After Years of Delay, Developers Finally Start Work on Sylvan Thirty

Categories: Development

Sylvan30Rendering.jpg
It was way back in December 2011, in the wake of a seemingly endless series of public hearings and community meetings, that the Dallas City Council gave its blessing to the Sylvan Thirty development in West Dallas and Mayor Mike Rawlings gave the command: "Let's let the dirt fly."

Finally, 15 months later, it has. On Wednesday, developer Brent Jackson was joined by Rawlings and 100 or so others to celebrate the project's long-delayed groundbreaking groundbreaking.

"This is a day to celebrate because it's the start of something fabulous in southern Dallas," Rawlings told the crowd, according to the Morning News, using "southern" as a substitute for "long-neglected."

No one seemed to dwell much on the years of zoning fights and construction delays that have postponed the project. was a forward-looking zoning fights and construction delays, which we covered extensively. "It's time to look to the future," Jackson told the Morning News.

What the future holds is a multimillion dollar investment in West Dallas that will bring apartments, retail space, an organic grocery, culinary incubator baker, butcher's shop, and restaurants to a currently desolate corner of Sylvan and I-30. The first tenant to open will be Cox Farms Market, which is slated to move in by the end of the year.

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23 comments
oakclifftownie
oakclifftownie

I have lived in  Oak Cliff  since I was a kid  I have a 500.00 a month house note that is about to be paid off and pay less than a Grand in property taxes,, But I am not fooling myself I  know if  I was in one of the new  Apartments paying those kinds of rents I doubt I would be renewing my lease because who needs random gun fire burglaries packs of Dogs running around or nightly visits by the police Helicopter ?

RTGolden1
RTGolden1 topcommenter

"celebrate the project's long-delayed groundbreaking groundbreaking."  So long delayed, in fact, that they had to have a groundbreaking ceremony for the groundbreaking ceremony.

holmantx
holmantx topcommenter

Development typically chases demographics

This is a HUGE financial risk.

What typically happens in these cases is the cost to place it into service exceeds the rents it can command due to lack of demand.  Then it goes through . . . repricing.  A nice term for bankruptcy and foreclosure.

NEW YORK--Someone droll in Sen. Pat Moynihan's office has provided a one-page "unfinished history" of Governors Island, which sits, like an unloved orphan, in New York harbor, hard by the Statue of Liberty. The history says: "1708: Lord Cornbury, New York's first transvestite governor, builds a mansion on Governors Island, possibly misusing defense funds, including proceeds of New York's unusual wig tax." 

The usual rule of thumb among developers concerning projects with high risks but potential high yields is that "the second guy in will make money"--after the first guy goes broke. Concerning Governors Island, Trump says, "The third guy in will make money."

rubbercow
rubbercow

I am SUPER excited about getting a high-quality fish counter in the area!

jeff1113
jeff1113

@holmantx 
People said the exact same thing about The Meridian in Uptown in the 1980s. And then again about West Village when it went in 15 years ago. And Bishop Arts, 10 years ago.

In all the above cases, people said the EXACT SAME THING.

In addition to the 3,000-4,000 people in all of North Oak Cliff, this will be attracting people just across the bridge in The Design District who have no organic grocery to go to. And the many more headed west on I-30 from downtown every evening who want to stop and pick up something on their way back to the burbs.

The rules have changed. It's not 1985 anymore. Catch up.

oakclifftownie
oakclifftownie

@holmantx Yes that is true Just west of Hampton between Jefferson Blvd  and Davis St  what was once an Albertsons with a Starbucks  is now Divided into a  Di Dis Discount  and a Rio Grande supermarket and the parking lot is full during business hours.

holmantx
holmantx topcommenter

@jeff1113 @holmantx 

maybe you missed the Great Recession and all the commercial foreclosure activity.

And it has not abated.

It's a huge financial risk, leading with your heart.

holmantx
holmantx topcommenter

@oakclifftownie @holmantx The City will get its West Dallas development and the private sector will take the risk - as it should be.

And if these guys lose their shirt, the development remains.  

But no matter where you build something like this, the cost-to-construct is about the same, so it will have to have a fairly high threshold rent to make it work.  And that is where the rub will be.  The tenants can't generate enough patron traffic to pay a real high rent.

As an aside, if the City anoints big tax abatements and contributes land, that is a real good indicator taxes are too high in the first place.

oakclifftownie
oakclifftownie

@Daniel @oakclifftownie  I really can't disagree and I truthfully was conflicted about the actual border  But  there is no way its  part of the Mayors Fictional creation of Southern Dallas !

MeanGreen
MeanGreen

@holmantx @MeanGreen @jeff1113 

There are absolutely no similarities between Victory and Sylvan. Victory is overpriced condos and office space. What about all the other apartment buildings being built as fast as they possibly can in uptown area? Cedar Springs area? Turtle Creek? 

holmantx
holmantx topcommenter

@jeff1113 @holmantx 

Victory Park never leased up, the Germans took it back, and Perot lost $100 Million Dollars in equity.

and it has a far better location

and demographics.

jeff1113
jeff1113

@holmantx @jeff1113
Maybe you missed the Great Dallas Real Estate Collapse of 1986-1994...which was far worse than the most recent recession and came right before Uptown took off.

Not saying there is no risk. Just saying EVERY development involves a risk....and with the pent-up and established money-market all around it (downtown, Kessler/Stevens, Medical District), at least it's a risk that makes some sense. .  

holmantx
holmantx topcommenter

@anon @holmantx @oakclifftownie 

The demographics are not in place.  That's why there has not been development.  Disposable income is not high enough.  

anon
anon

@holmantx @oakclifftownie at the same point, there will be tons of traffic directed by this development once they close the I-30 bridge. it will piss the hell out of me in terms of commute, and maybe it won't result in much incremental business for the shops here, but people will at least drive by and see what's there. also, I'm guessing the apartments will rent perfectly fine based on proximity to highway and downtown and will command decent prices per square foot. maybe enough to keep the original equity owners making money while they try to fill the already oversaturated retail market in Dallas.

downtownworker
downtownworker

@oakclifftownie @Daniel There is 2012 bond money for "Southern Dallas" development, so please by all means call Oak Cliff and Fair Park south, southern, or south-ish Dallas.

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