DEEP ELLUM DALLAS SERVICE CENTER
Mini Technical Assistance Panel (mTAP) URBAN LAND INSTITUTE DALLAS-FORT WORTH Center for Leadership Class of 2020
DEEP ELLUM DALLAS SERVICE CENTER Table of Contents
HISTORY AND BACKGROUND............................................................................3 • Community Stakeholders..................................................................................4 • Overview, Stakeholder Feedback, and Considerations....................................5 • Proposed Infrastructure Improvements.............................................................6 • Site/Existing Conditions....................................................................................7 • Suggested Uses.................................................................................................8 PUBLIC POLICY....................................................................................................9 • Affordable Housing...........................................................................................9 • Public Incentives & Gap Fillers..........................................................................11 • Environmental Conditions.................................................................................12 • Zoning Considerations......................................................................................12 PUBLIC REALM & DESIGN...................................................................................13 • Placemaking......................................................................................................14 • Regional Context...............................................................................................16 • Neighborhood Context.....................................................................................17 • Dining/Food......................................................................................................18 • Amenities...........................................................................................................20 • Community Gathering.......................................................................................22 • Design Concepts...............................................................................................24 • Vehicular Hierarchy............................................................................................25 • Street Profiles....................................................................................................26 • Design Option 1................................................................................................27 • Design Option 2................................................................................................33 • Comparable Developments..............................................................................39 CLICK LINKS TO NAVIGATE
CLICK FOOTER TO RETURN
This report and all materials within are the property of ULI Dallas-Fort Worth. Reproduction or use, without permission, of any graphics or written content in the report is prohibited.
FINANCIAL PRO FORMA.....................................................................................44 • Option 1............................................................................................................44 • Option 2............................................................................................................47
DEEP ELLUM: THE OTHER SIDE OF DALLAS/GOVENAR BRAD FEATHERSTONE
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
DEEP ELLUM IS EVOLVING, BECOMING MORE DENSE AND INTERCONNECTED WHILE MAINTAINING ITS HISTORICAL AND CULTURAL SIGNIFICANCE.
STEVE RAINWATER
DEEP ELLUM: THE OTHER SIDE OF DALLAS/GOVENAR DEEP ELLUM
SITTING IN THE SHADOWS OF DOWNTOWN DALLAS, DEEP ELLUM IS ARGUABLY THE MOST UNIQUE CREATIVE COMMUNITY IN TEXAS.
3
DEEP ELLUM DALLAS SERVICE CENTER Community Stakeholders
SIGNIFICANT DEVELOPMENTS IN THE PAST FIVE YEARS ARE VIEWED AS THREATS AND AN OPPORTUNITIES FOR DEEP ELLUM The ULI Dallas-Fort Worth Center For Leadership has interviewed multiple stakeholders within the area to gauge perception of these threats and opportunities, including: • Deep Ellum Foundation (DEF) • Deep Ellum Community Association (DECA) • Westdale Real Estate Investment & Management • Asana Partners • Madison Partners • DART Board Members • Baylor Hospital • City of Dallas • City of Dallas Planning + Urban Design Department
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
4
DEEP ELLUM DALLAS SERVICE CENTER Site/Existing Conditions
CITY OF DALLAS OWNS 22.8 ACRES OF LAND IN DEEP ELLUM KNOWN AS THE “CENTRAL SERVICE CENTER” The Central Service Center is a series of sprawling, one-story buildings and surface parking for: • Dallas Transportation Department • Dallas Fire Marshals Office • Dallas City Marshal’s Office • Dallas Police Department • Dallas Sanitation Services Department • Equipment and Building Services
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
5
DEEP ELLUM DALLAS SERVICE CENTER Proposed Infrastructure Improvements
ANTICIPATED INFRASTRUCTURE IMPROVEMENTS AFFECTING DEEP ELLUM CITY SERVICE CENTER • 2030s - “Trenching” I-30 from Good Latimer to Dolphin Road. Fundraising to cap a portion of I-30 with a deck park. • 2020s - Extending the Santa Fe Trail into trailhead into Ellum. • 2020s - Constructing an additional Deep Ellum DART rail station east of the Baylor University Medical Center station. • 2020s - Consult with Oncor, Atmos to determine. Power distribution could be 2-3% of construction cost.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
6
DEEP ELLUM DALLAS SERVICE CENTER Overview, Stakeholder Feedback, and Considerations
KEY TAKEAWAYS • Mixed-Income Housing • Retain and Enhance Walkability of the Neighborhood • Introduce Variety of Uses but Favor Publicly Accessible Spaces and Locally Owned Shops
Sons of Herman Hall Meeting URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
• Green Space and Public Activity Space • Renovation of Nearby I-30 • Materials Should Reflect Honesty, Scale, and Durability
Deep Ellum Foundation Business Owners Meeting 7
DEEP ELLUM DALLAS SERVICE CENTER Suggested Uses
Parking
• Guidelines per use established by ULI Shared Parking Study • Market demand/shared parking approach preferred • Push for one belowgrade garage serving multiple properties
Commercial
Public Space
Residential
• Maintain DPD presence as a tenant in multitenant office building • Lease to/build for tenants that maintain areas artistic character • Attract/increase supply of uses (grocery, day care, dry cleaners, banks, pharmacy, etc.) • Retail tenants <2,500 SF • Provide educational opportunities
