GCU News & Blog

Category: DFW Real Estate News

  • Turtle Creek Bridge Restoration: A $500K Project Amid New Developments

    Turtle Creek, located near Oak Lawn and Uptown, is known for its luxury apartment buildings and the historic Rosewood Mansion. Now, in this vibrant neighborhood, a major restoration project is underway to revitalize its aging pedestrian bridges.

    The city of Dallas, working alongside the Turtle Creek Association and Turtle Creek Conservancy, is investing about half a million dollars to restore these bridges along the green Turtle Creek corridor. Public and private partnerships are teaming up to make the area even more welcoming and easier for people to get around.

    The initiative comes at a time when the area is seeing a surge in development, with approximately $2 billion dedicated to commercial and residential real estate projects currently in progress. A Four Seasons Hotel & Residences, anticipated to have a price tag of about $475 million, is slated to open in October 2027, based on a state report.

    Restoration work on eight historic bridges is scheduled to begin in the third quarter of 2025, precisely timed to avoid colder weather that could impede paint application. Ongoing maintenance tasks, according to TCA president and CEO J.D. Trueblood, mean the project has no set finish date. Essentially, the restoration aims to enhance the appeal and sophistication of this picturesque route, supporting substantial real estate investments.

    The construction of the Turtle Creek Park bridges in Dallas is beginning in the fall, with construction expected to start on the bridges at Lemmon Avenue and Hall Street. The bridges are anticipated to attract significant pedestrian traffic, as residents frequently use them to access the nearby Katy Trail, which draws over a million visitors annually.

    This project is a collaborative effort between the Department of Transportation, Parks and Recreation, and Dallas Water Utilities. The goal is to establish a seamless visual transition from downtown Dallas to the serene natural environment and sophisticated architecture of Turtle Creek, which is attracting nearly $2 billion in development projects to the area.

    Several of the bridges in the area are over a century old and exhibit wear from “old age and graffiti,” so they need to be renewed. Extra work will include revitalizing the surrounding areas, repainting, and replacing lanterns. Using sustainable materials that blend well with the natural environment, the bridge restoration project is meant to last. Over time, the renovated bridges will require minimal upkeep.

    Beginning with smaller neighborhoods with the most walkability potential, the initiative complements city officials’ efforts to transform Dallas into a more pedestrian-friendly city. The ultimate goal is to transform the bridges into vibrant, interconnected landmarks that enhance Dallas.

  • City of Dallas Suspends Real Estate Deals After Costly Mistakes

    Dallas has suspended all upcoming real estate transactions following a series of expensive mistakes.. The latest error was the failed acquisition of an office tower on North Stemmons Freeway near the 1600 block. City officials purchased the 11-story, 228,000-square-foot building at 7800 N. Stemmons in 2022 for $14.1 million. The building is intended to serve as a central permitting hub. Despite investing millions in renovations and relocating some staff by the 2023 fiscal year, City Manager Kimberly Bizor Tolbert revealed that the move did not comply with Dallas’ permitting procedures.

    Tolbert, interim city manager as of May 2024, had already taken action before her official appointment. She instructed the staff to leave the premises and head back to the Oak Cliff Municipal Center. This was outlined as a top priority in her 100-day transition plan. The Dallas Economic Development Corporation will conduct a comprehensive building assessment, and the city auditor will initiate an audit.

    A memo from Tolbert to the mayor and city council explicitly stated that all real estate acquisitions are suspended unless previously approved by voters or the city council. Dallas will engage local real estate firm CBRE to assess surplus properties and assist with asset monetization projects. CBRE will also help the city develop new policies, evaluate staffing and infrastructure needs, and recommend technology improvements.

    With the launch of Dallas Now, a new online permitting system on May 5, the concept of a centralized permitting center is no longer viable. Instead, Dallas plans to sell the Stemmons Freeway property for redevelopment rather than invest further in renovations.

    Tolbert expressed that the city performed only minimal due diligence during the process of acquiring the building. There were no disclosures from the seller, and JLL, the broker hired for inspection, provided an insufficient assessment. Their report identified $1.2 million in immediate repairs and $1.4 million in long-term fixes but overlooked significant issues with HVAC, electrical, plumbing, ADA compliance, and parking—500 spaces short of the required 1,400.

