FOR: BECK VENTURES, INC.
Dallas Family Purchases Valley View CenterAPR 24, 2012 - 09:00 ET
Beck Ventures Plans $2 Billion "Dallas Midtown" Transformation
DALLAS, TX--(Marketwire - April 24, 2012) - Beck Ventures today announced the purchase of the Valley View Center, positioned at the intersection of Preston Road and LBJ Freeway, and bordered by Central Expressway and the Dallas North Tollway. Under a financial transaction that closed this week, Beck Ventures now owns and operates over 1.5 million square feet of retail and office properties, in the heart of North Dallas. The property will undergo a phased redesign and redevelopment program. The $2 billion mixed-use lifestyle project will be known as Dallas Midtown.
"This development will create an urban oasis at one of Dallas' most venerable and desirable locations. Dallas Midtown will be at the epicenter of the North Dallas redevelopment and this is exactly the kind of exciting, transformational project that Dallas needs," Linda Koop, Dallas City Council.
With the $2.7 billion LBJ Expressway project currently under construction, soon over 360,000 cars will pass by the site each day.
"We look at this project as an opportunity to modernize, reenergize and transform this property. Dallas Midtown will bring vitality back to the heart of North Dallas," says Jeffrey Beck, Beck Ventures.
The Beck's vision for Dallas Midtown includes mixed-use retail, an internationally recognized five star hotel, high-rise office buildings, multi-family and luxury residential towers.
"Dallas Midtown is an important component to the economic vitality of North Dallas. It will also serve as an important linkage in the redevelopment extending west to the Tollway. We are excited about the opportunities this project provides," says Mayor Mike Rawlings.
"There is currently no other project like what we are planning within the Dallas city limits -- especially not in North Dallas. Currently, we have to drive to our northern suburbs to enjoy this type of entertainment and shopping experience. Dallas has been missing walkable retail and entertainment options. Dallas Midtown will provide that experience in a convenient location," Scott Beck, President Beck Ventures.
"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, Beck Ventures. "Dallas Midtown will become a destination attraction as well as a bustling urban village."
Jeffrey Beck is a notable, long standing real estate developer with a proven track record of developing thoughtful, Master Planned communities. Beck Ventures has worked for over 20-years developing the town of Trophy Club, recently winning City approval to build another lifestyle center incorporating a Town Center. Trophy Club is a 5,000-acre Master Planned community west of Dallas. The Beck family has proudly called Dallas home for the past 40 years. Jeffrey Beck founded Beck Properties in 1972 and is now honored to work side by side with his sons Scott and Jarrod and daughter Michelle.
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