Dallas-based developer Jack Matthews, CEO of Matthews Southwest, is redefining the Cedars neighborhood adjacent to Downtown Dallas. The recent opening of the NYLO Dallas South Side is an important addition to the South Dallas landscape. The NYLO project is part of a strategic initiative to redevelop the Cedars neighborhood into one of the top urban neighborhoods in the Metroplex. The ultra modern, five-story, 76-room NYLO Dallas South Side boutique hotel is home to 950 square feet of indoor meeting space, the Terrace Bistro restaurant to and the SODA Bar, a 4,500 square foot bar boasting incredible downtown views and an infinity pool. The hotel is three blocks from the Dallas Convention Center, one block from DART’s Cedar Rail station and only minutes from Neiman Marcus, the Arts District, Uptown, the music scene in Deep Ellum, and the cool vibe of North Oak Cliff.
Civitas Capital Group has partnered with the City of Dallas Regional Center (CDRC) to provide important capital contribution and economic incentives to make the project work. Managing Partner Dan Healy confirmed that South Dallas is a hot market for new real estate projects. Civitas’ expertise and thorough understanding of the South Dallas market makes them uniquely qualified to finance new projects there.
Matthews Southwest has teamed up with Tricon Capital Group of Toronto to purchase 60 acres on Riverfront Boulevard and Cadiz Street in South Dallas’ Trinity River corridor. The $400 million project will feature a mix of residential, commercial and retail real estate. This development has the potential to transform the area near Southside on Lamar and the NYLO South Dallas Hotel into one of the premier communities in Downtown Dallas.
Started in 1997, Matthews Southwest, built the successful South Side on Lamar project, which turned the historic Sears Roebuck & Co. building on Lamar Street into high-rise loft apartments. Matthews Southwest also developed the 1,000-room Omni Dallas Hotel at the center of Downtown Dallas, connected via sky bridge to the Dallas Convention Center.
Mayor Rawlings has actively worked to develop South Dallas, proving that his campaign promise to help build up South Dallas is indeed a cornerstone of his administration. Civitas has worked closely with the City of Dallas and the Office of Economic Development to bring both immigration and investment expertise to CDRC who chose them as their third-party investment manager for the EB-5 Regional Center. This has been an important public/private partnership that has provided economic incentives for South Dallas projects.
Elsewhere in South Dallas, the world’s largest cosmetics, beauty and hair care company, L’Oreal Group, is planning a 513,000 square foot distribution center in Ridge Property Trust’s Ridge Logistics Center on Lancaster Road. This transaction reinforces opportunities for companies that require large tracks of land for build-to-suit real estate projects.
Caitlin Clark is the Arts & Entertainment and Style Writer and Social Media Director for YouPlusDallas. Follow her on Twitter at @caitlinclark
Tags: CDRC, Cedar Social, civitas capital group, dallas convention center, dan healy, dart, DCVB, downtown dallas, l'oreal group, matthews southwest, mayor rawlings, nylo dallas south side, omni dallas, Opening Bell, ridge property trust, soda bar, south dallas, southside on lamar, the cedars, tricon capital group, trinity river corridor, Visionary real estate developer