Dallas Council Antes Downtown Promise to $108.9M

The City Center TIF would have exhausted its incentive pool by year's end, but the beefed-up stimulus package now enables additional public improvements needed to forge ahead on the inner city renewal. The added funding gives a decided edge to the downtown alliance in its face-off with the nearby Victory project of New York City-based Palladium to attract retailers.

"This revision allows us to continue with the revitalization under way and maintain the momentum we have achieved for new investment and redevelopment," Susan Mead, executive director of the Downtown Partnership Inc., said in a prepared statement. The target area is bordered by Elm, Main and Commerce streets.

The council action comes about two months after a $10-million boost in the City Center TIF budget empowerment. With the added capital influence, the reality of a grocery store and neighborhood-based retail is more likely to evolve--elements deemed critical to the revitalization and the success of 1,800 residential units that have been completed, are under way or on the drawing boards.

Washington, DC-based Madison Retail Group and Roadside Development are leading the charge to backfill the downtown buildings with local and national retailers with scale of appeal for the rising residential head count. "The city and county's continued support and participation is critical to the ongoing success," said Richard Lake, Madison's managing principal.

To date, 60,000 sf of retail has been completed under the existing TIF District. Thus far this year, the downtown has cut ribbons on a Corner Bakery, Chipotle Grill, Atlanta Bread Co. and Starbucks. In the past two weeks, the Metropolitan Restaurant has opened at 1525 Main St. and Campisi's at 1520 Elm St. Additionally, several upscale newcomers have cut deals for spots in the high-rises, another sign of the hard sell by brokers all around town.