GCU News & Blog

Tag: economic growth

  • Rockwall Sees Surge in Housing and Commercial Development

    Rockwall, Texas — Once a quiet suburb on the eastern edge of the Dallas-Fort Worth metroplex, Rockwall is now making headlines for its rapid growth and major residential and commercial developments.

    Over the past few months, builders have broken ground on more than a thousand new homes. New communities such as Winding Creek, Quail Hollow, and The Homestead feature everything from cozy three-bedroom homes to spacious luxury models, complete with pools, parks, and trails. Even established neighborhoods such as The Highlands, Nelson Lake, and Somerset Park are adding new phases, as families and young professionals flock here in search of affordable space and good schools.

    It’s not just housing that’s booming. The Rockwall Economic Development Corporation (REDC) has been busy lining up new employers and manufacturing is starting to take off. Xerxes Manufacturing is putting up a brand-new plant, and Ballard Power Systems is eyeing a massive gigafactory in Rockwall Technology Park—moves that speak volumes about the city’s appeal to advanced-tech firms.

    Retailers are also taking note. With its expanding trade area and high purchasing power, Rockwall has attracted the attention of national brands. Recent expansions by grocery giant H-E-B and home furnishings retailer IKEA underscore the city’s growing reputation as a retail destination.

    Behind the scenes, REDC’s strategy has been simple: attract solid investment, support local businesses and make sure growth stays sustainable. City leaders believe that by investing in roads, schools and parks today, Rockwall can handle tomorrow’s population surge without losing the small-town feel people love.

    With new housing and commercial growth accelerating, local leaders and developers are confident that smart planning and steady investment will help the city grow without losing its identity.

  • 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.