Dallas High Rise May Be Sign of Economic Recovery

By Ashanti Blaize
|  Thursday, Jun 17, 2010  |  Updated 9:00 AM CDT
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Sign of Economic Turnaround?

A graphic illustrates the planned 42-story Museum Tower, a $200 million development in the Dallas Arts District.

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Sign of Economic Turnaround?

Breaking ground on Museum Tower, a luxury Dallas high rise development in the Downtown Arts District may be a sign that the economy is turning around.
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After six years of planning and a sluggish economy, the tallest residential high-rise in Dallas is finally taking shape.

Turtle Creek Holdings and Brook Partners will break ground on the 42-story Museum Tower in the Dallas Arts District next week.

Developers slowed or stropped construction on projects in North Texas and across the country because of the downtown.

"When the economy slowed, we slowed," said Dan Boeckman, of Turtle Creek Holdings. "We're just a little bit behind in our planning, and we decided that this is the perfect time to go forward."

But the $200 million luxury project could show that North Texas is on its way to an economic upswing.

"I think that it speaks volumes about the revival of the local economy, the prospects for downtown," said Bernard Weinstein, an economist at Southern Methodist University's Cox School of Business. "It's really a vote of confidence."

Weinstein said the ground-breaking is a sure sign that things are looking up.

"We've been least affected by the economic downturn and, like the rest of the country, we're starting to see signs of recovery," he said.

Museum Tower, which is fully funded by the Dallas Police and Fire Pension System, will open its doors in three years.

"This is just one symbol of how optimistic everybody is about Dallas and Fort Worth," Boeckman said.

Developers, Turtle Creek Holdings and Brook Partners say they hope the project will open to a recovered economy.

Some future residents have already prepurchased units. Prices start at just more than $1 million.


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