Construction has begun on Goldman Sachs' new Dallas office campus, which will bring thousands more employees to the area just north of downtown.
But the neighborhood first came to prominence more than 20 years ago with the beginning of the neighboring Victory Park development.
Twenty-five years ago, Dallas voters approved construction of a new sports arena as the centerpiece of a 75-acre mixed-use development between Stemmons Freeway and Field Street.
This ambitious development was one of the nation's largest urban renewal projects, replacing an old power plant, grain elevator, and rail yard.
“We voted in January 1998 to basically open up this entire area of the city by building an arena,” said developer Ross Perot Jr. of Goldman Sachs' recent groundbreaking. He spoke at the ceremony. “125,000 people voted and we won by 1,642 votes.
“We narrowly won that vote,” Perot said. Mr. Perrault's real estate company first conceived of the Victory Park plan. “It's been growing for decades.”
Today, Victory Park is home to more than 4,000 residential units, a luxury hotel, retail space, and four office buildings housing thousands of employees. Over 7.5 million square feet of construction has been completed.
The project progressed smoothly. Victory Park's first building debuted just in time for the Great Recession. Retail space languished, and German investors, who poured more than $185 million into Victory Park, took over part of the development.
But with the construction of more than half a dozen major apartment communities over the past decade, Victory Park has come into its own with a growing population of residents.
Only about three significant development sites remain on the project. One of the largest is owned by Houston developer Hines.
In 2021, Hines completed Victory Park's tallest tower, the 40-story Victor Apartments, located across from American Airlines Center, where the Dallas Mavericks and Dallas Stars play.
The vacant tower site owned by Hines is next to One Victory Park, an office tower the company developed from 2006 to 2008. The developer is still working on plans for the property.
“We want it to fit in with the neighborhood in terms of quality,” said Hines senior managing director Ben Brewer. “Victory Park is a jewel for Dallas-Fort Worth. It provides living space, entertainment space and office space. Many players have contributed.”
Currently owned by New York-based investor Clarion Partners, One Victory Park is being renovated with a food court and upgraded tenant space. Dallas-based energy company HF Sinclair Corporation recently leased a large office space in a tower on Victory Avenue.
The W Hotel, one of Victory Park's original buildings, is undergoing a multi-million dollar renovation.
And one of Victory Park's condominium towers, the 26-story Silk skyscraper, was sold this summer to a New York-based investor.
Most of Victory Park's retail space, totaling more than 225,000 square feet, was sold in 2019 to North Carolina-based investor Asana Partners.
Victory Park's newest tower is the Victory Commons One Building, developed by Perrows Hillwood. The 15-story, 365,000 square foot office project has just signed a major lease with London-based global investment research firm Third Bridge Group.
Hillwood's Victory Commons development still has another office building site available.
“Victory Park has become an attraction for Dallas, drawing new and existing Dallas businesses and residents to Uptown,” said Hillwood's Bill Brokaw. “With the current wave of commercial and residential developments like Victory Commons One, the development value of the Victory Park area has risen to more than $3 billion today.
“Financial services companies are increasingly choosing Uptown as a location, and we expect continued growth,” Brokaw said.
Brokaw said the company has seen increased interest in leasing space at Victory Commons One in recent months as “Uptown moves west toward the Field Street Corridor and Victory Park.” Stated.
Vancouver-based Northland Properties Corp., led by Dallas Stars owner Tom Gagradi, has acquired approximately 2.5 acres of land adjacent to the American Airlines Center, which is planned as a hotel, conference center and entertainment complex. owns. Northland purchased the land in 2020, but earlier this year Gaglardi said there were no firm plans for the land.
As Victory Park nears completion, the days of having to navigate the grassroots movement aimed at blocking city funding for the arena that sparked the project are a distant memory.
“The city's $125 million investment in American Airlines Center has recouped nearly $3 billion in private investment in Victory Park alone,” said former Dallas Mayor Ron Kirk, who supported the project. Stated. “I think it's more than a pretty good deal.”
