Dallas City Council approves option to secure key parcel of land . . . Site provides future convention center expansion space and a potential site for a convention center hotel
Dallas, TX – The Dallas City Council today approved a purchase option agreement for an 8.4-acre site at the southwest corner of Young Street and Lamar Boulevard . The property is currently owned by Chavez Properties.
After obtaining consensus from City of Dallas officials, Dallas Convention and Visitors Bureau leadership and various task force groups, the Dallas CVB has agreed to apply $500,000 in non-hotel tax revenues and non-hotel memberships as a fee to secure an option for this site.
Upon closing and transfer of ownership, the Dallas CVB will be repaid the $500,000 used to secure the option for this site.
“It is prudent to tie up the property to even see if this is an option,” said Mayor Tom Leppert. “This is going to determine the future of downtown. It’s a first step, a relatively small step in the process, but we need to move forward.”
The City Council’s action authorizes City staff to execute an option purchase contract with the seller for the Chavez property. Over the next four to six months, City staff will conduct the necessary due diligence and develop a financing plan for acquisition of this site. The Lamar Boulevard/Young Street site is extremely important to the Dallas CVB and the Dallas Convention Center . As the “front door” of the Dallas Convention Center , the site provides future convention center expansion space as well as a site for a potential convention center hotel. Of the top 20 competitive convention markets nationwide, Dallas is the only city without a convention center hotel announced, under construction or completed. In the state of Texas , Houston , San Antonio , Austin and Fort Worth have constructed or are in the process of building a convention center hotel.
The Dallas CVB has learned that more than 80 groups will not bring future meetings to Dallas due to the lack of a convention center hotel and adequate meeting space in the convention center. Dallas is currently losing out on $800 million in direct spending and $2.6 billion in economic impact.