 30 years ago. It lost its shine for a while, but it is still the second largest economic generator in the city.” Icon is anticipating that its behemoth project will help spur further redevelopment activity in the area.Icon is planning to develop Midtown in multiple phases, the first of which will occupy 20 acres. Designed as a live-work-play destination, the pedestrian-friendly project’s offerings will run the gamut. The retail segment will feature 525,000 square feet of space to accommodate upscale shops, restaurants a movie theater, and entertainment venues. One of the more unique aspects of the retail portion will be the Food District, a 50,000-square-foot area that will encompass 20 boutique gourmet shops, as well as a leading cooking school and a television studio. A 34-story LEED-certified office high-rise will also grace Midtown, offering 715,000 square feet of premier office space. The 24-hour urban destination will also offer a boutique hotel with a restaurant and spa. In addition, a total of 400 multifamily units will be available, including luxury apartments on the top floors of the 200- to 300-room hotel, and loft-style residences overlooking streetscapes. “Dallas does not have great walking and hanging-out districts like European cities do,” the spokesperson said. “Midtown will be mixed-use, but it will be a place to hang out–and you can live and work there, too.” A Dallas-based real estate firm, Icon develops a range of properties including retail, residential, hotel and mixed-use projects. The company’s activities also encompass the development of seniors housing, student housing and industrial properties. Presently, Icon has $3 billion worth of projects in its development pipeline.