With a whole new year ahead of us, it’s time to look at some of the biggest and best property projects on tap for 2015.
1. The Toyota Effect
If it sounds like we’re overselling the magnitude of Toyota bringing its North American headquarters to Plano, we’re not. Quite simply, the importance of Toyota coming here can’t be overstated. For the company itself, Plano and northern DFW will be home for about 4,000 executives and workers in the company. For northern DFW, the presence of these 4,000 new, wealthy residents from New York and California will generate income to businesses that are scrambling to set up roots before the full crush of employees gets here. Vendors, suppliers, developers, and amenities are coming along with Toyota, to help support company operations and meet the demands of new residents.
2. Where 75 Meets 121
North of Plano sits McKinney, which was not only dubbed the most desirable place to live in the U.S. in 2014 by Time Magazine, but is also the hub of some major new development where routes 75 and 121 connect. Anchored by the much-awaited opening of the Nebraska Furniture Mart, a massive (almost 2 million square feet) warehouse and showroom that is expecting about 10 million visitors a year once it open in March, the 121 corridor into McKinney is growing under the major highway development transforming the interchange area and the development of Legacy West, a town center/residential turning 240 acres of once-overlooked Texas into a hotbed of residential and commercial activity.
3. Trammel Crow
Apart from the pending sale of the $60 million former Trammel Crow estate in Highland Park, the company is partnering with Metropolitan Life Insurance to develop an eagerly awaited mixed-use project in Uptown. The companies are finalizing plans to build a two-towered commercial-residential complex overlooking the arts district from its perch at the Woodall Rodgers Freeway and Pearl Street. Plans call for a 30-story residential tower and a 20-story office building across from the Federal Reserve Bank of Dallas.
4. The Airports
You would think that once an airport is in place, it’s mostly just maintenance. But no, 2015 could see a flurry of activity from DFW Airport and Love Field, each trying to reinvent itself to meet the growing business epicenter that is the new DFW. The expansion of light rail service from DFW International to Downtown Dallas will continue in 2015 and will open the door for several construction jobs, as well as increase the mobility of those living on the heretofore neglected southwestern side of the Metroplex. And at Love Field, news that the Southwest Airlines monopoly will meet the competition of Virgin Airlines will be something to watch unfold as the aging airport will get a facelift to meet a flood of new executive travelers.
5. Deep Ellum
Deep Ellum hasn’t been doing so well since its heyday a decade or so ago. Businesses struggle to stay afloat as neighboring Uptown flourishes. But with Interstate 345 coming down and a bevy of developers looking to cash in on the growth happening less than two miles away, expect big things. This year, new development could generate upwards of $4 billion in investments here, and small projects are expected to be the first step toward closing the link between Downtown and Deep Ellum.