    Describing the purchase as “unwise and poorly considered,” Tolbert noted there was no established process or clear project leadership. By August 2024, she plans to establish a new department dedicated to overseeing the city’s real estate and facilities. Dallas has invested around $29 million in the Stemmons Freeway building so far, which includes the cost of purchasing the property. Additional funds will be needed to bring the property up to code. The city is shelling out approximately $73,000 each month to keep the vacant site up and running, ensuring both maintenance and security are covered.

    Tolbert acknowledged the lack of due diligence: “That facility turned out to be much worse than we realized, and we are essentially left with a property that should have undergone thorough due diligence. The most responsible course is to sell this site and focus on recovery.”

    Earlier this year, Dallas invested $6.5 million in the former University General Hospital near Kiest Park, aiming to turn it into housing for the homeless. Months later, the property is still sitting unused, adding to the city’s ongoing real estate troubles in the Metroplex.

    Officials are now considering selling it.

    Photo courtesy of DallasCityHall.com – Kimberly Bizor Tolbert

    In February 2022, Dallas allocated $5 million for a motel located at 2929 S. Hampton Road with plans to transform it into a homeless shelter. However, the site was never developed for this purpose, and the city is now exploring options to either convert it into a fire station or put it up for sale.

    Council Member Cara Mendelsohn recently voiced her dissatisfaction, highlighting the errors in real estate acquisitions made by the council. Council Member Cara Mendelsohn said, “Until these issues are resolved, I cannot support buying any new property”

    Council Member Paula Blackmon emphasized the zoning complexities tied to redeveloping these sites. Meanwhile, Assistant City Manager Donzell Gipson conceded that fresh directives are needed and will be managed by external consultants.

    Council Member Chad West commented: “We should reconsider the city’s involvement in new real estate acquisitions.” He emphasized the need for best practices and professional expertise to ensure accountability moving forward.

    Despite ongoing challenges, West is hopeful that new leadership will address these issues. “These examples demonstrate what has not worked and why we must avoid repeating these mistakes.”

    City Manager Tolbert plans to enlist external consultants to develop a comprehensive real estate strategy, underscoring the city’s commitment to improving its real estate policies. By incorporating expert insights and tailored solutions, city leaders are focused on fostering economic stability and ensuring sustainable growth.

  • Neiman Marcus Downtown Dallas to Stay Open—At Least Through 2025

    Neiman Marcus, the iconic flagship store that has been part of Dallas for more than a century, has been granted an extension. Originally set to close on Monday, March 31, 2025, the store will remain open temporarily after weeks of talks with its parent company. Saks Global will work in partnership with the City of Dallas on potential future developments for the 2025 holiday season.

    Founded in 1907, Neiman Marcus has been an integral part of Dallas culture for more than a century. The store’s legacy is unmistakable, thanks to its trademark strawberry butter popovers, which have been served to some of the city’s most notable personalities. The decision to extend its operations gives Dallas city officials and Saks more time to update the area while maintaining its historical significance.

    Since Neiman Marcus was acquired by Saks for $2.7 billion in 2024, speculation about its potential closure has been widespread. Various ideas have been proposed, including converting the location into a luxury shopping mall, hosting curated art exhibitions, or transforming it into a fashion and events hub. During the evaluation phase, two iconic features of the store—the Zodiac Room and Neiman’s Bridal Salon—will remain open.

    Saks Global CEO Marc Metrick praised the city’s commitment to Neiman Marcus, saying it aligned with Saks Global’s mission to rethink luxury retail. City officials, including City Manager Kimberly Bizor Tolbert, agreed, stating they were excited about the opportunity to reshape Downtown Dallas while also maintaining a piece of its past.

    In the background, a land dispute complicated matters. The store’s ground lease is shared among multiple property owners, complicating negotiations, and the City of Dallas recently resolved a critical piece of that puzzle. The Slaughter family, who owned a portion of the land, agreed to donate their stake, allowing the store to continue operating while discussions move forward.

    The short-term agreement also allows the city to explore the idea of positioning Downtown Dallas as a global hub for fashion. Ideas like a fashion design and manufacturing incubator could potentially breathe new life into the city’s economy. For now, employees and patrons of the store can rest easy knowing that the doors will stay open, at least through the end of 2025.

    While Saks Global continues its evaluation of the Downtown location, plans are also underway for renovations at the nearby NorthPark store. The company sees an opportunity to differentiate the two stores and cater to varying customer needs in the Dallas area. Both the Zodiac Room and the Bridal Salon will remain operational throughout this transition period.

