Development momentum is building at Victory Park
Dallas’ Victory Park project will soon be getting four more towers – the most construction since the development started near downtown. Developers are working on three high-rise apartment buildings and an office tower at Victory Park.
The new projects are coming as the largest property owner is making upgrades to the streets and public areas. And construction will start soon to revamp the retail space at Victory Park, which has lagged in leasing.
The biggest of the new developments in the works at Victory Park is a 28-story apartment tower planned at the north end of the development at Hi Line Drive and Houston Street.
Called Katy Station, the building is being designed by Houston-based architect EDI International, according to filings with the Federal Aviation Administration.
The apartment tower would be built a block north of where Houston-based Camden Property Trust is now building a 423-unit apartment community on the north side of the American Airlines Center arena.
The planned Katy Station is the tallest tower on the way at Victory Park.
Further south at Victory Avenue and Museum Way, Victory Park manager Estein & Associates and Florida-based Lennar Multifamily Communities are expected to announce plans soon for a building with a movie theater and retail on the lower levels and apartments above.
The project will be close to 20 stories and will occupy a block now used for parking.
The planned apartment tower will be right across the street from where Houston-based developer Hines and Cousins Properties are about to break ground on a 23-story office building called Victory Center. The 466,000-square-foot high-rise will take almost two years to build.
And Atlanta-based Novare Group – which just completed its 24-story, 336-unit SkyHouse Dallas apartments at at 2320 N. Houston St. – has filed plans with the city that show it wants to build a second, similar building at Victory Park. The next Novare building would be constructed next to the American Airlines Center parking garage at Houston and Payne streets.
Together all these new projects will be the largest addition to Victory Park since construction started on the 75-acre mixed-use development in 1999.
Estein & Associates – which represents German investors who own the biggest share of Victory Park – are already spending close to $100 million to improve the development, which got off to a slow start.
When the current round of construction kicks off, less than a handful of vacant development sites will remain in Victory Park.
“Victory will finally be a very important neighborhood for this area,” said John Crawford, CEO of the economic development group Downtown Dallas Inc. “There is a rebirth of Victory and we have a lot to look forward to.”
The construction of thousands of new residential units in and around Victory Park will make the project more vibrant, Crawford said. Originally Victory Park was planned to have more office and business space.
“It’s now happening on the residential front,” he said. “All of that is being brought about by the increased interest of people wanting to be part of an urban environment.”