Forget Valley View Center; here comes Dallas Midtown.
A Dallas company has purchased the Valley View Center, and it is planning a $2 billion multi-use redevelopment that could be worth billions of dollars to future tenants.
"Dallas Midtown will bring vitality back to the heart of north Dallas," said Jeffrey Beck, part of Beck Ventures, the Dallas family-owned company that purchased the 38-acre complex.
"We look at this project as an opportunity to modernize, re-energize and transform this property," Beck said.
In the future, those who head to Dallas Midtown may be able to shop at new retail space, stay at a five-star hotel, work in high-rise office buildings or live in modern apartments, according to plans released by the group.
"Not only will this development add significant value to the community, it will also bring millions of dollars in sales tax revenue back home," Jarrod Beck said.
Revenue is one plus for the city of Dallas.
"It will also serve as an important linkage in the redevelopment extending west to the tollway," Mayor Mike Rawlings said.
Tuesday's unveiling comes after years of hardships for the 39-year old shopping complex. In 2008, amid the financial crisis, major anchor stores Macy's and Dillards both closed. Then, in February 2012, the company that owned the property couldn't pay the $125 million mortgage, resulting in foreclosure.
Now, Valley View's new lease on life will undergo a "phased redesign and redevelopment." No dates were given for the start of any construction.
"Dallas Midtown will be at the epicenter of the north Dallas redevelopment," City Councilwoman Linda Koop said. "This is exactly the kind of exciting, transformational project that Dallas needs."