Victory Park Starts Construction to Transform an Unfinished Parking Garage into Premier Retail-Restaurant Space
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Adds 22,030 SF of retail/restaurant space and creates two-sided retail on Victory Park Lane
DALLAS (Dec. 1, 2015) – Victory Park is making two sided retail on Victory Park Lane a reality with the start of construction on the unfinished parking garage across from the W Dallas – Victory Hotel and adding an additional 22,030 square feet of retail and restaurant space to the 75-acre mixed-use development in downtown Dallas.
“Transforming the unfinished parking garage is a vital component of our retail strategy at Victory Park,” said Terry Montesi, CEO of Trademark Property Co., Victory Park’s retail partner. “Creating a two-sided retail district along Victory Park Lane is essential to crafting the vibrant, pedestrian environment we envision for the district. Now, with the two-way traffic conversion on Houston Street and Victory Avenue implemented, the new Victory Park will begin to rapidly evolve into the premier walkable retail and restaurant district of Dallas.”
Once complete, the garage, which sat unfinished since 2008, will add street-level retail and restaurant space to Victory Park, as well as a dramatic, 2,600-square-foot second floor covered patio connected to a signature restaurant at the northeast corner of the garage. The project also will include constructing new garage façades and the addition of materials complementary to the surrounding district. Completion is slated for summer 2016
“The unfinished garage has been considered by many to be the eyesore of the district, and now it will be transformed into one of its greatest assets,” said Lance Fair, COO of Estein & Associates and Vice President of Victory Park. “This block serves as a gateway into Victory Park, and the vision for its completion supports our vision for the district as a whole.”
The completion of the garage is not the only recent redevelopment milestone. As part of phase I redevelopment efforts, which began in 2014, Victory Park has added a new signalized intersection, traffic light and crosswalk at Olive Street and Victory Park Lane; and, on Victory Park Lane, removed raised medians and street lights, widened sidewalks to accommodate large outdoor patios, installed new trees, added raised mid-block crosswalks, installed placemaking elements like planters, benches and light poles and banners, implemented two way traffic on Houston Street and Victory Avenue, and extended the Katy Trail, with dedicated bike lanes on Houston Street.
Phase I will continue through early 2016 with the installation of new directories, district IDs, seating and landscaping throughout Q1.
Victory Park currently features more than 160,000 square feet of retail, restaurant and entertainment space, including: Buda Juice, Chad Rookstool Salon, Classic Pilates, Cook Hall, Hard Rock Café, The Hangar, Havana Social Club, House of Blues, Jimmy John’s, Joanna Czech, Kenichi, Medina Oven & Bar, Metro Tickets, Naga Thai Kitchen & Bar, Olivella’s Neo Pizza Napoletana, Read Between the Lines, Shooters, Simply Elegant – Dallas, Victory Park CrossFit and Victory Tavern.
In addition, BuzzBrews’ and Café Victoria are slated to open in early 2016, and Cinépolis USA, will join Victory Park in 2017.
Victory Park currently contains 160,000 square feet of retail, restaurant and entertainment space, with an additional 88,000 square feet planned; 621,000 square feet of Class-A office tenants with another 455,000 square feet planned in Hines/Cousins’ Victory Center office tower; the 252-room W Dallas – Victory Hotel; and more than 1,700 residential units, with another 1,799 units either planned or under construction.
About Victory Park
Victory Park is a 75-acre mixed-use development in downtown Dallas surrounding the American Airlines Center, home of the Dallas Mavericks and Dallas Stars. Victory Park features more than 160,000 square feet of retail, restaurant and entertainment space; 621,000 square feet of Class-A office space; the 252-room W Dallas – Victory Hotel; more than 1,700 residential units; and the Perot Museum of Nature & Science. Victory Station provides access to DART Light Rail and the Trinity Railway Express. The popular 3.5-mile jogging and bicycle path, The Katy Trail, is also directly accessible. Victory Park is a property of UST XVI Victory Park, a German real estate investment fund managed by affiliates of Estein & Associates USA, Ltd. based in Orlando, Florida. UST XVI became an equity owner of Victory Park in 2005 and the sole owner of the Victory Park buildings in 2009. For more information about Victory Park visit victorypark.com. Connect with Victory Park on Twitter @VPDallas and at facebook.com/dallasvictorypark.
About Trademark Property Co.
Trademark Property Co. is an operator, investor and developer of award-winning, mixed-use town centers, specialty, community, power centers and enclosed regional malls. Since 1991, the Fort Worth, Texas-based Trademark has invested in, or developed over 11.5 million square feet of retail and mixed-use assets worth over $2 billion. Trademark’s experienced team of 100 employees is responsible for more than 6.2 million square feet of retail and mixed-use projects currently in operation or development/redevelopment, including: Alliance Town Center (Fort Worth, Texas), Burr Ridge Village Center (Chicago, Ill.), Glades Plaza (Boca Raton, Fla.), Hillside Village (Cedar Hill, Texas), La Palmera (Corpus Christi, Texas), Market Street Flowood (Flowood, Miss.), Market Street – The Woodlands (The Woodlands, Texas), Napa Center (Napa, Calif.), Rice Village (Houston, Texas), Saddle Creek (Germantown, Tenn.), The Shops at Highland Village (Highland Village, Texas), The Shops at La Palmera (Corpus Christi, Texas), Victory Park (Dallas, Texas), Watters Creek (Allen, Texas), Waterside (Fort Worth, Texas), and WestBend (Fort Worth, Texas). For more information, visit www.trademarkproperty.com.