Read Me In 3 Minutes!
In the past 30 years, Downtown Dallas’s landscape has evolved from an concrete jungle to a lively city full of residential and office spaces. The implementation of multiple green parks in recent years attracted a new group of residents and companies to lease spaces downtown, making the unattractive city popular to rent. Uptown Dallas, known for it’s high residential demand, is actually facing an overpopulation crisis.
Meanwhile, downtown is struggling to meet the needs of businesses as demands for office space increases. With a fast-growing population, the city of Dallas is looking to increase parking, add entertainment and dining options, implement smarter urban planning, and more.
The City’s Turnaround
The mid-1980s recession hit Dallas hard. A combination of the Savings and Loan Crisis, over-speculating, and over-building downtown devastated the economic state of the city. Residents and companies alike vacated the city, leaving an empty landscape in their rearview.
In the early 2000s, the city of Dallas knew it had to change in order to bring life back into the city and value back into its real estate. Parks and green spaces were proposed, and apartment high rises were built. Specifically, the opening of Klyde Warren Park on Woodall Rodgers Freeway in 2012 positively impacted the downtown real estate market, increasing rent tremendously in nearby popular buildings. Slowly but surely, residents poured in from the suburbs to live the new urban life Dallas had to offer.
But, an influx of people is sure to bring along problems. As more apartments were rented and offices leased out, Dallas’ main issues were uncovered.
Need for Adaptation
A large increase of new residents and workers downtown has caused new issues to arise. Parking downtown has become a major concern. A recent study found that, on average, Dallas drivers waste 48 hours a year looking for parking. That is approximately $995 in wasted time and fuel per driver, costing the city around $726 million a year.
With such a high focus on building high-rises and offices vertically, the city is forgetting to build horizontally. No convenient spaces to park means tenants and workers in skyscraper offices are spending more on parking passes than they should. Thus, the city’s need for affordable, convenient parking is increasing.
More residents have also demanded more dining and entertainment options in the area. As Deep Ellum and the West District are known as the main hotspots for Dallas nightlife, people living in the heart of downtown want to keep up.
Demand for residential space downtown is also on the rise as businesses bring their office space to the area and employees look to be closer to work.
Urban Transformation: Renovations at Trammell Crow Center
Future renovations at Trammell Crow Center aspire to solve many of these issues as they transform parking, entertainment, and dining options downtown.
A parking and mixed-use expansion will bring booming new retail to the area, including an urban market and full-service restaurant. Valet parking will also be an option for tenants, limiting the amount of time and money they may spend searching for parking in other areas of the city.
The implementation of 1.4 acres of outdoor space at TCC will increase walkability and livability of the property. Elongated green space will invite tenants and visitors alike to one of the 122 total shaded seats in the new plaza.
With businesses congregating downtown, Dallas is working to meet demands for more places to “dine and play” after the workday, and the TCC has plans to accomplish the task.
