The project revives a failed "riverwalk" proposal from another developer that sold the land to the new group.
"We're really fulfilling the city's dream," said Richard Seib who leads the new project.
It's within walking distance of the Dallas Convention Center and the city's proposed Trinity River project park, along a portion of the original river channel.
Seib said his project would also complement the city's planned Convention Center hotel.
"This has the real potential to add that ingredient that downtown is lacking," Seib said.
The site was once owned by Dallas founder John Neely Bryan. To honor its river history, the new owners plan to call the project "Three Forks Country of Texas."
It is just 10 miles from the minor league baseball park where the Grand Prairie AirHogs started playing last year.
It is the fourth professional baseball team in North Texas, which also supports the Fort Worth Cats, Frisco Roughriders and Major League Baseball's Texas Rangers in Arlington.
The AirHogs' first season was successful according to General Manager Dave Burke, but he said he wonders if there is room for more pro baseball.
"That's the million-dollar question," he said. "But from one operator to another, I wish them the best of luck."
Lunchtime fans near the new Dallas site had mixed feelings about supporting another team.
"I think it would be a wonderful amenity to downtown," Tony Austin said.
But Donny Bonds said Dallas is a professional sports town.
"The interest wouldn't be that great for a minor league team," he said.
Seib said he has the financing to build a 10,000-seat baseball stadium and hopes to have it open by May 2010.
The developers hope the stadium will be followed later by retail, office and residential development at the site.