Dallas rent prices took a small dip in a recently-released report for October, Mesquite breaks ground on a new mixed-use community, and the Southern Gateway deck park moves forward, all in this week’s roundup of real estate news.
Dallas Rent Prices Decline Slightly This Month
A very slight decrease in Dallas rents was reported for the month of October, but don’t get too excited. Numerous figures and comparisons are compiled – and this good news is just for the month. Overall annual numbers show rent is on the rise in Dallas and just about everywhere else.
Rent growth, median prices, and market trends are tracked monthly by Apartmentlist.com, whose report for October shows the following local data:
- Rents in Dallas have declined 0.3 percent over the past month, and are up 1.8 percent year-over-year.
- Dallas’ median two-bedroom rent of $1,130 is below the national average of $1,189.
- Over the past year, rent increases have been occurring not just in the city of Dallas, but across the entire metro – of the largest 10 cities for which data is collected in the Dallas metro, all of them have seen prices rise.
Mesquite Breaks Ground On New Mixed-Use Community
Mesquite will be the new home to mixed-use community Iron Horse Village, as officials broke ground on the development Sept. 30.
The 54-acre community includes 336 single-family homes, more than 4.5 acres
of greenspace, and 130,000 square feet of retail, restaurant, and entertainment space.
Centurion American Development Group will develop the site, which is adjacent to Mesquite Arena.
“Designs feature decorative masonry and metal walls that reflect and modernize the rodeo culture of Mesquite, incorporating steel cattle, sculptures, benches, pathways, and native landscaping,” officials said in a press release.
Phases 1 and 2 of the development are slated for completion in late fall 2020.
Foundation Hits Milestone for the Southern Gateway Deck Park
The Southern Gateway Public Green Foundation recently completed a $1 million challenge grant to kick off its capital campaign to build a deck park over Interstate 35 East in the southern part of the city.
The venture is a public-private partnership with the city of Dallas. The park is planned between Ewing and Marsalis avenues, adjacent to the Dallas Zoo.
“Leveraging a $500,000 grant from The Eugene McDermott Foundation, the Foundation raised an additional $500,000 from foundations and private donors,” officials said in a press release. “This fundraising milestone fuels the Foundation’s critical next steps for park design and a community-based equitable development plan.”
The Texas Department of Transportation began planning for I-35 reconstruction and a new deck in 2017. A shovel-ready platform will be unveiled in 2021, and the Foundation will facilitate construction and park amenities.
“This was a major milestone for the Foundation as we look to accelerate the momentum of this project,” said Mike Gruber, Southern Gateway Public Green Foundation’s board chair and longtime Southern Dallas supporter. “We are grateful to the The Eugene McDermott Foundation for its early support, which serves as a solid start for the capital campaign.”
Source: Southern Gateway Deck Park