Proponents of the proposed high-speed rail project that would turn a trip from Dallas to Houston into a scenic, 90-minute ride believe the project could help developers “build the newest part of downtown,” that could change the way people perceive the urban core.
That’s according to a report by Glenn Hunter in D CEO in which developer Jack Matthews, president of Matthews Southwest, touts the potential for a blend of office, residential, hotel, and retail space around the proposed station in the Cedars district on acreage he owns between Lamar Street and Riverfront Boulevard, just south of the Kay Bailey Hutchison Convention Center.
The Real Estate Council has endorsed the high-speed rail project, saying that $12 billion plan would be a “catalyst for a growing and robust” real estate market, attracting new businesses and residents. The rail project is being proposed by a private, Dallas-based company called Texas Central Partners.
“We feel pretty positive about it.”
“We feel pretty positive about it,” Linda McMahon, TREC’s president and CEO, told D CEO.
Matthews said preliminary design work on the high-speed rail station has begun, with designs for commercial real estate projects materializing as deals come to fruition.
He said commercial real estate options on the site of the proposed rail station could include custom builds or joint ventures.
“We’re at the very beginning, but [there’s apt to be] a mix of everything, including a full mix of apartments, high rises, condos—to own, as well as to rent,” Matthews told D CEO. “Walkability will be important, too. … We think [the development] will change the way people think about the center of Dallas.”
Texas Central Partners said the 240-mile rail line would offer departures every 30 minutes during peak periods each day and every hour during off-peak periods.
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