• Locate 3-5 acre park closer to the core of Deep Ellum • Must have direct visibility and access from Canton or Hall • Rooftop terraces • Community garden
• Mixed-income housing (40-120% Area Median Income) • Market-Rate Apartments • Consider pedestrian scale massing
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Safety & Security
• Dallas Police Department storefront should face Hall or Canton • Maintain DPD communications facility
8
DEEP ELLUM DALLAS SERVICE CENTER Public Policy
AFFORDABLE HOUSING h Deep Ellum Foundation 2019 Strategic Goals • The Deep Ellum Foundation desires to ensure that new housing options being provided do not only supply the higher end of the market but also provide options for those long term artist, musicians and workers who have called Deep Ellum home for years. • The foundations plans to measure success by tracking the ratio of housing units available in Deep Ellum by different income brackets. • The income brackets recommended to track were 60%, 80% and 100% Average Median Income. • It is the recommendation of the public policy committee to add tracking the 120% AMI level which opens up housing options for many of the work force employees in the area. h City of Dallas Income Levels and Rent Limits • The chart below shows the income limits for the different % AMI brackets along with their monthly rent burden at 30% allocation of income to housing cost. Percentage of Average Median Income* Unit Type*** Efficiency
1BR
2BR
3 BR
60% Income Level Rent Level Income Level Rent Level Income Level Rent Level Income Level Rent Level
80%
100%
120%
$34,920
$46,550
$58,170
$69,804
$873
$1,164
$1,454
$1,745
$37,410
$49,875
$62,325
$74,790
$935
$1,247
$1,558
$1,870
$44,880
$59,850
$74,790
$89,748
$1,122
$1,496
$1,870
$2,244
$51,870
$69,175
$86,424
$103,709
$1,297
$1,729
$2,161
$2,593
h New Construction and Affordability • Providing housing at a rent level that can be attained by a larger portion of the renter pool has proven to be very difficult due to raising land, construction and labor cost without alternative financing vehicles or incentives programs. • The City of Dallas has implemented a Comprehensive Housing Policy to attempt to provide options to address the housing shortages in these income brackets. Many of their policies (ie. voluntary inclusionary zoning or density bonuses) will not be as effective for the Deep Ellum Service Station because this area already has entitlements that allow for high density, urban construction. • They City of Dallas has a great opportunity to use creative funding mechanisms and deal structures in order to address these issues. h Development Plans • Due to high construction cost, it is extremely difficult to provide affordable housing in Type I concrete construction. Having wood frame construction as a part of the development plan lends itself to the possibility of providing mixed income housing options. • Development Plan Options A – D all have wood frame construction proposed as a part of the development scenario. • A good goal would be to have 20% - 30% of the housing be within the 60% - 120% AMI range. This could be increased more depending on the financial incentives and deal structure made with the City of Dallas.
* Dallas AMI based on a family of four (4) - $83,100 ** Rent levels based on 30% of income level *** 1.5 persons per bedroom / 1 person per efficiency
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
9
DEEP ELLUM DALLAS SERVICE CENTER Public Policy
AFFORDABLE HOUSING (CONTINUED)
h Affordable Housing Toolbox • Deep Ellum TIF – The Deep Ellum TIF has the ability to provide funds to developers for providing housing units at 80% of AMI. This can be done on a case by case basis. • Chapter 380 Agreement – Grants can be awarded for providing a percentage of affordable units in new developments. • Public Facilities Corporations (PFCs) – Chapter 303 of the Texas Local Government Code allows for 100% tax abatement for developments providing 50% of housing units at or below 80% AMI. This requires a ground lease structure where the City of Dallas would retain ownership of the land and provide a 75 - 99 year ground lease to the developer.
• Creative Public/Private Partnerships – With the City of Dallas owning the land they have the ability to structure unique arrangements to incentivize affordable housing. This could be as simple as reduce land cost, lower ground lease rent, waiver of permits and fees, fee in lieu for affordable housing redevelopment in other parts of Deep Ellum and/or other unique arrangements. URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
CRESCENT COMMUNITIES
• Low Income Housing Tax Credits - Federal tax credits are issued to developers of qualified residential projects. To qualify, among other things, the projects must offer a specified percentage of “affordable” housing units. The “affordability” of the units is based upon those units being restricted to only those renters below certain threshold income levels (tied to HUD-determined median income). Developers typically sell these credits to third-party investors in order to raise capital for their projects.
10
DEEP ELLUM DALLAS SERVICE CENTER Public Policy
PUBLIC INCENTIVES & GAP FILLERS Housing h Low Income Housing Tax Credit • The project could qualify based on certain income / affordable housing restrictions. This may also meet the “artist loft” desire that some have expressed. • Eligible housing receive tax credits, over a ten year period, that could be monetized upfront and provide up front, gap funding on the multi-family development
Parks & Green Space h TIRZ • Parks/ Green Space are authorized improvements within TIRZ • District-Wide Improvement – falls under 5% set-aside h TP&WD Grant – Urban Outdoor Recreation Grant • Up to $1.5MM in funds; would need to be matched by City (land dedication included in City match)
Hotel h Chapter 380 of HOT • The City could rebate the hotel occupancy tax back to the hotel developer to help the numbers via a Chapter 380 Agreement. • Based on certain assumptions, this could provide millions of gap funding over a ten year period in order to help make the project successful h New Market Tax Credit • Due to the census tract the service center resides in, the project could be available for a federal New Market Tax Credit. • Unlike the 380 agreement, where payment needs to be made over time, this credit could be monetized to provide upfront financing to launch the product • The establishment of a separate, qualified-active low income business (QALICB) will likely be necessary for the developer to receive the award.
