Dallas’s Carpenter Park Revamp Is About to Begin
Dallas’s Carpenter Park is all set to connect rapidly growing ultra-hip Deep Ellum and up-and-coming East Dallas, marking the most ambitious parks project in the city yet. When complete, the expansion and proposed 8.7 acres it will take up will make Carpenter Park (formerly Carpenter Plaza) the largest downtown green space in the city of Dallas.
According to the city’s Downtown Parks Master Plan Update, the ideal outcome will preserve the area’s deciduous trees, expand green space, add a mid-block crossing to the DART station, and our favorite: allow food trucks to operate in the park. Other additions are to include an interactive splash pad, a children’s play area, restrooms, bocce ball courts, and a section for our four-legged friends.
While the project is estimated to cost anywhere from $20 to $25 million, proponents of the park development like Amy Meadows, President and CEO of Parks for Downtown Dallas, say that the park is still a good investment. A study performed by HR&A Advisors, a local real-estate consulting firm, revealed that Dallas parks gave back $678 million to the local community at an average 7:1 return on investment.
From a real estate perspective, the proposed plan is expected to increase home values significantly. In nearby Klyde Warren Park, property values jumped from $125 per square foot to $250 square foot.
“Both parks are remarkable in that they enliven previously viewed ‘dead space’ and encourage investment in the surrounding area, ultimately building a cohesive neighborhood,” Meadows told D Magazine.
Other real estate developers are echoing that sentiment, too. Shawn Todd, who spearheaded the remodel of One Dallas Center, told The Dallas Morning News: “What all the parks will do will be one of the most transformational things for the city. It will raise values all the way around."
The majority of the park’s facelift is set to be complete by early 2022. Could now be the time to buy in the area?
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