TREC In The News

Young Guns About Town: The 23 Putting ‘Victory’ Back in Victory Park

Jul 31, 2018 | TREC News, Young Guns

Victory Park needed something; that much was clear. While the American Airlines Center can easily attract music lovers and sports fanatics alike at virtually any time of year, an arena does not necessarily make a neighborhood. Like other Dallas neighborhoods in recent years, Victory Park had to become a destination. The victory needed to be put back into Victory Park.
Enter The 23, Victory Park’s new 285-unit multifamily development featuring resort-style communal spaces, an amenities deck and pool overlooking Downtown Dallas and the newly-opened Cinépolis luxury movie theater.
TREC’s Young Guns toured The 23 in late June and learned about Victory Park’s transformation from speakers from Archer Western Contractors, CallisonRTKL and Lennar Multifamily Communities.
“While the tour of the apartment and the amenities deck was great in and of itself, the shared dialogue from those who worked on the development of the building was exceptionally insightful and a terrific opportunity that otherwise would most likely not be afforded to most people,” Randy Streig of Weitzman Group said.
The mixed-use development balances Victory Park’s amenities by providing entertainment on the neighborhood’s south side. I had the opportunity to see the Cinepolis theater once its construction was completed, and while I have yet to see a film there I must say the escalators may be just as entertaining!
Bank of Texas’s Erin Mullen, said her biggest takeaway from the tour was learning about the multifamily market in Victory Park, noting the development’s 12-14 leases per month and offers of up to six weeks of concessions.
“While I would say from a banker’s perspective that those are unfavorable stats,” Mullen, a credit analyst, said, “[The 23’s parent company] Lennar’s long-term property hold strategy allows them to have a slower leasing pace as they are in no rush to stabilize and sell. It’s telling of their confidence in the market and product quality they delivered.”
Streig called The 23 “a true breath of luxurious modernity exemplified into a gorgeous high-rise.”
“The interior architecture was extremely vibrant without being overbearing and the sheer courage the developers must have shown to undertake such a project is shown with style and grace,” he said.
Mary Alex Smith of HRNCIR Construction said she liked the look of The 23’s façade, noting its departure from contemporary exterior design for multifamily developments.
“Instead of the typical first-floor retail and above it multifamily, they switched it,” she said. “I think that is going to be very popular for future buildings. It is a great concept and would make me want to live in the building.”
Huntley Lewis of Kimley-Horn said, “I really liked that the design team were able to share with us the challenges of creating such unique space in Victory Park.” Unaware of the proposed movie theater before the tour, I ended up fascinated after hearing about all of the challenges and considerations that went into its design and construction, not on the ground floor, but on the seventh instead! The seven floors of escalators was surely one of the tour highlights.”
Restaurants and retail have always been the anchors, but entertainment uses allow for more time spent in the area than just a meal or a shopping stop,” said Wes Hoblit of Masterplan. “By adding different uses aimed at keeping customers in the space, the area can develop into a universal space for more uses and continual occupation throughout the day.”
“Getting to tour the Cinépolis and get a sneak peak of Mexico’s luxury theater entrance to the Dallas market was an unexpected and terrific surprise,” said Streig. “I know everybody I spoke with had a blast getting to walk around a soon-to-be-opened theater and just explore – something I think many of us may never get to do again.”
Landscape architect Austin Hicks of TBG called the tour one of the best About Town events he’s attended.
“Having the opportunity to hear directly from CallisonRTKL, LMC and Archer Western Contractors about their experiences throughout the project was extremely valuable,” he said, adding: “It will be interesting to follow the growth of the Victory Park neighborhood and witness how The 23 influences the area.”
If you have the opportunity to have a girls night out, date night or solo outing – the theater opened to the public on July 27.
Get ready Dallasites – you can now catch a movie, relax and escape the hustle and bustle of everyday life in Victory Park. If you’ve got even more time on your hands, there are plenty of restaurants and retailers worth checking out, too.
I think it is safe to agree with Lewis: “I can’t wait to see Victory Park become more activated as another neighborhood destination for my Dallas explorations.”