Victory Park Redevelopment is in Full Swing

DALLAS—Victory Park, the 75-acre mixed-use development in downtown, is in the midst of a district redevelopment led by retail partner Trademark Property Co. and owner Estein USA. Victory is undergoing a full remerchandising, adding 85,000 square feet of new retail space and making key enhancements to evolve into a more walkable urban neighborhood.

Victory Park surrounds the American Airlines Center, home of the Dallas Mavericks and Stars. The park currently features more than 220,000 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 3,300 residential units and the Perot Museum of Nature and Science.

Victory Station provides access to DART Light Rail and the Trinity Railway Express. The 3.5-mile jogging and bicycle path, The Katy Trail, is also directly accessible.

This year, Victory Park is opening more than 10 food and beverage concepts and has welcomed Cinépolis Luxury Cinemas-Victory Park and WeWork, along with new public art. Orangetheory Fitness Victory Park is also a new tenant, located at 625 High Market St.

“The investments we’ve made to revitalize the district are attracting some of the best-in-class tenants and we look forward to continuing the momentum,” Laura Hale, marketing director at Victory Park, tells GlobeSt.com. “We are excited to welcome Orangetheory Fitness to Victory Park.”

Victory Park’s tenant list continues to expand with the addition of Jinya Ramen Bar, known for its ramen and Japanese-inspired cuisine, new bakery concept Sift + Pour and Biagio Wine & Spirts, all of which are new to the Dallas market.

Victory Park is a property of UST XVI Victory Park, a German real estate investment fund managed by affiliates of Estein USA based in Orlando. UST XVI became an equity owner of Victory Park in 2005 and the sole owner of the majority of the Victory Park buildings in 2009.

For the balance of the year, leasing in existing centers is boosting occupancies by eliminating vacancies both large and small from the market. Many of these projects involve renovations and redevelopments, such as what Victory Park is undergoing.

Other examples include The Shops at Willow Bend in Plano, The Hill in northeast Dallas, a new Central Market in the Preston Hollow neighborhood of Dallas and sister centers Trinity Valley and Trinity Plaza in Carrollton, according to a mid-year report by Weitzman.

The mid-year 2018 occupancy rate of 92.5% is based on Weitzman’s review of a total DFW retail market inventory of 198.1 million square feet of space in projects with 25,000 square feet or more, the largest retail inventory for any metro area in Texas.