Hot Hoods: Victory Park
If Victory Park was ever in Uptown’s shadow, it isn’t now. With big players such as Hillwood Urban, Hines, Trademark and an equity fund called UST XVI managed by Estein & Associates investing into the submarket, the 75-acre neighborhood has had enough experience and dollars to pull itself up by its bootstraps after the crash in 2008. Starting next year, the American Airlines Center (pictured) and the Perot won’t be the only forms of entertainment for the ‘hood. A 44k SF Cinépolis theater with eight screens and 700 seats is coming to the northwest corner of Victory Park Lane and High Market Street. More than a dozen restaurants, including Buzzbrews Kitchen, Havana Social Club and Victory Tavern, and retail concepts such as Read Between the Lines and Simply Elegant Dallas have already opened. At full build-out, Victory will have 200k SF of retail.
In addition to shopping, eating and Mavs games, Victory will soon have 1M SF of office space, including the 445k SF One Victory Park (pictured) with tenants such as Ernst & Young, Haynes and Boone, and PlainsCapital Corp. In June, Hines and UST XVI sold the 17-story tower to Clarion Partners. Nearly 4,000 units of multifamily will come from Alamo Manhattan, Camden Victory Park, SkyHouse Dallas, Victory Place, Ascent and Katy Station. Red Development’s The Union, a $300M mixed-use development on Field Street and Cedar Springs, hopes to connect Victory, Uptown and the Arts District. Victory developments have been alternately praised and criticized for using TIF funding for retail concepts, sidewalks and improved roadways. But the financing has undeniably made a difference. Since redevelopment started in 2014, developers and city officials have made Houston Street and Victory Avenue into a two-way street, added crosswalks and road signage and extended Katy Trail. More landscaping, public art, a parking garage and increased signage are underway. A full pipeline has us looking forward to Victory in 2017.