Parking h TIRZ • Again, set to expire in 6 years • District-Wide Improvement – falls under 5% set-aside ¾ But, private (gates, rental) parking not qualified • Potential for 380 grant from City for parking – likely in form of loan with potential for forgiveness • Potential for development district creation to aid in funding – in-city municipal management district ¾ Only if assessments would not over burden property ¾ Difficulties with private parking here, as well
Infrastructure h TIRZ • The Zone could benefit all uses, but unfortunately, it is scheduled to expire in 2027, which does not leave it with much useful life. • The project itself could generate about $1M in TIRZ contribution annual over a 4-5 year period • Realistically could pay for site plan, demo, or some other infrastructure costs URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Land Disposition • With the property in a TIRZ, City can structure a sale to whatever party they choose at a rate that does not have to be at market value • Discounted land can be used to increase IRR for any land use that does not have sufficient return • However, it is wise to assume in effort to get fair market value for the City, due to the cost of the relocation of the services at the Deep Ellum Service Center, and most of the public benefits could be rebated back (TIRZ, HOT 380, etc.) 11
DEEP ELLUM DALLAS SERVICE CENTER Public Policy
PUBLIC INCENTIVES & GAP FILLERS (CONTINUED)
Office h Texas Enterprise Fund • The state program awards up to $10,000 per job to qualified relocations that are considering one Texas location against other national or international options. • Uber recently received $24M for upcoming nearby development – with 2,000 jobs expected in “non-creative office” another substantial award is possible • The award does go directly to the company, but the funds could go to the project in a build-to-suit arrangement h Texas Enterprise Zone • The City of Dallas could designate the site as Zone, providing a portion of a rebate on the sales tax for construction materials Public Funding, Generally h Existing PID is tapped out • Can use some funds for additional security, graffiti abatement, marketing, but not for public infrastructure. h Potential for in-city municipal management district • Only if assessments would not over burden property • Avenue to funnel HOT, SUT back into the MMD area • Can utilize assessments, rather than taxes (finite end date); city would convey property to another party
ENVIRONMENTAL CONDITIONS Environmental Impacts Expected to Have Regulatory Closure • The City has identified soil and groundwater impacts • Seeking closure through the VCP • Has Obtained a “No Further Action” letter for leaking USTs in 2016 Development Impacts • USTs will need to be removed; potential for other features • Residual impacts could pose vapor concern • Could also be a soil management issue
ZONING CONSIDERATIONS Currently, the site is zoned in Planned Development 269. This development plan that allows the properties to be developed with master planning in mind. The framework of this zoning entitles the proposed site as a special district permitting specific residential, commercial, industrial, lodging and other desirable mixed uses across the affected tracts. The continued objectives have been to: • Provide for a diversity of land uses • Balance of current and anticipated demand for thoroughfare capacity • Mitigate of parking demand caused by density • Preserve existing fabric and district context • Promote urban design concepts such as place-making and economic viability into the creation of places with distinct beauty and identity • Encourage community investment through 3P initiatives It is therefore recommended that the PD-269 remain in place in order to promote the continued reemergence and success of the district.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
12
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Placemaking
A district layout, including building massing, open space, streetscape articulation, and vehicular and pedestrian circulation that is both consistent with the historic overlay of Deep Ellum, while furthering progressive and current trends for mixed-use developments.
Streetscape networks and neighborhood blocks that are both efficient and pragmatic for the vehicular realm, while also thoughtful in its considerations for the pedestrian experience, including opportunities for social gathering, community events, and connections to green space, at a variety of scales.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
A wide range of public uses and programming that offer a variety of year-round options for residents, tenants, and visitors to connect and engage with one another.
13
DEEP ELLUM DALLAS SERVICE Public Space at theCENTER Crossroads Public Realm - Placemaking
WHAT IS PLACEMAKING?
Public space is inherently multidimensional. Successful genuine pubPlacemaking inspires people to collectively reimagine andand reinvent lic spaces are used byheart manyof different people for many different purposes at public spaces as the every community. Strengthening the many different timespeople of the and day and the year. Because public spaces harbor connection between the places they share, placemaking WHAT IS PLACEMAKING? so many uses and users—or fail tobydo so—they areshape also where a staggering refers to a collaborative process which we can our public Placemaking people to collectively reimagine and reinvent cross-section oftolocal and global issues converge. realminspires in order maximize shared value. More than just promoting public spaces as the heart of every community. Strengthening the better urban design, placemaking facilitates creative patterns of connection between people and the places they share, placemaking ARCHITECTURE use, paying particular attention to theour physical, cultural, and social refers to a collaborative process by which we can shape public EQUITY & DESIGN realm in order to maximize shared value. Moreand than just promoting INNOVATION & place identities that define a support its ongoing evolution. better urbanENTREPRENEURSHIP design, placemaking facilitates creative patterns of GOVERNANCE use, paying particular attention to the physical, cultural, and social SUSTAINABLITY identities thatMAIN defineSTREETS a place and support its ongoing evolution.