  • US Housing Market Crash: Why So Many Realtors Are Quitting

    The slowdown in the housing market, mostly caused by the COVID-19 pandemic five years ago, has taken a toll on real estate agents. The rising mortgage rates and economic hardships drove most potential buyers away from buying homes, causing agents, who live on commissions, to struggle to keep their businesses afloat.

    According to the Federal Reserve Bank of St. Louis, the number of full-time real estate agents and brokers was around 543,000 before the pandemic in 2019. That figure declined to 524,000 by 2021 and 512,000 by 2022. The decline accelerated in 2023 with only 440,000 agents remaining, and by 2024, that number dropped again to 398,000. These are the lowest levels since 2013, far from the over 504,000 agents at the start of the financial crisis.

    In addition to economic factors, AI is changing the real estate industry. More people are using websites and apps to buy and sell homes without real estate agents, the industry is being disrupted. Online platforms offering home valuations, virtual tours, and market analysis are becoming more popular and downplaying the role of real estate agents as intermediaries.

    Accordingly, the number of brokers and agents that are full-time has declined from its pandemic-era peak. Both regulatory reforms and tech disruption are responsible for this transformation.

    Adding to the pressure, dozens of lawsuits have been filed against the National Association of Realtors (NAR). NAR settled with plaintiffs in March 2024 for $418 million for complaints that it required home sellers to offer big commissions to agents representing the buyers under the “cooperative compensation” practice of NAR. NAR changed rules under the settlement terms that forbade sellers from including the offer of commissions for agents representing the buyers within the terms of the property for sale.

    Emily Oster, Founder of DALTX Real Estate, says this is part of a larger industry trend. “It’s the new era that agents have to be more flexible and focus more on niche areas,” she said. She cited the necessity for agents to leverage tools like AI for finding leads and processing transactions as the most vital tools for future agents.

    Real estate agents need to adapt and thrive in the changing real estate market. With so many property websites available now, sellers and buyers are increasingly able to find homes on their own, without needing an agent. Agents who don’t keep up with the changes will be left behind. Future agents will need to specialize in market analysis, finance, and developing strong negotiation skills. While the tech streamlines the transactions’ process, agents are still valuable trusted advisors.

  • Check Out What’s Coming to the Old ‘Leaning Tower of Dallas’ Spot

    Big news for everyone who’s been keeping an eye on that spot where the ‘Leaning Tower of Dallas‘ used to be – it’s getting a major makeover. De La Vega Capital Development is turning this spot into The Central, a new spot that’s looking to give Uptown a run for its money. And y’all, it’s right in the heart of East Village, which is about to get a whole lot livelier.

    So, where’s all this happening? Right off Haskell Avenue and U.S. Highway 75. They’re planning to spread this out over 27 acres, just north of where you’d pop into Cityplace Tower or hit up Target store. It’s pretty close to Uptown and West Village, where there’s always something going on. But with this new project, East Village is set to be the next big thing in Dallas.

    They’re planning a four-acre park right in the middle of it all, which they’re hoping will become a new hangout spot with shops, restaurants, and apartments. “We’re not just building a place to live and shop. We’re creating a community vibe that you’d typically see in places like New York City, where every neighborhood has something cool to offer,” said Artemio De La Vega, the CEO, at a talk he gave recently.

    Remember that half-torn down building that became a selfie hotspot overnight? That’s where all this is going down. After it finally came down, they’ve been plotting to turn the area into something special. And it sounds like they’re really thinking about what makes a place great to hang out – not just for the locals but for everyone in Dallas.

    The plans are pretty ambitious. They’ve got everything from apartments and offices to shops and a hotel in the pipeline. Groundbreaking kicked off last fall, and they’re hoping to start opening parts of it by next summer.

    Annmarie De La Vega, who’s helping run the show, said, “We’re really excited to see how this whole area along Haskell and East Village is going to come alive. It’s going to be a game-changer for sure.”

    So, keep your eyes peeled, Dallas. The Central might just be your new favorite spot to chill, shop, and live.

  • Weidner Apartment Homes Acquires Monterra Village in Fort Worth

    Weidner Apartment Homes, based in Kirkland, Washington, has purchased Monterra Village, a 550-unit apartment complex located in Fort Worth’s fast-growing Alliance Town Center. The property, sold by Hillwood Multifamily, a division of Hillwood, closed on December 18 for an undisclosed amount. Monterra Village spans 35 acres and includes 541,000 square feet of rentable space, offering 1-3 bedroom apartments and townhomes.

