Hunt Realty Investments is moving ahead with a transformative project in downtown Dallas.
Hunt estimates it will spend $5 billion to redevelop 20 acres surrounding the iconic Reunion Tower, the Dallas Morning News reported.
The plan calls for the construction of 3,000 apartments, a hotel with 600 to 1,000 keys, 150,000 square feet of retail space and up to 2 million square feet of office space, and a park spanning 3 or 4 acres. Hunt wants to include up to 1,500 affordable apartments, Hunt Realty Investments president Colin Fitzgibbons said.
The development would add 5,000 residents to downtown Dallas, Fitzgibbons said.
How the project would be financed wasn’t reported.
The city’s impending $3 billion revamp of Dallas’ aging convention center has motivated Hunt to move forward with the project.
The first phase of construction is likely to include a combination of hotel, retail, dining and entertainment real estate to support the convention center, along with the first phase of affordable housing. Architectural renderings show a dozen high-rises and a connection between Interstate 35 and Houston Street.
Hunt has owned downtown Dallas’ largest undeveloped tracts for decades. It also has plans to redevelop the historic Union Station, which is across the railroad tracks from Reunion Tower.
Read more
Development
Dallas
Goldman Sachs starts $500M Dallas campus
Commercial
Dallas
Goldman Sachs’ new Dallas office will cost $500M
Development
Dallas
North End moves forward with no word from Goldman Sachs
Hunt Realty and Woodbine Development developed Reunion Tower, the Hyatt Regency Downtown Dallas and office buildings in the 1970s.
Reunion’s transformation comes as part of a broader trend in downtown redevelopment, with several projects anticipated in the wake of the approved $65 million deal for the replacement of the Kay Bailey Hutchison Convention Center. The redevelopment is expected to contribute an estimated $1 billion in combined tax revenues over 20 years, the outlet reported.
Hunt Realty is involved in other major projects, including the NorthEnd development, near Woodall Rodgers Freeway, and the Fields development in Frisco.