City-Backed CRE Projects Earn Some Recognition
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Sometimes developers need a little help to deliver high-value projects, and the City of Dallas has been more than willing to offer its support.
While officials can (and often do) disagree on the merits of each economic development incentive agreement that comes before them, it’s hard to argue that incentives are a critical tool in the regional — and let’s face it, national — competition for private investment, job creation, and growth.
The city recently put a spotlight on several taxpayer-backed projects that received recognition from D CEO’s 2026 Commercial Real Estate Awards. It’s hard to disagree with these picks.
“Out of a total of 119 finalists across 24 categories pertaining to projects and transactions, 33 of the recognized projects are located within the city of Dallas,” wrote Assistant City Manager Robin Bentley in a Friday memo. “Among the winners, 7 projects were supported by economic development incentives facilitated by the Office of Economic Development and authorized by City Council.”
Goldman Sachs at North End
Perhaps unsurprisingly, Goldman Sachs at North End won Deal of the Year. Council members authorized more than $18 million in incentives to land the investment, which will see an 800,000-square-foot campus built on part of Hunt Realty’s North End development next to the Perot Museum.
Valued at over $700 million, the project is being undertaken by Hillwood Urban in partnership with Hunt Realty. New York-based Henning Larsen Architects is involved, and the interiors will include design contributions by Rottet Studio, Skidmore, Owings & Merrill, and Corgan.
“Our investment in this campus underscores our dedication to providing a world-class workplace that supports our employees’ well-being and professional growth, as well as represents what it means to be a Goldman Sachs campus in Dallas,” said Jacqueline Arthur, global head of Human Capital Management and Corporate & Workplace Solutions at Goldman Sachs.
Goldman Sachs is committed to creating and retaining a combined 5,000 full-time jobs with an average salary of $90,000.
Scotiabank Regional Headquarters
The Scotiabank relocation scored Best Office Lease, with the company opening its new regional headquarters at Victory Commons One in late February. Another welcome addition to burgeoning Y’all Street, Scotiabank occupies more than 100,000 square feet of office space. Hillwood Urban was on deck for the building, and CBRE represented Scotiabank.
“Opening our Dallas hub is an important step in strengthening our U.S. platform and expanding our role across the North American corridor,” said Travis Machen, CEO and group head for global banking and markets at Scotiabank. “Dallas offers a powerful combination of talent, economic momentum, and connectivity, making it an ideal location for the next chapter of our growth.”
The city is supporting the relocation with a 10-year tax abatement on 90% of the added taxable value of business personal property and a $2.7 million grant. Some 1,020 new jobs and over $60 million in capital investment is expected to be delivered by Scotiabank as part of the agreement.
Rivulet
Best Announced Project? That went to Rivulet, a master-planned community promising at least 300 single-family homes, 200 apartment units, 68,200 square feet of retail space, 40,000 square feet of office, more than a mile of trails and walkways, and a 3.5-acre park.
Valued at just over $47 million, the community will be built on 71 acres of undeveloped land at 6400 University Hills Blvd. It’s a Russell Glen Co. project, and Civitas Capital Group and MBM Companies also have a stake.
Officials are supporting the project with a grant totaling up to $23.5 million to go toward the development’s first phase.
“The City’s investment through the Chapter 380 grant agreement reflects a continued commitment to fostering equitable development and economic opportunity in the Education Corridor of southern Dallas,” reads the city council’s resolution authorizing the incentive.
The Loop Dallas
Dallas has been working to step it up when it comes to parks and green spaces, and The Loop Dallas is a great example of that effort. A public-private infrastructure initiative aimed at building a 50-mile hike-and-bike trail circuit, The Loop Dallas won the Community Impact Award.
Jeff Ellerman at Stream Realty Partners got the recognition for his service as founder and chair of The Loop Dallas.
The project includes the construction of a new pedestrian bridge at the end of Hi Line Drive in the Design District, creating a critical link between the Katy Trail, the Circuit Trail, and the Trinity Strand Trail.
One of the most transformative elements of the initiative, The Loop Plaza will connect Victory Park, the Design District, and the Katy Trail to West Dallas through an innovative underpass beneath Interstate 35. The enhanced connectivity will make it easier — and safer — to walk or bike between destinations that were once divided by infrastructure.
Early funding included roughly $20 million from Dallas’ 2017 bond program, along with additional public contributions from regional and county entities. Last year, the Texas Department of Transportation awarded about $10.9 million in grant funding for a key segment of the trail, which was paired with roughly $3 million from the city.
Mockingbird Station East
Transit-oriented housing? That’s exactly what the City of Dallas ordered with the Mockingbird Station East redevelopment, which earned Best New Multifamily (Urban).
Mockingbird Station East is a collaboration between the city, DART, and Trammell Crow Company. The project calls for converting 16-acres of surface-level parking belonging to DART into a walkable mixed-use development with roughly 400 units. It just broke ground in January of this year.
“The value of [transit-oriented development] — in terms of both economics and quality of life for the people who live in these communities — is self-evident,” said outgoing DART president and CEO Nadine Lee. “Study after study shows that when housing, retail, and transit are intentionally co-mingled, communities thrive.”
City officials are supporting the development with a tax increment financing subsidy of up to $29 million. In addition to multifamily, the site will see office, hospitality, and commercial space built, with a 500-space underground parking garage for station customers.
University Hills
Hoque Global’s University Hills appears to be racking up wins. Not only did D CEO award it Best New Mixed-Use Project, but the development won a nationwide tunnel project contest held by Elon Musk’s Boring Company.
Located right by the University of North Texas’ Dallas campus, University Hills is a 270-acre master-planned project by Hoque Global. Plans for the mixed-use development call for hundreds of single-family homes, up to 1,500 multifamily units, roughly 1.5 million square feet of retail and office space, a town center, and more than 50 acres of parks and greenery.
City incentives for the project total $50 million through the Dallas Housing Finance Corporation. University Hills has suffered from delays, but any investment in southern Dallas is welcome by stakeholders, residents, and officials representing the area.
“We hope University Hills will be the first of many community-driven and neighborhood-building developments bringing much-needed quality jobs and housing for the area to grow,” developer Mike Hoque said.
Cabana Design District
Dallas has conversions and rehabs aplenty, but it was Cabana Design District that took home the award for Best Redevelopment or Renovation.
Sycamore Development, in partnership with Hunt Capital Partners, launched a preservation effort to save the old Cabana Hotel, converting the property into a mixed-income residential community.
The 10-story, 300-room hotel was built in 1962 by Jay Sarno of Caesar’s Palace fame. It closed in the 1980s and was a county lockup from 1985 to 2009. Mehrdad Moayedi’s Centurion American Development Group purchased the hotel in 2017 for a reported $8.1 million and later sold it to Sycamore Development.
Officials backed the $116 million project with $41 million from the Design District Tax Increment Financing District. The subsidies are going toward environmental remediation and public infrastructure improvements.
All told, the development will produce 175 multifamily units, 40% of which will be reserved for households earning 30-80% AMI.
