Irving’s Robust, Economic Development Sector Bodes Well for Local Real Estate

By: Richard Soto.

Irving’s strong, local economy, low unemployment rate and healthy real estate market makes it particularly popular for business development and relocation, despite the poor state of the national economy.

The city leaders of Irving recognize the unique opportunity they have in this progressive, dynamic city, and have responded with an array of exciting development projects which will further help to expand this already-strong economy, provide additional jobs, keep real estate sales strong and expand the city’s tax base.

Irving Convention Center

Take for example the Irving Convention Center in Las Colinas, which is currently under construction. The Irving Convention Center, which is part of the Entertainment District Project, is set to open in fall 2010. Built upon a 40-acre tract of land in the Las Colinas Urban Center, as the first phase of a future, mixed-use entertainment complex, the Irving Convention Center will feature over 50,000 square feet of exhibit space, a 20,000 square-foot ballroom and over 20 breakout rooms, each featuring about 1,000 square feet of space.

The Irving Convention Center design, which is under the direction of the Irving Convention and Visitors Bureau, will be home to many, top-notch conventions, exhibitions and meetings, among other things.

Heritage Crossing

Another popular economic development project is Heritage Crossing, which involves the acquisition and development of downtown Irving property. Heritage Crossing, which has, to date, developed over $35 million dollars worth of downtown Irving property, will be a greater source of tax revenue for the city.

Thus far, more than 50 properties have been developed for Heritage Crossing, as well as five, expansive, apartment complexes. Four out of the five complexes are set to be demolished, as are a number of dilapidated family residences.

In addition to generating revenue for Irving’s tax base, Heritage Crossing will further reduce the crime rate in this area and boost property values.

Other projects for Heritage Crossing include a retail townhome project, which is valued at $16 million, and an apartment retail development project, which is valued at $22.4 million.

Water Street Development

The Water Street Development Project

Water Street is a planned development project to be located in the Las Colinas Urban Center. Zoning, plat and site plans have been approved, and plans for the street layout and the first building, which will enjoy a prime, Lake Carolyn location, are in the process of being finalized.

Water Street, which is being developed by Gables Residential, has also been working alongside the Dallas County Utility and Reclamation District to obtain an additional, 1.2 acres along Lake Carolyn.

Gables Residential anticipates that more than 13,000 square feet of retail space will be open by fall 2010.

Once completed, Water Street will boast more than 240,000 square feet of retail space to the Las Colinas area of Irving.

With the continued development of Irving and the Las Colinas Urban Center, the residents of Irving will continue to enjoy a lower employment rate, more tax revenue and an increase in property values.

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Whether you are a buyer or seller, stay ahead of the market trends by reading our informative analysis, which spans from Irving real estate to Coppell real estate .

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