An excavator ripped into the beige and grey facade of the vacant Sears building at Valley View Center Thursday to kick off demolition for the $1 billion Park Heritage mixed-use development.
Dallas firm KDC is building out the 22-acre site owned by New York City-based Seritage Growth Properties (NYSE: SRG) as part of the larger Dallas Midtown redevelopment project that encompasses 430 acres north of Interstate 635 between Dallas North Tollway and Preston Road.
For years, the mostly empty Valley View Center that once drew crowds sat in decay surrounded by a swath of empty parking lots, but the walls are starting to come down and the public eyesore will soon be no more.
You can see photos from the demolition and renderings of the future development by clicking here.
“I would not have come out here today if we hadn’t been able to demolish something,” Mayor Mike Rawlings said with a golden hammer in hand. “We’ve talked enough, OK? And so I want to make sure some things come down before things come up. Today, we’re going to do that. It’s not going to be the walls of Jericho, but it’s going to be a start.”
Rawlings, who is several weeks away from the end of his second term as Dallas’ mayor, emphasized the importance of the Dallas Midtown project throughout his tenure and the role the development can play in the city's growth.
"We have an option to compete with suburbs in the north for business and mixed-use uses. It’s important because the city has invested in this to be a catalyst for other places in Dallas,” he said.
When complete, Park Heritage will have up to 2 million square feet of offices towers, residential living, restaurants, retail and entertainment space.
Steve Van Amburgh, KDC's chief executive, said walkability and amenities are the driving factors of where companies choose to go, and the amenities Park Heritage will offer combined with its location are already stirring up interest from potential tenants.
“Right now our company is entertaining a number of proposals and presentations from top companies that are looking at relocating back into the Dallas area or consolidating operations in a more centrally located place,” said Van Amburgh.
East of the Park Heritage project, Dallas-based Beck Ventures, which owns the majority of the Dallas Midtown redevelopment site, recently resumed its share of Valley View demolition that was previously on hold due to court battles over city incentives, missed deadlines and financing.
The mall is slated to be reduced to rubble by the end of the year to make way for new infrastructure and building construction.