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October 01, 2015
The Colony has been relatively quiet on the real-estate front for the most part, but that’s about to change very soon. Given it’s proximity to Plano (specifically the Shops at Legacy/Legacy West area), The Colony will soon be very desirable for tens of thousands of transplants expected to move to the area. On top of that, the area also become home to Nebraska Furniture Mart (the largest furniture store in North America), which is just the first part of a much larger urban development for the area.
Future home of the $5 billion Mile, Frisco is set to explode with the completion of this massive master-plan. Expect this area to be Frisco’s answer to the Shops at Legacy.
Home to a world-class school district, voted safest city, and major magnet for some of the biggest companies in the world, Plano is a force to be reckoned with. As if all of that wasn’t enough, work is already underway on Legacy West which will effectively double the size of The Shops at Legacy. Toyota and Liberty Mutual recently announced their plans to relocate to the area, and we believe this is simply the beginning of huge migration of corporations to the area(much like Plano circa late 90s).
Oak Lawn listed as 8th-best neighborhood in U.S. for millennials
Oak lawn has recently began experiencing a bit of a ‘spillover’ effect from the Uptown area. The business and residents who want to be near Uptown but choose not to pay the high prices will generally opt for areas immediately surrounding Uptown, and Oak Lawn is closest in proximity and also has the best connectivity to the area. Each month we continue to rapidly approach a point where there simply won’t be any more develop-able land left in Uptown, which is pushing more and more residents and businesses to surrounding areas.
The neighborhood has two major ‘spine’ roads (Cedar Springs Rd. and Oak Lawn Ave) which both have the potential to see the same success as McKinney Ave. Plans are already underway to improve street life on Cedar Springs with this street re-do project. If we use Lower Greenville as an example, we can see how much of a drastic difference a street re-do can have on an area. Obviously there will need to be more work done than just re-doing the roads, but I believe this is simply the beginning of a drastic change to the area. In addition, you have Oak Lawn which is the connector that stretches all the way from Highland Park, through Oak Lawn, and all the way down to the Design District. As these neighborhoods all become more walkable, Oak Lawn will eventually be the center of it all and, if handled correctly, could even surpass McKinney Ave.
There were rumblings about a high rise being proposed for development very close to the Cedar Springs/Oak Lawn intersection, however due to the area’s height restriction, it never came to fruition. Nonetheless, developers already see potential in this area, and expect a number of big projects to be announced in the next 2-3 years for this area.
Of all the ‘promising’ neighborhoods, the area can be very ‘patchy’ (e.g. high crime) in some areas, there is a lot of positives in this area with a lot more on the way. For starters, it has great access to Deep Ellum, Lower Greenville, and Henderson Ave which are all rapidly developing areas and filled with great restaurants and bars. On top of that, there are two DART rail stations, Baylor Medical Center, great access to 75, and further to the northeast you’re practically boxed in by some of the richest neighborhoods in the metroplex (Lakewood, M Streets, Lower Greenville). Development is already happening in the area at a rapid pace, but it’s not until Uptown is completely 100% at capacity that some of these surrounding neighborhoods will really start to take off, and we think East Dallas is in a great position to experience the next big boom.
One of Dallas’s most historic neighborhoods has really made a comeback as of late. Once one of the most dangerous neighborhoods in the metroplex, this area has really turned things around. It’s currently home to the Bishop Arts District, not far from Trinity Groves, and borders the Trinity River corridor. Many are predicting this area to be the next “Uptown”, which is very plausible especially if everything is handled with the Trinity River. Only time will tell which urban area will boom next, but my guess is, is that you can’t really go wrong with any of them.