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Old Posted Sep 13, 2016, 5:15 AM
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Exclusive: Dallas group ready $85M project on city's Pacific Plaza Park
Candace Carlisle
September 9, 2016

A Dallas development group says it's ready to move forward with the project to transform Pacific Plaza in downtown into a lush park above a seven-story, below-grade parking garage.

Dallas-based 4P Partners LLC plans to ask the city of Dallas to approve a lease on Pacific Plaza, currently a 3.46-acre surface parking lot , to make way for a proposed $85 million development. It will bring a programmed park (much like Klyde Warren Park) with an adjacent restaurant and retail space, as well as a food truck courtyard at no cost to the city.
The closure of Live Oak Street between Harwood Street and St. Paul Street also will be discussed at the meeting.
"Dallas is under extreme budget pressure with a lot of people looking for city money," Lusk told the Dallas Business Journal in an exclusive interview. "We aren't asking for TIF money or for the city to pay for the maintenance of the park. It's a very solid gift to the city."

The estimated annual cost of maintaining the future park is $600,000, which Lusk says will be paid for through revenue generated at the park. It includes would-be leases for a restaurant and grocery space developed on what is now Aston Park, which sits adjacent to Pacific Plaza.

The closure of Live Oak Street would help connect the two pieces of city park land and bring a pedestrian-friendly thoroughfare into the park, which was designed to resemble Bryant Park in New York with a large activities lawn designed by Kevin Sloan Studio in Oak Cliff.
Construction could begin as soon as the end of this year if the lease is approved this month, and could take an estimated 30 months to complete the proposed development.
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