Inside Field Street District’s Dallas Rise — All the Details on New $1 Billion Mega Development With Five High-Rises

A massive new development will soon begin to take shape near downtown Dallas. The multi-use design will add office, retail and residential units to the burgeoning Field Street area, bridging downtown Dallas with Uptown and the Arts District.

“The space is currently a vast parking lot, which is both a pedestrian and traffic barrier,” Jonas Woods, CEO of Woods Capital, tells PaperCity. “The plan we have will create pleasant pedestrian connections between some of the most important neighborhoods in Dallas ― connecting the Arts District immediately to the east, Uptown and Victory Park to our north and northeast, the West End to our west, and Main Street to the south.”

Last July, a joint venture between Woods Capital, Kaizen Development Partners, and Dundon Capital Partners acquired two prime tracts in the urban core of Dallas. Located at 1100 McKinney Avenue, the tracts are zoned to permit more than 5 million square feet of building area, but the current plan is to build about half of that potential ― between 2 to 2.5 million square feet — in a more than $1 billion project.

The resulting mixed-use neighborhood, known as Field Street District, will be developed in phases, and will include multiple office, residential and hospitality towers. These towers will look down on a bustling new pedestrian area ― filled with restaurant and retail at street level ― complete with open spaces and enticing amenities.

“Removal of this obstruction will be a way for us to knit back together the urban fabric of those neighborhoods,” Woods says.

Ultimately Field Street District will become five towers, but phase one will begin by building three of them. Woods expects construction to begin by the third quarter of 2020 and to take about two years to complete. The forces behind this mega project envision Field Street District as an amenity-rich, urban oasis, and are working with HKS Architects on the design.

One tower will add 750,000 square feet of office space to the prime area. The second tower will become a new hotel with an additional 50,000 square feet of retail space, and the last of these first three towers will be the residential component, adding 300 apartment units.

The future two towers will come in phase two.

“We’ll add some low-rise retail to the area, to fill in the space as a place-holder, and wait for demand for us to go vertical on that site,” Woods says. “Over the next few years Field Street will see a massive amount of development and redevelopment.”

Woods Capital and Kaizen secured the rights to the nearly six acre property from the Shraman South Asian Museum and Learning Center Foundation, then formed a joint venture with Dundon Capital Partners to complete the acquisition.

Now, they’re going about changing the city.

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