Mixed-Use Ecosystem to Boost Collaboration, Creativity and Entrepreneurship

DALLAS—Pegasus Park is a 23-acre mixed-use office campus designed to bolster local biotech, social impact and corporate innovation. Calling it an “ecosystem that promotes collaboration, cross-creativity and entrepreneurship”, J. Small Investments in partnership with Lyda Hill Philanthropies has unveiled plans for the facility.

With amenities such as a conference center and wet labs, the repurposed development will open in early 2021 and feature four components: a biotech plus hub, a social impact hub, commercial tenants and entertainment/dining venues.

Located at 3000 Pegasus Park Dr., Pegasus Park is located near downtown Dallas and the medical district with access to two major domestic and international airports, DART light rail trains and buses, North Texas toll roads and interstates. Strategically located between the Dallas Design District and the Southwestern Medical District, Pegasus Park will offer a central networking location and facilitate the convergence of entrepreneurs, industry leaders, social impact companies, nonprofit groups and academics.

The campus currently consists of more than 750,000 square feet across multiple buildings including an 18-story office tower. Originally constructed for Zale Corporation in 1970, it was bought by the former Mobil Oil Corporation in 1981. After being near vacant for more than a decade, J. Small Investments purchased the campus in 2015 from ExxonMobil Oil Corporation.

“Reimagining and transforming a former oil and gas industry campus into a center for innovation and social impact at Pegasus Park exemplifies the spirit that has made Dallas one of the nation’s most dynamic cities and North Texas an influential region,” said Steve Davis, president of J. Small Investments.

The ability to generate profit with a strong sense of purpose for the community sets the project apart from other mixed-use Dallas developments. Dallas philanthropist Lyda Hill, who committed to donating the entirety of her estate to charity, is a key partner of the project that will create an epicenter for social impact and regional life science innovation. Creative capital structuring and generous rent subsidies for nonprofit and biotech startup tenants will position Pegasus Park as the largest impact investment of its kind in North Texas.

“This is the first of its kind and size,” Davis tells GlobeSt.com. “It is dedicated to fostering innovation and collaboration, allowing people to interact and work together in ways that can’t be done in downtown office settings. This will be a catalyst for this part of DFW and future growth of North Texas, targeting social thinkers and innovators.”

Approximately 550,000 square feet of renovated office space will be available to commercial tenants. The opportunity to be at the center of innovation, business, social impact and scientific discovery will appeal to companies seeking to attract and retain talent. In addition, access to the Convene Conference Center and other amenities will create synergy among tenants.

A key component of the Pegasus Park vision is to establish a national biotech “plus” hub as a major source of valuable innovation across life sciences and enhance the region’s reputation for scientific and medical innovation and excellence. The development will augment North Texas’ ability to develop thousands of high-paying jobs, attract intellectual and investor capital, enhance access to advanced healthcare, and to recognize local expertise and technically skilled resources.

Offering approximately 37,000 square feet of flexible lab, training and office spaces dedicated to life science innovation, the envisioned Biotech Hub at Pegasus Park is built in partnership with a nationally recognized operator. The project will provide personalized services and cost-effective month-to-month leases for science and tech entrepreneurs to set up businesses. Local and national partners are collaborating to transform Pegasus Park into a synergistic center for early-stage life science companies to develop and advance into high-growth ventures.

Water Cooler is intended to be a community of social impact, nonprofit and philanthropic tenants at Pegasus Park. Approximately 150,000 square feet will be dedicated to this social impact hub, offering flexible office space for collaboration and problem solving. Nonprofit Water Cooler tenants will receive subsidized rent, access to philanthropic funds for furniture and infrastructure, and free or low-cost amenities and services.

Pegasus Park will provide dining, entertainment and other services to an underserved strip of the Stemmons Corridor that connects the Southwestern Medical District and Design District. A local craft brewery, taproom, accompanying restaurant and beer garden as well as an onsite cafe and an indoor/outdoor lounge will all be open to the public. Tenants and community partners will have access to a fitness center and 16,000-square-foot conference center.

In response to current and future pandemic or public health crises, both the interior and exterior areas of Pegasus Park will be designed with flexibility to accommodate social distancing, high-level cleaning protocols, and the latest technology to protect tenants and visitors.

The project architect is GFF and the general contractor is Scott + Reid.