Dallas' Latest Shopping Hotspot

Shops at Park Lane-Old Navy (Courtesy of Northwood Retail LLC)

By Eileen Patskin
May 24, 2017
One of Dallas’ newest success stories is The Shops at Park Lane, a multi-phase mixed-use project located at Park Lane and North Central Expressway (US-75).  

The Shops at Park Lane was created as part of the Vickery Meadow Tax Increment Financing (TIF) District, managed by The City of Dallas Office of Economic Development. This TIF district was established in 2005 to assist commercial and residential transit-oriented development near the DART light rail Park Lane Station, while also implementing appropriate urban design standards. In 2006, the City of Dallas entered into an agreement with the project’s original developer requiring $350 million in new private investment in the first phase of the project in exchange for a $20 million grant from the Vickery Meadow TIF.

Part of what has made The Shops at Park Lane such a success is its welcome — the high-profile signage that makes the complex easy to locate from both the street and freeway, and the entrances located on both floors that allow customers to easily wander among stores. A 10,000-square-foot park in the heart of the development hosts community events, integrating it into the fabric of the neighborhood.
Shops at Park Lane-Starbucks (OED-Patskin)
As of 2016, the TIF’s assessed real property taxable value was just over $434 million, a 163.6% increase over the 2005 base year value. The success of The Shops of Park Lane has been instrumental to this increased value. As Sandy Spurgin, Senior Vice President of Northwood Retail, noted, “We knew that in order to be successful, we needed the right tenant mix – rather than compete with, we wanted to complement NorthPark Center, Dallas’ iconic mall, just across US-75 from us.” Northwood Retail took over management and development of The Shops at Park Lane in 2010. 

Many tenants, such as Nordstrom Rack and Old Navy, are top sales performers. Nordstrom Rack’s success is even more impressive given that there is a traditional Nordstrom store across the street at NorthPark Center. According to Spurgin, “Customers tell us that they happily go back and forth between the two Nordstrom locations and don’t differentiate between the two.” Other tenants include Bowl & Barrel, a bowling and dining destination, high end grocer Whole Foods Market, and a 2,400-square-foot Starbucks, one of only 250 Starbucks nationwide that serves its special reserve coffee. Some of the latest additions include F21 RedFrancesca’sEddie Bauer and concept store J. Crew Mercantile, the company’s first ever location.

The project has been built in multiple phases. Completed in 2009, Phase I included 325 apartments, 554,000 square feet of retail space, 97,000 square feet of office space, and parking structures. In 2016 Northwood completed Phase II, the construction of a five-story, Class A mixed-use development, with a build-out that includes approximately 35,000 square feet of retail space, 122,000 square feet of office space, 175 parking spaces and the community park. Sunoco relocated its corporate headquarters to the office building. Phase III development continues with new (totally 246 units) loft apartments being built. Two development parcels remain that will accommodate future phases including additional office space and a hotel. The Shops at Park Lane has been structured so that it can adapt to changing customer needs and retail trends, to create long-term value. This provides room to expand and grow as required, providing a positive customer experience now and in the future. 
Shops at Park Lane-Whole Foods (Courtesy of Northwood Retail LLC)