    Weidner’s acquisition is part of its strategy to expand its portfolio, now totaling over 6,100 units across the U.S. The company is expected to upgrade the apartment interiors, similar to other projects, to boost rental income. Fort Worth’s rising population and strong demand for multifamily housing make this a promising investment.

    The Alliance Town Center development surrounding Monterra Village includes over 1 million square feet of retail, office, and restaurant space, as well as two hospital campuses. This growing area offers significant potential for real estate growth, making it an attractive market for investors.

  • Experts Say Dallas-Fort Worth is No. 1 for Real Estate Potential

    Source: bizjournals.com

    The Dallas-Fort Worth metro ranks as the top emerging real estate market across the United States and Canada, with the highest investment and development potential.

    That’s according to the 2025 Emerging Trends in Real Estate report from the Urban Land Institute and PricewaterhouseCoopers. The closely watched annual report compiles data from more than 2,000 industry experts who are surveyed to “highlight the most pressing topics shaping the commercial real estate landscape.”

    DFW ranked as a top real estate market in part due to its healthy recovery from the pandemic, a diverse economic base and a growing population that supports continued real estate investment. The Metroplex last topped this list in 2019. It’s floated among the top few spots in the past three years and consistently ranked in the top 10 for the past six.

    For its 46th edition, the report predicts the real estate market is on the cusp of the next cyclical upturn, as inflation begins to ease. That contrasts with last year’s theme, “The Great Reset,” suggesting the industry must establish new norms in a post-pandemic world and will require investors must envision a different future if they want to survive.

    “The skies are finally clearing over commercial real estate markets, even if some dark clouds still linger,” the 2025 report says. “Industry people are more sanguine than a year ago, though also realistic. Better times are ahead, but the healing will take time.”

    Overall, the report states that market recovery is projected to be slow and gradual. The Federal Reserve’s decision this summer to implement a half-percentage point rate cut contributed to this outlook change in the commercial real estate market.

    “While challenges persist across the real estate sector, there are signs of improvement after years of hardship,” Andrew Alperstein, a partner with PwC’s U.S. real estate practice, said in a statement. He added that industry optimism has grown in the past year.

    The Sun Belt continues to rank highly. The other top four markets were either in Texas or Florida. Miami ranked No. 2, followed by Houston and Tampa-St. Petersburg. More widely, the “Super Sun Belt” accounted for 13 of the top 20 markets this year.

    Demographics are also a strong suit for greater Dallas. DFW is the most populous metro region in Texas and the fourth largest in the country, on track to replace Chicago as number three this decade.

    Additionally, DFW is home to 23 Fortune 500 headquarters and is known for attracting businesses from a variety of sectors, including insurance, telecommunications, technology, energy, health care, and logistics.

    “This combination of affordability, growth, and economic diversity should continue to attract new residents and businesses to DFW,” the ULI/PwC report says.

    This favorable ranking comes on the heels of a JLL report that found zero major office groundbreakings across DFW in the third quarter, the first time that has happened in more than a decade. But Dallas is far from alone in this matter and a reduction in inventory could actually help leasing.

    The report also noted favorable trends in major coastal markets. For example, New York climbed to No. 11, up from No. 31 last year.

    This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here. 

  • The Historic Dallas Plant Sold to Asbury Automotive by RTX

    Dallas plant of aerospace and defense manufacturing company RTX, formerly Raytheon Technologies, has been sold to Georgia-based Asbury Automotive Group. The 15-acre site at 6000 Lemmon Ave. near Love Field will now house luxury vehicles like Porsches.

    The purchase price along with other information about the transaction was not disclosed. RTX declined to provide details about the terms of the lease, and Asbury released word of the deal in a news release Tuesday..

    In 1946, a factory was built and its value based on the Dallas Central Appraisal District is approximately $17. 5 million. After some time, Asbury Automotive will build a Porsche dealership on this site. The old industrial plant is expected to start being demolished starting from 2025 with the construction ending in mid-2027.

    This will also allow Asbury to construct a state-of-the-art Volvo service garage adjacent to the Park Place Volvo at the intersection of Lemmon Avenue and Inwood Road.

    The Mercedes-Benz and Porsche dealershipsThe sale comes after RTX last year announced it would close its Dallas plant in notices filed with the Texas Workforce Commission. With upwards of more than 6,000 employees in the area, according to the website of the company.

    Before Raytheon’s ownership, the industrial plant had belonged to Texas Instruments who made the first commercially produced silicon transistor from a Lemmon Avenue facility that existed on the property in the 1950s. “The company also designed and manufactured the first transistor radio.”. very close to the old Raytheon was located, belonged to Asbury Automotive.

