That changes to the economic incentive agreement come along with more flexibility for the developer as well.
Located at the southeast corner of Camp Wisdom Road and Westmoreland Road, the 107-acre site has seen retail, residential, medical and education uses emerge on the site over the last few years.The increased investment threshold that developer Peter Brodsky is faced with meeting has jumped by $15 million, from $135 million to $150 million.
The increase brings along with it more flexibility in the terms of the adjoining Chapter 380 economic development grant and loan agreement with the city for the redevelopment of the southern Dallas project.The city has provided the project a $12 million loan and $15.4 million in grants — a total of $27.4 million in funding.
Changes include removing language that requires the former Macy’s space be transformed into office space, in addition to excluding it from certain occupancy requirements depending on its redevelopment.Brodsky at a meeting of Dallas’ Mall Area Redevelopment Tax Increment Financing District floated an early-stage idea that a hotel could be a fit on the property. Typically a hotel would want to own, rather than have a ground lease for its space.
, Real estate reporter. Anna is a real estate reporter for The Dallas Morning News. She previously served as managing editor and real estate editor of the Dallas Business Journal. She is a graduate of Wake Forest University. A seventh generation Texan, Anna grew up in Austin.