Site Analysis

The re-development site chosen is located in and owned by the city of Irving, TX. 10 minutes from downtown Dallas. Residences have easy access to major highways like I35, Hwy 161, Hwy 183, and Hwy 121. With more than 732,000 cars passing the site on a daily basis, the site is 4 miles away from  the third busiest highway intersection in Dallas-Fort Worth. More than $700 million in transportation investment is already committed for the immediate area for the expansions of Highways 183 and 114, as well as Loop 12, to include light rail, bridge reconstruction, roads, ramps and more. This also a great site for business travelers because it's approximently 35 minutes from anywhere in the metro area. 

Vacant Lot labled with red A

Owner: IRVING CITY OF

Previous owners: 

-RAM LP HARI

-REALSTATE EQUITY ALLIANCE

Business name: VACANT LAND

Land value: $872,870 Land usage: Commercial - Vacant Plotted Lots/Tracts

Land size: 239,462 square feet

Building class: Land Only

Parcel usage: Commercial

Previous total value for property: $2,200,000

Assessments for tax year: 2011

Total value for property: $872,870

Zoning: Site Plan (Detailed)



Built in 1972, the previous improvement constructed on the land was American Best Value Inn & Suites. The building was two story and consisted of 173 rooms, a bar & restaurant and night club. The property was placed on the market approximately 6 years ago, but failed to sale due to the extensive renovations needed to be done to the property to be functional. 

The land and/or improvements seem to have been subsidized by the local government, hence the current ownership by the City of Irving since June 2008. The hotel was demolished in 2009 leaving the city with I highly visible piece of land with endless possibilities. According to the Dallas Central Appraisal District, the 239, 462 lot is valued at $872,870.

Since the opening of the new Irving Convention Center in Las Colinas, there is currently no occupancy of the Convention Plaza or the other mixed use space directly behind it. building adjacent to the vacant land. It consists of valuable hotel (19,544 sqft), office (5,935 sqft), and retail space (13,116 sqft). The actual Convention Plaza building will be converted into a call center that can house up to 40 employees.

Directly north of the lot is the 260 unit Wingren Village apartment complex. The current occupancy of Wingren Village is 96%.



HWY 183 EXPANSION

·        The project area covers east-west transportation needs along existing State Highway 183 from State Highway 360 east to Interstate Highway 35E and includes West Dallas, Irving, and the southern area of DFW International Airport. Phase II of the Diamond Interchange Project also encompasses a significant section of SH 183.

·    The total project is estimated to cost over $1.5 billion, which includes the entire length of SH 183 in Irving and the Diamond Interchange Project around the former Texas Stadium site. Currently, Phase I of the Diamond Interchange is under construction at a cost of $225 million.

 ·   Efforts are being made to include the project in the • NCTCOG Mobility 2035 Plan. This inclusion will qualify the project for available federal funding and allow the project to be presented to the 82nd Legislative Session to be considered as a potential public/private partnership project for the state of Texas.

•  The proposed plan calls for the construction of two- to three-lane frontage roads in each    direction, four non-toll main lanes in each direction and two managed tolled lanes in each direction.