PLACE
ARTS & CULTURE PUBLIC HEALTH
POWER OF 10+ How Cities Transform through Placemaking To be successful, cities need destinations. They need destinations that give an identity and image to their communities, and that help attract new residents, businesses, and investment. But they also need strong community destinations that attract people. A destination might be a downtown square, a main street, a waterfront, a park, or a museum. Cities of all sizes should have at least 10 destinations where people want to be. What makes each destination successful is that it has multiple places within it. For example, a square needs at least 10 places: a café, a children’s play area, a place to read the paper or drink a cup of coffee, a place to also sit, somewhere to meet friends, etc. Within each of the places, there should be at least 10 things to do. Cumulatively, these activities, places and destinations are what make a great city. We call this big idea the “Power of 10+.”
& RESILIENCE
LOCAL FOOD STREETS & TRANSPORTATION
Public space is for negotiating the interface between our homes, our businesses, our institutions, and the broader world. Public space is how we get Cities have the capability of providing something everybody, only beacuse, andcapability only when, Cities have the of providing something to work, howfor we do our errands, and how we get back home. Public space is they are created by everybody for everybody, onlyJacobs beacuse, onlyiswhen, where nearly half of violent crimes-Jane happen. Publicand space where policing they are created by everybody ensures safety for some but not others. Public space is-Jane for buying Jacobs and selling, or for meeting, playing, and bumping into one another. Public space is for conveying our outrage and our highest aspirations, as well as for laying the most mundane utilities and infrastructure. And when we let it, public URBAN LAND INSTITUTE FORT WORTH Deep Ellum Dallasexpression, Service Center | Miniand Technical Assistance Panel (mTAP) space can be aDALLAS medium for creativity, experimentation.
Place
10+ THINGS TO DO, LAYERED TO CREATE SYNERGY
City/Region
10+ MAJOR DESTINATIONS
2
Destination
10+ PLACES IN EACH
3
14
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Placemaking
WHAT MAKES A GREAT PLACE? It's surprisingly simple. Most great places, whether a grand downtown plaza or humble neighborhood park, share four key attributes:
1. They are accessible and well connected to other important places in the area. 2. They are comfortable and project a good image. 3. They attract people to participate in activities there. 4.
They are sociable environments in which people want to gather and visit. again and again.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
15
DEEP ELLUM DALLAS SERVICE CENTER Regional Context
Set within the historic Deep Ellum neighborhood, the Dallas Service Center is an existing regional hub for a wide range of city services. This secure and generally privately accessed 22.8 acres is set just north of I-30 along the eastern edge of one of Dallas’ most premier upcoming neighborhoods in Deep Ellum.
[ Old East Dallas
IH 345 Removal
ile 1M
Uptown
1/2 Mile
Baylor U. Medical Center
75
360 Plan Catalytic Development Area
30
Elm St (360
t
e Av
ve dA 2n
nS Canto
With 1 mile of the site, one can access one of Dallas’ most historic landmarks, Fair Park, Downtown Dallas, the Cedars historic residential and mixed-use neighborhood, and the future 360 Plan Catalytic Development Area, located just east of I-75, east of downtown Dallas.
t 1s
City
Exposition Park
r Majo Plan ts) en
em St erceate improv Comm / Priv
Within 1/2 mile of the site, visitors to this site will have direct access to the Baylor Medical Center located to the north, Exposition Park to the east, as well as significant portion of the Deep Ellum district itself to the west.
SITE Deep Ellum Entertainment Center DART Rail Operations
[
Downtown
Proposed D2 Line
Fair Park
IH 345 Removal
Cedars 45
olm alc M
30
Existing DART Line
X
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
South Dallas
There are three major arterials leading to the subject site, I-45, I-30, and I-75, all primary routes for both regional and neighborhood traffic. These three highways provide critical linkages that offer our site a unique access to the site. Future development opportunities and infrastructure improvements across the Deep Ellum district will provide a strong economic outlook for this evolving Dallas neighborhood. The following pages indicate the initial framework and inspirations for how the Public Realm can be collaboratively articulated to achieve a successful development in Deep Ellum for everyone involved.
16
6"
36 "
8"
"
20
t 1s
Canton street serves as the northern border of the site, providing strong connectivity to the west into Deep Ellum, while providing the primary vehicular connections to 2nd Ave. and 1st Ave. to the west, as well as Exposition Park. Hall Street borders the western edge, providing direct connectivity to Baylor Hospital to the north, while also offering an opportunity to split off and become the site’s primary point of entry.
6" 6"
"
"
"
6" 6"
8"
20
6" 6"
4"
"
6"
"
8"
8" 4"
6"
8"
"
City Square 4
8"
6"
30
12
"
8"
Within the development area, few amenities are available for preservation. There are no significant trees, historic monuments, notable features, or any considerations for adaptive reuse of the buildings or infrastructure, other than the sites primary iconic structure, the Communication Tower. This large central element will likely remain in the proposed development scenarios and could be a future opportunity to be a signature element that is easily recognizable and could provide a wide range of possible adaptive options for identity, branding, color and light.
8"
8"
" 20
"
"
18
6"
6"
"
12
18
6"
8"
Grain Mill
"
20
20
"
20
6"
8"
6"
12"
20
8"
8" 8"
8"
Public 8 " Storage
12
Self Storage
"
Residential
6"
6"
36
8"
" 12
6"
8"
8"
8"
12
Communication Tower
8"
8"
8"
"
10
"
8"
8"
"
6"
8"
"
I-30 poses both a constraint and an opportunity, as this major highway serves both a physical impediment to connectivity to the southern neighborhoods, while also providing direct access to the site for regional connectivity and visibility.
