Victory Park Owner Wants $12 Million to Build Another Parking Garage

Categories: Development

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Over the summer, plans for a $33 million parking garage next to the American Airlines Center briefly became the focus of the ongoing feud between Ross Perot Jr., whose company was building the structure, and Mark Cuban, whose company opposed the project.

The garage was green-lighted by the City Council anyways, its funding secured by the expansion and extension of the Sports Arena TIF, which made another $68.9 million available for development in Victory Park and West Dallas. Today, the TIF's board took up a second project that will be funded by the expansion: another parking garage.

The garage, which will be located on the northwest corner of Victory Park Lane and Museum Way, is being proposed by Victory Park UST Joint Venture I, the development's German owners. To fund the 1,200-space garage, the developer wants $12.8 million from the TIF district.

This is all part of the vision for Victory Park spelled out in the agreement to expand the TIF district. The hope is to attract an additional 250,000 square feet of retail space and 3,000 residential units, give a facelift to property leading to Victory Park from West Dallas, make the whole thing more walkable and otherwise transform a development that has been something of an albatross into more of a going concern.

First, though, comes parking. In addition to the garage on Museum Way, the TIF board was set to approve today the design for Perot's garage and funding for a study of parking and car and pedestrian flow.

The idea seems to be that parking garages are preferable to the sprawling parking lots that currently surround the AAC and will both free up space for new development and foster a more pedestrian-friendly/pleasant environment. That's probably true. It would have been nice if that had been thought of in the late-1990s.

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11 comments
elbuenonobueno
elbuenonobueno

"To get all the people down here, what we really need is a parking garage! People will come from far and wide to park in our garage. It will be truly world class! Everyone will want to live in Victory to be next to this beautiful garage. Oh and it will only be for people who own a Dodge Stratus..."

Montemalone
Montemalone topcommenter

I wish I was a billionaire so I could get the city to pay for my business and let me keep the profits.

MikeDunlap
MikeDunlap

If there's anything we can learn from the great cities of the world (with their grand plazas, parks, transit systems, etc.) it's that nothing draws visitors and creates amazing places like the construction of giant parking garages. 

ThePosterFormerlyKnownasPaul
ThePosterFormerlyKnownasPaul topcommenter

If the development of this area is so lucrative to developers, then why are we having to subsidize it.

This is about a 35% subsidy.

P1Gunter
P1Gunter

Outside of a Mavs game or concert at the AAC (which only idiots drive to, DART drops you off 50ft from the building for 1/3 the price of parking), why is more parking needed in Victory? No one goes down there because there is basically nothing there.

The car wash probably draws more business than anyone else down there.

ScottsMerkin
ScottsMerkin topcommenter

@robbie.good i liked it till the end, dallas would never build something for someone in a stratus, its only for BMW's and up

James080
James080

@ThePosterFormerlyKnownasPaul  

It seems to me that if you want to encourage higher levels of DART patronage, and reduce automobile congestion in the CBD, stop building more parking garages at major venues. At the very least stop subsidizing them.

The larger question is why we continue to subsidize the development costs of wealthy property developers?

James080
James080

@oakclifftownie  

No, its public money, but through lobbying and political influence, certain property owners are allowed to keep the tax money they would owe the city for the increased value of improvements as a reward for improving their own property (and increasing its value).

Try it yourself, call the city of Dallas and tell them you would like to remodel your kitchen. Tell them it will add $20,000 to the value of your house, raising all average property values on your block, so you would like to keep the taxes on that additional value until you have been reimbursed for the cost of the remodeling. Hiring a politically connected lobbyist will help.

ScottsMerkin
ScottsMerkin topcommenter

@SuperfuzzBigmuff right we want to make it more walkable but we want to add parking, isnt the idea to discourage vehicle use?  How does building a garage help that?  And really like you said outside of concerts or events, who the fuck goes over there?  

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