Valley View Mall has apparently been purchased by the Jeff Beck family, who plans to turn the hollow, seemingly vacated, 39 year old mall into an outdoor complex called “Dallas Midtown.” According to WFAA-TV, a press conference at 10 a.m will reveal further details. This will be a $2 billion project along the lines of the hyper successful The Shops at Legacy and Bishop Arts, so reports the Dallas Morning News. The plan is to bring restaurants, retail stores, office towers, a high-rise hotel and condos, all for those who want to live in the heart of a new outdoor complex in North Dallas. It’s a great location, I mean, LBJ will be repaired one of these days, right? Just last night I was talking to a developer who tells me there will be a projected 450,000 – 500,000 vehicles per day on LBJ by 2020. It seems like there are at least that many on it right now, but personally I am finding the 114 mess at the north entrance to D/FW far worse than LBJ. Originally built in 1969, LBJ was designed to carry 180,000 vehicles per day. Right now it’s holding 270,000.
Bishops Arts is doing well, and Jeff Beck is the guy who developed Trophy Club. His brother, Scott Beck, says the center is not really as hollow as we think, it’s 55 to 65% leased. So what will this mean for North Dallas real estate? Will we actually say “Meet you at Dallas Midtown” instead of “Valley View”?
— Daily Local Real Estate Dish By Dallas Real Estate Insider — Candy Evans at CandysDirt.com