After sitting through a zocor commercial - you'll see some
3D animation fly-throughs of Victory here:
May 10, 2005
VICTORY DEVELOPMENT IN DALLAS TAKES OFF WITH PHASE II CONSTRUCTION
Citing Strong Economic Impact on City, Ross Perot Jr. And Hillwood Executives Unveil Details for Hotel, Residences, Office Space, Shopping And Entertainment
DALLAS, May 10 -- Ross Perot Jr., chairman of Hillwood, one of the top real estate developers in the United States, today kicked into high gear the company's latest large-scale urban construction project by unveiling detailed plans and timetables for Victory Park, the $450-million Phase II of Victory, the $3+ billion, 75 acre mixed-use development project in downtown Dallas.
Citing a strong positive impact on the City, Perot, joined by Hillwood president Jonas Woods and Dallas City Council member and Mayor Pro Tem John Loza, who has championed Victory locally, displayed a model of the project and announced an all-star roster of partners.
These range from some of the country's best-known commercial architects to award-winning restaurateur Tom Colicchio, winner of the "James Beard Best Chef New York" award and creator of highly acclaimed restaurants in New York and Las Vegas, and Dallas' own fashion entrepreneur Ort Varona.
Victory Park will feature six buildings comprising a mix of high-end urban residential, retail, indoor and outdoor recreation facilities, modern and technologically advanced office space and an upscale hotel. In all, the Victory district represents one of the country's most ambitious urban redevelopment projects -- over 4,000 new urban residences and a total of 12 million square feet of space, including approximately 4 million square feet of office and retail space.
The project began in 1998 with the careful remediation of a formerly unusable inner-city brownfield site and the construction of the highly successful $420 million American Airlines Center, home of the Dallas Mavericks and Dallas Stars. Phase II is expected to be completed by 2008, with most of the construction projects estimated to come on line in 2006.
"Dallas is one of the most vibrant cities in the nation, and Victory is poised to invigorate the region with a revolutionary concept in community design," said Perot. "Victory will provide additional sophisticated housing, retail and dining options for Dallas residents and visitors and will be an economic boon for the City."
"Victory's distinct design and unique offerings will attract national attention and major business growth," agreed Loza. "The Hillwood team has proven their commitment to the City by transforming what was a blighted area into a new urban destination."
According to Hillwood, tax revenue (sales, hotel and property) generated by Victory to the City of Dallas, (excluding the city-owned American Airlines Center) is estimated to be $9.8 million annually. Phase II and III are expected to employ 2,000 construction-related workers and create 3,000 permanent jobs. When Hillwood purchased the land in 1998 it had an estimated value of $16 million. By the end of 2008, the completion of Phase III, Hillwood is estimating the value to be $900 million, a 5,500 percent increase.
In outlining details of the Phase II Victory Park development, Hillwood's president called attention to the caliber of associates involved. "Victory Park will consist of an exceptional combination of retail, business, technology, dining and entertainment that will revolutionize Dallas' inner city life," Woods said. "In addition to internationally acclaimed architects and designers involved in the project, such as HKS, Inc., SWA, Orne + Associates, GD&A, Kohn Pederson Fox, Shopworks, Elkus Manfredi, MorrisonSeifertMurphy, Cadwallader Design, ZERO3 and BOKA Powell Associates, as well as Colicchio and Varona, collaborators include Hillwood co-developers Gatehouse Capital and Hicks Holdings LLC in the W Hotel & Residences, the N9NE Group, originator of Las Vegas' famed Ghostbar, and high profile investors such as Donnie Nelson and Michael Finley of the Dallas Mavericks, will make Victory Park one of the most sought after places to live, work, shop and dine," Woods added.
In total, Victory Park's retail space will include nine restaurants: Craft, an offshoot of the New York original that won "Best New Restaurant in America" from the James Beard Foundation, and 'wichcraft also by Colicchio; N9NE Steakhouse, the ultra-lounge Ghostbar and another state-of-the-art nightclub and NOVE, a modern Italian restaurant, all by the N9NE Group; Kenichi, serving pan-Asian cuisine; Luna De Noche, a Tex-Mex grill, and the Victory Tavern. Cutting-edge retail stores will include Ort Varona's 20,000 square-foot LIFT -- with unique storefronts by J. Lindeberg, Adriano Goldschmied (AG) and Global by Ted Baker -- and Fred Perry, G-Star, Future Sports (also by J. Lindeberg) and Quicksilver free-standing stores.
Ground-breaking has already taken place for the first building to open in Victory Park -- the $180-million W Dallas Victory Hotel & Residences, a 251- room hotel property with 61 and 83 high-rise homes in two towers, including signature private residences on the top floors of two towers, a 5,000-foot Bliss spa, pool and fitness facilities and retail shops. Other components opening in 2006 include Victory Plaza, a two-building complex of approximately 200,000 square feet of distinctive retail and office space adjacent to the American Airlines Center. Victory Plaza at the American Airlines Center will feature an unprecedented outdoor media installation featuring the most sophisticated high-definition LED technology currently available in the world.
Also under construction and opening in 2006 will be The Terrace, a 95-unit seven-story condominium situated on The Park, an urban oasis for recreation and relaxation, and The Vista, with 125 upscale rental residences and 25,000 square feet of retail space. The Icon, destined to become one of the country's premier rental properties, with 260 apartments and hotel-style services and amenities on a par with the finest private homes, will open in 2007.
Phase III of Victory is expected to include three more new buildings, including One Victory Tower, at 45 stories and 600 feet high, the tallest residential structure in Texas. Designed by the international architecture firm Kohn Pederson Fox, it will feature 130 condominium residences. One Victory Tower will be joined by a 25-story residential building with 150 units and 30,000 square feet of ground floor retail, and 2200 Victory Avenue, with 300,000 square feet of office and 20,000 square feet of ground-floor retail space, designed by Dallas-based BOKA Powell.
The Victory district also will incorporate a cutting-edge integrated technology system, creating a wireless district, a dedicated "Media Network" to support broadcast programming, zoned music and audio and live feed capability.
A one-acre public park also has been committed for outdoor recreation and art displays throughout the year and a new Museum of Nature and Science is planned on land purchased from Hillwood. In addition, the Victory development team has helped to fund the revitalization of Dallas' celebrated Katy Trail, a linear exercise path connecting Victory Park to the neighborhood of Highland Park.
Hillwood, a Perot company, is ranked as one of the top commercial real estate developers in the country and the top residential developer in Dallas-Fort Worth. The company's developments currently house facilities for 79 companies listed on either the Fortune 500, Global 500 or Forbes List of Top Private firms. In addition to Victory, Hillwood is best known for its development of the 17,000-acre AllianceTexas development, located 15 miles northwest of DFW Airport.