8
12
ve dA 2n "
8"
8"
36
12
e Av
8"
"¥
"
6"
Sandbar Cantina
8"
8"
10"
6"
The overall site is 22.8 acres and is generally disengaged from the historic fabric of the surrounding Deep Ellum neighborhood. The site itself disrupts the overall street grid of the district to the west and blocks vehicular and pedestrian connectivity to the east.
8"
6"
10"
"
"
10"
12"
12
15
15"
12"
12"
12"
8"
8"
10
6"
8"
St Hall
8"
8"
Exposition 8" Park
8"
8"
8"
8"
12"
8"
6"
10
6"
8"
6"
"
6"
6"
6"
6"
8"
20"
8"
6"
8"
6"
8"
16"
"
"
8"
6"
6"
n St Canto
6"
12"
10 36
6"
12"
12"
12"
8"
12"
12"
8"
6"
6"
DEEP ELLUM DALLAS SERVICE CENTER Neighborhood Context
12
"
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
DART Rail Operations 8"
17
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Dining/Food
• • • • • • • • •
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Food Trucks Casual Dining Cafe / Bistros Permanent vs Transitional Local Markets Regional Sourced Food Culinary Arts Test Kitchens Food Halls
18
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Dining/Food
Creating casual restaurant and bar opportunities with the site, in keeping with the style and aesthetic qualities of Deep Ellum, will be important components of the culture and entertainment aspects of the new development. Restaurants designed for small to medium sized crowds, craft beer, food trucks, gaming, and social interaction will all be considered.
The plan emphasizes boutique restaurants, casual dining with open, outdoor seating, and iconic, memorable one to two-story architectural structures that pay homage to the Deep Ellum architectural standards. The materiality of current trends for energy use, lighting, sustainable materials, and best practices for space planning and adaptive reuse will be critical components of these vital community businesses within the proposed green spaces of the district.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Along with permanent restaurants and dining opportunities, the development will connect food and the urban environment together, seamlessly blending functional outdoor park space with food. Highly customizable interactions and flexible organization of design and pedestrian circulation will ensure the park will be adaptable to a wide range of programming and uses throughout the year.
19
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Amenities
• • • • • • • • • •
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Gaming Active Recreation Water Features Passive spaces / Relaxation Wellness Programming Shade Trees / Ornamental Trees Open Lawn Pavilions / Stage Site Furnishings Cafe Seating
20
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Amenities
Passive activities such as shared book exchanges, outdoor dining, soft seating, lounges chairs, fire pits, and quiet pocket parks will offer more intimate moments for visitors, tenants and residents needing to find solace in the busy urban environment. These elements are an important counter balance to the more active public spaces, both equally needed. The culture of Deep Ellum lends itself to these “found moments” of respite that are to be discovered and experienced between a few friends, and not designed for larger gatherings.
Games are universally popular as part of outdoor activities. Activities such as corn hole, bocce ball, pickleball, and even outdoor fitness are all gaining in popularity for younger and older generations alike. These entertainment options and amenities for social interaction go far beyond the traditional passive uses for parks, blending more intentional social opportunities withing the natural fabric of urban green space.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Places to sit and gather, whether around food and drinking, happy hours, early morning breakfast, or chef driven dining, the mixed-use development will provide ample opportunities for shade, connections to nature, fresh air, and seasonal color and textures. Amenities such as seating areas, fire pits, pocket parks, and even water features are important elements for the urban environment, especially supporting retailers, office tenants, hotel patrons, and the surrounding residential buildings.
21
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Community Gathering
• • • • • • • • •
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Concerts Movie Night Festivals Art Programs Dog Parks Monthly Events Community Outreach Health and Wellness Fitness
22
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Community Gathering
Larger public gatherings, such as concerts, would bring additional opportunities for the Deep Ellum public realm. Dedicated green space, designed for larger crowds, would bring an renewed sense of community and offer a dynamic range of activities that aren’t currently achievable within the existing exterior spaces of the surrounding neighborhood. Music, art, food, and culture could be celebrated in larger, more meaningful ways with dedicated, carefully managed, thoughtfully designed open space.
Year round events, such as weekend festivals, and daily events, further the connections to the community at both a neighborhood and a regional level. These events, whether highly organized and scheduled, or more organic and spontaneous, breath life into the district and create an urban energy for a more healthy, entertaining, and vibrant experience.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Central green space, access to fresh air, open space, and dedicated gardens and ornamental plantings offer a connection to the outdoors that is meaningful, both passively and recreationally. An emphasis on health and wellness, as well as intentional views of the natural environment, create a more sustainable and healthy long term development. These open spaces offer both physical and mental respite for the urban environment, and are highly desirable for residents and visitors who will be living and working daily in the district. And don’t forget dogs need places to play too.
