Dallas Mavericks Enter Option Agreement with Valley View Owners
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The Dallas Mavericks announced Monday that the franchise has entered into option agreements with owners of the former Valley View Center site, securing exclusive rights to pursue a potential purchase of more than 100 acres for a new arena and entertainment district.
In a statement, the Mavericks said the site in North Dallas “meets most of the criteria established at the outset of our evaluation process.”
“Done thoughtfully and with community engagement, a project of this scale will serve as a meaningful economic catalyst for Dallas and its residents,” the Mavericks organization said in a prepared statement. “We believe in Dallas, and our priority has been clear from the beginning: keeping the Dallas Mavericks in Dallas.”
The announcement represents the clearest indication of where the franchise could build its next home, though the Mavericks leaving downtown is not set in stone. An option agreement gives a prospective buyer the exclusive right — but not the obligation — to purchase a property within a specified period of time and under agreed-upon terms. During the option period, the buyer can conduct due diligence, evaluate financing, pursue entitlements, and determine whether the project is feasible.
“We applaud the Dallas Mavericks organization for its continued commitment to our city,” said Mayor Eric Johnson and City Manager Kimberly Tolbert in a joint statement. “We will continue working with the Dallas Mavericks throughout this process and will do everything we can to support the team’s enduring partnership with Dallas.”
The announcement follows public comments from Mavericks CEO Rick Welts that the team’s search had narrowed to two primary options: a preferred downtown location widely assumed to be 1500 Marilla St. with its surrounding acreage and the former Valley View property owned by Beck Ventures. The two choices reflected a broader tension in the city between the pull of north-bound development and a languishing southern sector.
Relocating City Hall to spur downtown redevelopment has fueled recent, heated debates with two opposite factions: “Save City Hall” and “Say Yes to Downtown.” Former mayor Mike Rawlings is funding the City Hall relocation campaign, linking the fate of the central business district to whether officials decide to spend up to an estimated $1 billion on repairing 1500 Marilla St.
For more than a year, City Hall’s future has been intertwined with speculation about the Mavericks’ arena search. The city launched an effort to explore relocation and redevelopment options for the I.M. Pei-designed building while simultaneously soliciting concepts for the property and surrounding city-owned land. Critics of that process argued that officials were moving too quickly toward redevelopment and raised concerns that the possibility of a Mavericks arena was influencing discussions about City Hall’s future. Meanwhile, the Say Yes to Downtown camp has argued that repairing the aging City Hall building would cost taxpayers too much and forego critical redevelopment opportunities like a new Mavericks arena.
Welts repeatedly described the franchise as being on a tight timeline to identify a location for a new arena before the team’s lease at American Airlines Center expires in 2031. He previously said the team wanted to make an announcement by early July.
Scott Beck, whose firm Beck Ventures has controlled the former Valley View Center property for more than a decade, said the site has long been envisioned as a catalyst for broader redevelopment efforts across Dallas.
Beck noted that a tax increment financing district was created to intentionally link redevelopment efforts at Valley View to RedBird Mall in southern Dallas, potentially allowing a major project at the former to generate revenue for improvements at the latter. He told CandysDirt.com a deal with the Mavericks could make “over $100 million in tax increment available to RedBird Mall and its surrounding communities.”
“The Dallas Mavericks are exactly the kind of transformational partner this vision deserves, and we look forward to seeing them build a world-class basketball arena and entertainment neighborhood that becomes the northern anchor of a stronger, more unified Dallas,” he said.
Council Member Bill Roth (District 11), who represents the area where the former Valley View site is located, said he was thrilled about the news, describing the agreement as a “preliminary commitment” to the Midtown district. He said a successful arena and entertainment district would strengthen nearby retail, restaurant, and office markets.
“This is a win for all of Dallas if it happens, though,” he said. “It’s a win for the northern area, which puts one of the most valuable pieces of property in the city into production… and it’s in a special TIF district which benefits the southern part of Dallas.”
CandysDirt.com asked Roth about what hurdles the project could face at the city level in terms of zoning, land use, or permitting. He noted that Valley View is already in a planned development district that was created to allow for a variety of land uses.
“The original Valley View PD was really designed to accommodate a good mix of office, retail, residential, and entertainment, and it would seem that this would be a great way to stimulate and complete that vision,” he said.
Along with Roth, Council Member Cara Mendelsohn (District 12) has been a strong proponent of bringing the Mavericks to Valley View, striving to keep the franchise in Dallas proper while also maintaining municipal operations at 1500 Marilla St.
“This key piece of land is located centrally to Dallas, growing nearby suburbs, and is easily accessible for all fans across the metroplex,” she told CandysDirt.com. “I’m looking forward to seeing the area redevelop and love that it will provide infrastructure dollars to the Southern Dallas area through the Mall TIF.”
CandysDirt.com reached out to Rawlings’ Say Yes to Downtown campaign for comment on the option agreement for the former Valley View Center.
“The Mavericks’ announcement doesn’t change the fundamental question regarding who will pay for City Hall repairs,” said Say Yes to Downtown co-chairs Bruce Orr, Tre Black, and Amanda Moreno Lake. “The taxpayers should remain front and center in that conversation.”
On Wednesday, the Dallas City Council will be briefed on phased repair programs that may come under the initial $1 billion repair estimate for 1500 Marilla St., which was devised by city staff and consultants led by AECOM.
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The Mavs will likely have their arena at Valley View for 10-20 years. The team owners didn’t buy hundreds of acres in Irving for fun. Once they get casino gambling pushed through in Texas, they will probably build a new arena/hotel/casino on that land and say adios to Dallas.