Trinity River Park: A $325 Million Transformation
In a remarkable transformation, the Trinity River Park is undergoing a $325 million makeover. The original 2018 plan, set between the Trinity levees, has been abandoned in favor of a new design by Michael Van Valkenburgh Associates. This new vision shifts the park’s focus towards becoming an amenity-driven destination located mostly outside the levees in West Dallas. While the scope has reduced, the price tag has significantly increased. How the conservancy plans to reach its budget goal remains uncertain, along with the estimated annual costs of operations and maintenance, which range from $10 million to $13 million. The park’s proposed name, secured through a generous $50 million donation from the family of Harold Simmons, adds to the intrigue. Simmons, a Dallas-based financier and philanthropist, left a lasting legacy that began with a single drugstore.
Mark Cuban’s Mavericks: A New Majority Stake
Mark Cuban, the iconic owner of the Dallas Mavericks, is contemplating selling a majority stake in the franchise to Miriam Adelson. This potential shift in ownership structure raises questions about how it may affect the team’s day-to-day operations. Despite this development, polls indicate growing Texan support for expanding gambling. However, it’s important to note that major legislative changes may not occur before the 2025 session of the Texas Legislature. Furthermore, a constitutional amendment election would likely take place in November 2025.
Rosewood Residences Turtle Creek: Urban Luxury Redefined
The construction fences are now up, and work has commenced on Rosewood Residences Turtle Creek, a high-rise luxury project that promises to redefine urban living in Dallas. With 17 stories and only 39 exclusive homes, this contemporary architectural marvel is managed by Rosewood Hotels & Resorts, renowned for its five-star service and exceptional properties worldwide. The location is prime, nestled at Dickason Avenue and Hood Street, near the Katy Trail, surrounded by parks, and in close proximity to Dallas’ celebrated neighborhoods such as Highland Park, Uptown, Downtown, and Oak Lawn. An additional advantage is its proximity to the iconic Rosewood Mansion on Turtle Creek. These residences, ranging from approximately 2,000 to 6,380 square feet, feature expansive windows, breathtaking city or park views, and interior designs inspired by the serene beauty of Turtle Creek. Designed by architect Lucien Lagrange and featuring interior design by Dan Fink Studio, this project is set to be completed in early 2026.
Mortgage-Free Living on the Rise
A notable trend in the Dallas real estate landscape is the increasing number of homeowners who have paid off their mortgages, with almost 40% of US homeowners owning their homes outright as of 2022. This trend has seen a 5-percentage point jump from 2012 to 2022, with 7.9 million more mortgage-free single-family homes and condos added during this period. Many attribute this trend to baby boomers who refinanced during periods of low interest rates. As baby boomers age, they continue to hold a larger share of homes, with almost 33% of owner-occupied homes in 2022 owned by individuals aged 65 or older. It’s noteworthy that of the 4.1 million new homes built in the US from the start of the pandemic through 2022, 29% were located in Florida and Texas, where the share of fully paid-up homes exceeds 43%. Beyond financial considerations, experts emphasize the psychological benefits of paying off a mortgage, such as reduced stress and increased happiness.
Wage Growth in Texas
In Texas, wage growth has been robust, with the state’s 5.8% wage growth percentage aligning with national figures. A recent report by payroll processing firm ADP reveals that Texas workers who remained in the same job for the last 12 months experienced nearly 6% year-over-year growth in take-home pay. This positive trend reflects a healthy labor market in the state.
Jason Witten’s Coaching Legacy
Former Dallas Cowboys tight end Jason Witten and his family have played a pivotal role in the success of Argyle Liberty Christian’s football team. Their remarkable journey has led the team to a 13-0 season and a spot in the TAPPS Division II state finals. Following his 17-season NFL career, which included 11 Pro Bowl appearances and a record for playing more games than any other tight end in history, Witten transitioned to coaching. He comes from a coaching family, having lived with his high school coach, his grandfather. Together, they reached three state semifinal games at Elizabethton High School in Tennessee. Witten and his son CJ have made significant strides in turning around the Liberty Christian football program, and their other son, Cooper, joined the team this fall. As of now, Liberty Christian is just one win away from capturing its first state title since 2007, marking an unforgettable moment in program history.
Bob Bridger’s $45 Million Aspen Estate: A Modern Architectural Gem
Former Apple VP Bob Bridger, known for his role in designing Apple’s iconic glassy and expansive stores during his 13-year tenure, has crafted a modern architectural gem in Aspen, Colorado, with a $45 million price tag. This remarkable property seamlessly blends the sophistication of Apple’s design aesthetic with the natural beauty of Aspen’s surroundings. Featuring floor-to-ceiling windows that merge indoor and outdoor spaces, and showcasing meticulously handpicked stone from a Marble, Colorado quarry, this estate offers a unique opportunity to own a piece of Bridger’s Apple-inspired design legacy in a bustling Aspen luxury real estate market. Real-estate values surged in 2020 and luxury home prices continuing their ascent, including 17 Aspen sales above $30 million last year.
Your Local Luxury Connection
This blog, curated by Juli Black, a dedicated Broker Associate with Allie Beth Allman & Associates, the leading luxury firm, is your prime source for all things local. From keeping you in the loop with the latest Dallas luxury real estate trends to immersing you in the exhilaration of our dynamic lifestyle, Juli is your connection to the topics that resonate with those who proudly call this area home. Whether we’re diving into the realm of luxury retail, revealing thrilling local developments, or sharing the infectious energy of sports and entertainment, we’re your ultimate ‘in-the-know insider’ for the best of Dallas.