What Klyde Warren Park Means for Dallas Real Estate
Posted October 31st, 2012 | by The Update
From D Magazine: Perhaps nowhere will the impact of Klyde Warren Park be felt more than in the Uptown and downtown Dallas real estate markets. Surrounding properties that once had to contend with a busy, noisy freeway will now overlook a lush, 5.2-acre greenscape.
“The park is an enormous economic development opportunity—unlike any we’ve seen in a long time,” says John Crawford, president and CEO of Downtown Dallas Inc. “Within a quarter-mile to a half-mile radius, since we’ve started talking about the park, we’ve seen well over $1 billion in new projects, both residential and commercial. A lot of people were betting that the park would become a reality, and it has… It will help provide the type of urban environment that companies and people are hungry for today.”
[Geoffrey] Booth and Dennis Jerke oversaw a Texas A&M University College of Architecture team that produced a “quadruple net value” study of Klyde Warren Park last fall.
“At the end of the day, we always measure things financially—rightly or wrongly,” Booth says. “But many people look at real estate and never understand the true value. You have to look at the quadruple net value—social/cultural, economic, environmental, and sensory. Those four things will determine how the asset performs.”
Here are some findings from the study:
Social/Cultural: Crime in the area will drop, due to increased patrols and more “eyes on the street;” the park will remove a barrier that once separated the Arts District/central business district and Uptown, creating a unified sense of place; it will serve as a major attraction and distinguish downtown Dallas from other downtowns in the nation; the park will help the city become more pedestrian-frendly and increase public activity; a wide range of programming will attract a diverse range of locals and visitors.
Economic: Values of existing properties in the area will continue to rise; the park has had and will continue to have a catalytic impact on commercial and residential development and redevelopment in the area; the downtown/Uptown population will continue to grow; Klyde Warren Park itself will add value to the city by creating more than 180 direct and indirect jobs.
Environmental: The park’s ecosystem will create a habitat for native plants and wildlife to flourish; sustainable features with regard to water, energy, materials, and air quality meet many Sustainable Sites Initiative guidelines; electricity strategies and the use of solar energy will reduce energy costs and improve air quality.
Sensory: The park will give visitors the sense of being both in nature and in a well-developed urban setting; the park will serve as a sensory oasis in an urban desert; building an iconic park out of thin air will enlighten area developers and planners; maintenance will be critical to preserving a quality park that will attract people; endless melodies, from sounds of nature to water fountains to musical performances, will engage visitors.
Click here to read the full article on D Magazine. Visit Briggs Freeman Sotheby’s International Realty’s Uptown/Downtown Dallas Office to find properties near beautiful Klyde Warren Park. See our previous post with video footage of opening day festivities at the park. Visit klydewarrenpark.org for more park information.