ECONOMIC DEVELOPMENT

The Economic Development Committee of the Vickery Meadow Improvement District was created to encourage and assist economic development in the Vickery Meadow community. It works with brokerage and real estate firms to bring quality ownership groups to the neighborhood. It monitors for-sale properties and promotes these properties to quality owners.

Two Tax Increment Finance (TIF) Districts have been created by the City of Dallas for the Vickery Meadow area. The Vickery Meadow (TIF) District and the Skillman Corridor (TIF) District were both created to encourage future redevelopment in Vickery Meadow. See TIF Maps below.

VICKERY MEADOW TIF

SKILLMAN CORRIDOR TIF

The following Economic Development Projects are currently underway or in the planning process:

Park Lane Place Development | Being developed by Harvest Partners Park Lane Place Development

Park Lane is a 33.5-acre mixed-use development located in Dallas that sits across from NorthPark Center, one of the nation's most prominent shopping malls. At completion, Park Lane will be a 2.4 million square foot mixed-use development with more than 700,000 square feet of retail, restaurant and entertainment space, anchored by Dallas' flagship Whole Foods. The urban village components include shopping, dining and entertainment venues, Class-A office space, a four-star boutique hotel, an upscale fitness and spa facility, as well as luxury residential units. In the equivalent of five city blocks, this $750 million project will offer a unique urban experience and an unbeatable variety of options to the consumer.

Harvest Partners opened its first store Nordstrom Rack on March 19th. The opening was followed up by Dick's Sporting Goods on March 21st, Lane Bryant/Cacique on the weekend of April 3rd and Children's Place - Family Activities on the weekend of April 24th. The developer started to lease units at their premier multifamily development, The Lofts, in September. For more information about Park Lane Place you may visit http://www.parklanedallas.com/.

Valencia Development | Being developed by Valencia Capital Management Valencia

Valencia Capital Management has plans to develop an 83-acre mixed-use, transit-oriented community, called Midtown Park.

The master plan for the development includes high-rise condominiums, mid-rise apartments, luxury town homes, senior living, hospitality, medical office buildings and neighborhood retail, in addition to four acres of parks.

Situated in the Northwest quadrant of the Vickery Meadow Public Improvement District, Midtown Park is located in close proximity to a number of employers, including Presbyterian Hospital, Texas Instruments and Northpark Mall. Additionally, a DART (Dallas Area Rapid Transit) line runs through the site and plans are in the works for a shuttle to run through the community.

Valencia has completed the zoning process for the site, an infill location that once consisted of 2,376 garden-style apartments, and is currently working on its infrastructure, which will take about 18+ months to complete. More information can be obtained about this development at: http://www.midtownpark.com

Trammel Crow has completed the relocation of the creek on the development site and is nearing the end of the site preparation. They will begin vertical construction in the third quarter of this year. The site will take 15 to 18 months complete. The three anchor tenants are: Wal-Mart, Sam's Club and JC Penny. Bank of America has also signed a lease. Trammel Crow does not have plans to build the neighborhood retail space until the economy improves and they have a higher likelihood of leasing the spaces.

Wal-Mart and Sam's Club will be a 2-story stacked concept with a parking structure connecting to the 2-story JC Penny. Wal-Mart has required the building be a "Green Building" with several environmentally friendly and low energy consumption features.

Aerial Map of the Vickery Meadow Improvement District