23
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts
OPTION 1
OPTION 2
Office
Residential
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Restaurant /Retail
Police Substation
Park
24
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Vehicular Hierarchy
Downtown 2 Way Street (80'-100'ROW) Collector Road 2-Way Street (80’-100’ ROW)
Collector Road 2-Way Street (80’-100’ ROW) Downtown 2Street Way Street (80'-100'ROW) Downtown 2 Way (80'-100'ROW)
Downtown 2 Way Street (80'-100'ROW) Neighborhood 2 Way Street(50’-60’ (50'-60'ROW) Neighborhood 2-Way Street ROW) Neighborhood 2 Way Street (50'-60'ROW)
Neighborhood (50’-60’ ROW) Neighborhood 2Street WayStreet Street (50'-60'ROW) Neighborhood 2 Way2-Way (50'-60'ROW)
TRACT 2 134,919sf 3.10ac
TRACT 1 40,796sf 0.94ac
TRACT 2 134,919sf
PEDESTRIAN CONNECTION
TRACT 1 40,796sf 0.94ac
TRACT 1 40,796sf
TRACT 4 54,263sf 1.25ac
TRACT 1 0.94ac 40,796sf 0.94acCREATIVE OFFICE / RETAIL CREATIVE OFFICE / RETAIL
TRACT 5 14,421sf 0.33ac
TRACT 5 14,421sf 0.33ac
TRACT 3 113,673sf 2.61ac
TRACT 2 134,919sf 3.10ac
TRACT 5 14,421sf
TRACT 4 54,263sf 1.25ac TRACT 8 94,807sf
TRACT 3 113,673sf 2.61ac
TRACT 7 75,807sf 1.74ac
TRACT 6 112,667sf 2.59ac
TRACT 6 112,667sf 2.59ac
TRACT 4 54,263sf 1.25ac 6 STORY HOTEL (150 KEYS) REST (4K SF)
TRACT 8 94,807sf
0.33ac TRACT 4 1 STORY 54,263sf F&B 5K SF 1.25ac 6 STORY HOTEL (150 KEYS) REST (4K SF)
TRACT 10 106,032sf 2.43ac
TRACT 6 112,667sf 2.59ac 5 STORY WRAP MF (230 UNITS)
TRACT 10 106,032sf 2.43ac
TRACT 5 14,421sf F&B 0.33ac 6K SF 1 STORY F&B 5K SF
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
F&B 6K SF
F&B 6K SF
TRACT 8 PARK + RADIO TOWER 2.03 ACRES HISTORIC GRAIN ELEVATOR
TRACT 7 TECH OFFICE 6-STORY 350K SF (58,000 SF / FLOOR) 1.33 ACRE
TRACT 6 112,667sf 2.59ac 5 STORY WRAP MF (230 UNITS)
HISTORIC GRAIN ELEVATOR
TRACT 7 TECH OFFICE 6-STORY 350K SF (58,000 SF / FLOOR) 1.33 ACRE TRACT 10 106,032sf 2.43ac 10 STORY OFFICE (350K SF)
TRACT 9 RELOCATED POLICE SUBSTATION SINGLE-STORY 121K SF
OPTION B VEHICULAR OPTION B VEHICULAR HIERARCHY ROW WIDTHS HIERARCHY WITH WITH ROW WIDTHS
PEDESTRIAN CONNECTION
F&B 6K SF
TRACT 8 PARK + RADIO TOWER 2.03 ACRES
TRACT 3 TRACT 3 113,673sf 113,673sf 2.61ac 2.61ac 5 STORY 5 STORY WRAP MF (230 UNITS) WRAP MF (230 UNITS)
TRACT 7 75,807sf 1.74ac
3.10ac TRACT 2 2 STORY 134,919sf CREATIVE OFFICE (120K SF) 3.10ac CREATIVE OFFICE / RETAIL 2 STORY CREATIVE OFFICE (120K SF) CREATIVE OFFICE / RETAIL
TRACT 10 106,032sf 2.43ac 10 STORY OFFICE (350K SF)
TRACT 9 RELOCATED POLICE SUBSTATION SINGLE-STORY 121K SF
OPTION D VEHICULAR HIERARCHY ROW WIDTHS OPTION DWITH VEHICULAR
HIERARCHY WITH ROW WIDTHS 25
DEEP ELLUM DALLAS SERVICE CENTER Public Realm - Street Profiles
DOWNTOWN TWO-WAY STREET (80’ ROW)
Downtown 2 Way Street (80’ ROW)
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
NEIGHBORHOOD ONE-WAY STREET (60’ ROW)
Neighborhood 2 Way Street (60’ ROW)
26
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 1
Office Residential Restaurant /Retail Police Substation Park
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
27
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 1
Aerial view of the proposed development illustrating continuation of green spaces to connect to Trunk Avenue (in the center of the development) and ½ acre parklet on Canton Street that serves as entry to development.
Aerial view of ½ acre entry parklet with 2,000 square foot pavilion anchoring edge of park. Attached greens anchor development uses allowing for resident and tenant break out zones creating an exterior environment that promotes health and wellness.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Aerial view of development illustrating tree lined streets with wide sidewalks encouraging connectivity and walkability.
28
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 1
AFFINITY IMAGERY
HIGH-RISE RESIDENTIAL
OFFICE
CREATIVE OFFICE/ RESIDENTIAL LOFTS ABOVE
RESTAURANT
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
HOTEL
MID-RISE RESIDENTIAL 29
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 1
LOOKING NE URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
30
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 1
LOOKING S URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
31
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 1
LOW AERIAL URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
32
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 2
Office Residential Restaurant /Retail Police Substation Park
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
33
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 2
Aerial view of the development with residential (multi-family) building in the foreground with private courtyard, and regional approximate 3 acre park in the center of the development.
Aerial view of the development reflecting the approx. 3 acre park as the centerpiece of the development.
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Aerial view looking down Canton and other internal development streets emphasizing the tree lined streets creating greater walkability and connectivity.
