The transformational project that Hunt Realty Investments is working on in the downtown area of Dallas is going forward.
According to a report in the Dallas Morning News, Hunt believes that it will invest $5 billion to rehabilitate 20 acres of land surrounding the landmark Reunion Tower.
The plan asks for the building of 3,000 apartments, a hotel with between 600 and 1,000 keys, retail space that is 150,000 square feet and office space that is up to 2 million square feet, and a park that is three or four acres in size. According to Colin Fitzgibbons, president of Hunt Realty Investments, the company intends to incorporate up to 1,500 apartments that are priced affordably.
According to Fitzgibbons, the development would give the downtown area of Dallas an additional 5,000 residents.
The manner in which the project would be funded was not made public.
Having been prompted to move forward with the project by the anticipated $3 billion renovation of Dallas’s old convention center, Hunt has moved forward with the project.
A combination of hotel, retail, dining, and entertainment real estate is anticipated to be included in the initial phase of construction in order to provide support for the convention center. Additionally, the first phase of building will likely contain affordable housing. A dozen high-rises and a connection between Houston Street and Interstate 35 are seen in architectural renderings.
For decades, Hunt has been the owner of the largest undeveloped acres in the downtown area of Dallas. The historic Union Station, which is located just over the railroad tracks from Reunion Tower, is also going to be redeveloped as part of this project.
During the 1970s, Hunt Realty and Woodbine Development were responsible for the development of office buildings, as well as the Hyatt Regency Downtown Dallas and Reunion Tower.
A number of developments are projected in the aftermath of the authorized $65 million contract for the replacement of the Kay Bailey Hutchison Convention Center, which marks the beginning of the transition that is taking place in Reunion. This transformation is part of a larger trend in downtown redevelopment. According to the publication, it is anticipated that the redevelopment will produce the equivalent of one billion dollars in combined tax revenues over a period of twenty years.
Hunt Realty is also involved in other significant projects, such as the development of NorthEnd, which is located close to the Woodall Rodgers Freeway, and the development of Fields, which is located in Frisco.