    Asbury Automotive took ownership of the two dealerships after it purchased eight dealerships in the Dallas-Fort Worth area from Park Place at a cost of $735 million in 2020. As the Area Vice President at Park Place Dealerships, Tony Carimi says that Dallas people love expensive cars, and in his company, they try their best for clients to have maximum comfort and feel that they are special while driving their luxury cars.

    The Lemmon Avenue plant was taken over by Raytheon in 1997 when Texas Instruments sold its defense unit to them.

  • Dallas Developer Pleads Guilty to Bribing City Officials in Real Estate Scheme

    Source: KATRIN BOLOVTSOVA / pexels.com

    Sherman Roberts, a real estate developer from Dallas, pleaded guilty to bribing two former city officials. He did this to get support for his apartment projects, according to federal authorities. Roberts, 70, used to be the president of City Wide Community Development Corporation. He admitted to paying bribes.The bribes were given to former Dallas Mayor Pro Tem Dwaine Caraway. He also paid bribes to former City Council Member Carolyn Davis.

    Source: Sherman Roberts (right) and Dwaine Caraway (Facebook, Getty)

    In return, Davis lobbied for Roberts’ projects, including Serenity Place, Runyon Springs, and Patriot’s Crossing. She pushed for low-income housing tax credits and voted to approve a $1.9 million loan for Serenity Place. Court records reveal Roberts texted Davis shortly after the vote, celebrating their financial gain. About a month later, Davis demanded more money, which Robert agreed to provide.

    Roberts collaborated with Caraway to prevent any competing bids for development and secure the Patriot’s Crossing project for cash payments and a monthly stipend. In 2019, Caraway was convicted of conspiracy and tax evasion, receiving a prison sentence exceeding four years; Davis had already pleaded guilty to bribery but died before his own sentencing.

    Roberts now faces up to five years in federal prison, with sentencing scheduled for March 2025. His case is part of a broader bribery scandal involving multiple developers, including Devin Hall and Russell Hamilton, both of whom also faced charges for similar schemes.

  • Dallas Builders Face Permit Controversy in Historic Elm Thicket/Northpark Neighborhood

    A city panel last week sided with Danny Le and Akber Meghani, two builders whose permits Dallas officials pulled after the builders constructed non-complying structures in the Elm Thicket-Northpark neighborhood. The panel acknowledged the city’s role in the permitting mistake and weighed violations concerning height restrictions, roofing standards, and land use.

    The panel rescinded Meghan’s permit revocation, citing the city’s role in the permitting error. The city did not act quickly enough on the violations and allowed construction, referencing documentation that showed the site’s land use did, in fact, originally allow for duplexes. The board members voted to hold the case until the next meeting in November, showing they want to review documents again. Thirteen of 172 permits were still out of compliance, and six property owners have not taken any action.

    Community residents asked the board of adjustments to uphold the city’s decision, citing that the builders, in particular Le-, knew full well the constructions were illegal. The City Council voted in 2022 to change zoning in order to prevent displacement and preserve this area’s legacy as a historical black neighborhood.

    For more than five years, legacy residents in the Elm Thicket/Northpark neighborhood in Dallas had fought to cap the size of new builds in the historically Black community. The city passed rules in 2022 to limit home size but appeared to fail to update the zoning information in their system when approving those construction permits. Preliminary fact-finding showed that permit applications for projects in the Elm Thicket-Northpark neighborhood reviewed between October 12, 2022, and June 2, 2023 used outdated zoning information, and some permits may have been approved in error.

    Staff identified 29 homes to investigate; 19 violated the new zoning. Those developers are appealing the orders to the Board of Adjustments. One said it could cost another $100,000 to bring his construction into compliance. Interim City Manager Kim Tolbert is looking at larger systemic changes to ensure this type of error does not happen in the future.

    The Dallas Board of Adjustment has scolded city officials for issuing permits and plans using outdated codes that resulted in 14 stop work orders and 17 more letters advising builders in the Dallas Love Field-area neighborhood of Elm Thicket that their projects didn’t comply with updated zoning passed almost two years ago.

    The call for a decision delay or disapproval elicited disappointment from residents who spoke on behalf of the Save Elm Thicket activist group, as little precedence exists in the city to preserve historic neighborhoods and said progress comes at the expense of Black and Brown neighborhoods. The Elm Thicket/Northpark neighborhood is an old Freedman’s Community that is important for its character to be preserved, displacement, and gentrification.