34
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 2
AFFINITY IMAGERY
OFFICE
CREATIVE OFFICE/ RESIDENTIAL LOFTS ABOVE CREATIVE OFFICE WITH RESIDENTIAL LOFTS ABOVE
RESTAURANT
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
HOTEL
MID-RISE RESIDENTIAL 35
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 2
LOOKING NE URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
36
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 2
LOOKING S URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
37
DEEP ELLUM DALLAS SERVICE CENTER Design Concepts - Option 2
LOW AERIAL URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
38
DEEP ELLUM DALLAS SERVICE CENTER Comparable Developments
THE CENTRAL SERVICE CENTER 22.8 AC
Several comparable developments within the United States were examined based on similar size, mix of uses, cultural and historical significance, and other factors.
• • • •
Wynwood - Miami, Florida The Pearl - San Antonio, Texas River North (RiNo) - Denver, Colorado The Meatpacking District - Manhattan, New York, New York
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
39
DEEP ELLUM DALLAS SERVICE CENTER Comparable Developments
WYNWOOD
Fast Facts • Located in Miami, FL just north of downtown • ~525 acres • Prominent Entertainment District dotted with artwork, restaurants, breweries, clothing stores, dance venues, and other retail
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
40
DEEP ELLUM DALLAS SERVICE CENTER Comparable Developments
THE PEARL
Fast Facts • Located in San Antonio, TX just north of downtown • ~47.6 acres • Top culinary and cultural destination • Mixed use space featuring retail, dining, green spaces, riverside amphitheater • Sustainable buildings mixed with historic architecture
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
41
DEEP ELLUM DALLAS SERVICE CENTER Comparable Developments
RIVER NORTH (RiNo)
Fast Facts • Located in Denver, CO just north of downtown • ~1,107 acres • Trendy River North Art District features contemporary art galleries, hip concert venues in revamped industrial buildings • Historic warehouses and factories now house jazz bars, restaurants, art galleries and working studios • Known for its colorful murals, cocktail lounges, brewpubs and late night food trucks • Boasts a diverse mix of creative businesses ranging from visual artists, designers, furniture makers, craft distillers, winemakers, creators of unique outdoor gear and small batch coffee roasters
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
42
DEEP ELLUM DALLAS SERVICE CENTER Comparable Developments
MEATPACKING DISTRICT
Fast Facts • Located in Manhattan, NY • ~20 acres • Transformed from its slaughterhouse origins into a luxury destination filled with clubs, stylish restaurants and several of the City’s trendiest hotels. • Neighborhoods historic cobblestone streets are upscale boutiques and salons along with the High Line, an elevated park built on a former railway line
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
43
DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 1 Assumptions
GROUND LEASE
SITE ACQUISITION
Ground Lease Rent – 2.00% Growth
Land Cost - $135.43/SF Average
Creative Office: $7.88/SF
Creative Office: $150/SF
Office: $7.88/SF
Office: $150/SF
Office Tower: $17.50/SF
Office Tower: $350/SF
Multifamily: $3.00/SF - $3.10/SF
Multifamily: $80/SF
Retail: $3.00/SF
Retail: $50/SF
Hotel: $3.75/SF
Hotel: $50/SF
Rents – 2.50% Growth w/ 3-Year Stabilization
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Rents – 2.50% Growth w/ 3-Year Stabilization
Creative Office: $35/SF
Creative Office: $35/SF
Office: $37/SF
Office: $37/SF
Multifamily Wrap: $2.10/SF/Month
Multifamily Wrap: $2.10/SF/Month
Multifamily Tower: $2.25/SF/Month
Multifamily Tower: $2.25/SF/Month
Retail: $35/SF
Retail: $35/SF
Hotel: $215 ADR
Hotel: $185 ADR
44
DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 1 Deep Dive
GROUND LEASE Creative Office – 120,000 SF • • • •
Cost: $352/SF IRR: 24.05% Exit Cap Rate: 6.25% Return on Cost: 8.06%
Office (8) – 140,000 SF • • • •
Cost: $407/SF IRR: 26.67% Exit Cap Rate: 6.25% Return on Cost: 8.21%
Office (10) – 350,000 SF • • • •
Cost: $462/SF IRR: 19.25% Exit Cap Rate: 6.00% Return on Cost: 7.20%
Hotel – 150 Keys • • • •
Cost: $188,189/Key IRR: 9.69% Exit Cap Rate: $8.50% Return on Cost: 6.89%
SITE ACQUISITION Retail – 5,000 SF • • • •
Cost: $238/SF IRR: 41.14% Exit Cap Rate: 7.00% Return on Cost: 10.09%
Multifamily Wrap (3) – 230 Units • • • •
Cost: $183,527/Unit IRR: 15.72% Exit Cap Rate: 5.00% Return on Cost: 5.73%
Multifamily Wrap (6) – 230 Units • • • •
Cost: 183,493/Unit IRR: 15.85% Exit Cap Rate: 5.00% Return on Cost: 5.74%
Multifamily Tower – 320 Units • • • •
Cost: $328,083/Unit IRR: 11.68% Exit Cap Rate: 4.75% Return on Cost: 5.19%
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Creative Office – 120,000 SF • • • •
Cost: $533/SF IRR: 17.69% Exit Cap Rate: 5.75% Return on Cost: 6.94%
Office (8) – 140,000 SF • • • •
Cost: $518/SF IRR: 23.45% Exit Cap Rate: 5.75% Return on Cost: 7.47%
Office (10) – 350,000 SF • • • •
Cost: $584/SF IRR: 18.10% Exit Cap Rate: 5.50% Return on Cost: 6.85%
Hotel – 150 Keys • • • •
Cost: $208,754 IRR: 12.89% Exit Cap Rate: 8.00% Return on Cost: 8.14%
Retail – 5,000 SF • • • •
Cost: $400/SF IRR: 25.18% Exit Cap Rate: 6.50% Return on Cost: 8.23%
Multifamily Wrap (3) – 230 Units • • • •
Cost: $227,363/Unit IRR: 17.06% Exit Cap Rate: 4.50% Return on Cost: 5.35%
Multifamily Wrap (6) – 230 Units • • • •
Cost: $226,940/Unit IRR: 17.21% Exit Cap Rate: 4.50% Return on Cost: 5.36%
Multifamily Tower – 320 Units • • • •
Cost: $349,011/Unit IRR: 18.51% Exit Cap Rate: 4.25% Return on Cost: 4.88%
45
DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 1 Summary
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
GROUND LEASE
SITE ACQUISITION
Capitalized Ground Rent: $107,411,080
Total Land Cost: $101,215,860
Tax Revenue: $13,438,003
Tax Revenue: $16,850,365
46
DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 2 Assumptions
GROUND LEASE
SITE ACQUISITION
Ground Lease Rent – 2.00% Growth
Land Cost - $159.46/SF Average
Creative Office: $7.13/SF
Creative Office: $150/SF
Office: $4.50/SF - $13.50/SF
Office: $300/SF - $500/SF
Multifamily: $2.80/SF
Multifamily: $80/SF
Retail: $2.75/SF
Retail: $50/SF
Hotel: $3.50/SF
Hotel: $50/SF
Rents – 2.50% Growth w/ 3-Year Stabilization
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
Rents – 2.50% Growth w/ 3-Year Stabilization
Creative Office: $35/SF
Creative Office: $35/SF
Office: $37/SF
Office: $37/SF
Multifamily Wrap: $2.10/SF/Month
Multifamily Wrap: $2.10/SF/Month
Retail: $35/SF
Retail: $35/SF
Hotel: $215 ADR
Hotel: $185 ADR
47
DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 2 Deep Dive
GROUND LEASE
SITE ACQUISITION
Creative Office 1 – 36,285 SF • Cost: $355/SF • IRR: 24.03% • Exit Cap Rate: 6.25% • Return on Cost: 8.05%
Hotel – 150 Keys • Cost: $188,210/Key • IRR: 10.36% • Exit Cap Rate: $8.50% • Return on Cost: 6.93%
Creative Office 1 – 36,285 SF • Cost: $550/SF • IRR: 15.48% • Exit Cap Rate: 5.75% • Return on Cost: 6.72%
Hotel – 150 Keys • Cost: $208,754 • IRR: 12.89% • Exit Cap Rate: 8.00% • Return on Cost: 8.14%
Creative Office 2 – 120,000 SF • Cost: $355/SF • IRR: 24.00% • Exit Cap Rate: 6.25% • Return on Cost: 8.05%
Retail – 5,000 SF • Cost: $238/SF • IRR: 44.34% • Exit Cap Rate: 7.00% • Return on Cost: 10.40%
Creative Office 2 – 120,000 SF • Cost: $550/SF • IRR: 15.50% • Exit Cap Rate: 5.75% • Return on Cost: 6.72%
Retail – 5,000 SF • Cost: $400/SF • IRR: 25.18% • Exit Cap Rate: 6.50% • Return on Cost: 8.23%
Office (7) – 350,000 SF • Cost: $452/SF • IRR: 25.83% • Exit Cap Rate: 6.00% • Return on Cost: 7.57%
Multifamily Wrap (3) – 230 Units • Cost: $183,564/Unit • IRR: 17.45% • Exit Cap Rate: 5.00% • Return on Cost: 5.84%
Office (7) – 350,000 SF • Cost: $545/SF • IRR: 23.63% • Exit Cap Rate: 5.50% • Return on Cost: 6.98%
Multifamily Wrap (3) – 230 Units • Cost: $227,363/Unit • IRR: 17.06% • Exit Cap Rate: 4.50% • Return on Cost: 5.35%
Office (10) – 350,000 SF • Cost: $462/SF • IRR: 22.41% • Exit Cap Rate: 6.00% • Return on Cost: 7.47%
Multifamily Wrap (6) – 230 Units • Cost: 183,530/Unit • IRR: 17.58% • Exit Cap Rate: 5.00% • Return on Cost: 5.85%
Office (10) – 350,000 SF • Cost: $567/SF • IRR: 20.38% • Exit Cap Rate: 5.50% • Return on Cost: 6.85%
Multifamily Wrap (6) – 230 Units • Cost: $226,940/Unit • IRR: 17.21% • Exit Cap Rate: 4.50% • Return on Cost: 5.36%
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
48
DEEP ELLUM DALLAS SERVICE CENTER Financial Pro Forma - Option 2 Summary
URBAN LAND INSTITUTE DALLAS FORT WORTH Deep Ellum Dallas Service Center | Mini Technical Assistance Panel (mTAP)
GROUND LEASE
SITE ACQUISITION
Capitalized Ground Rent: $122,365,533
Total Land Cost: $115,307,775
Tax Revenue: $14,086,970
Tax Revenue: $17,665,000
49
DEEP ELLUM DALLAS SERVICE CENTER
Mini Technical Assistance Panel (mTAP) URBAN LAND INSTITUTE DALLAS-FORT WORTH Center for Leadership Class of 2020
