Apartments, recessions, and public safety were among the hot button topics at the 15th annual Greater East Dallas Chamber of Commerce Economic Summit held this week in Dallas. CC Young Senior Living was the title sponsor and Daltxrealestate.com was among the media sponsors.
East Dallas is home to three of the newest city councilmembers and the Deputy Mayor Pro Tem, including District 14’s David Blewett, District 7’s Adam Bazaldua, District 9’s Paula Blackmon, and District 10 Councilman/Deputy Mayor Pro Tem Adam McGough. The four shared their vision for economic development in their East Dallas districts spanning from Fair Park to White Rock Lake.
Dallas is attracting a lot of young professionals to its booming job market, which leads the state in year-over-year employment increases and tops California as the top state for jobs. They’re renting apartments in hip areas like Uptown, Deep Ellum, and the Medical District where the median rent for a two-bedroom apartment is $1,130, according to Apartmentlist.com. But an uptick in crime in the city of Dallas could send these professionals for the suburbs. That’s why public safety seemed top of mind for these council members who addressed the attendees, comprised of real estate professionals, small business owners, and professional services providers.
#EastDallasWorks Dallas City Councilmember @DavidBlewettD14 says public safety is key not only to attracting people to Dallas but KEEPING them in Dallas. “We need a safe environment for people to stay here.”
— Daltxrealestate (@Daltxrealestate) October 15, 2019
#EastDallasWorks Lake Highlands councilmember @AdamMcGoughD10: “Economic development is tied to public safety. We have to start there.” Project Safe Neighborhood has made arrests and closed crime hotspot. For first time in ages, developers calling him for tours of his district. pic.twitter.com/7vZwfoEzFI
— Daltxrealestate (@Daltxrealestate) October 15, 2019
Project Safe Neighborhood is a national effort by the Department of Justice to reduce crime by networking and supplementing local programs. Parts of Lake Highlands were identified as some of the highest crime rates in the state, Assistant U.S. Attorneys told a National Night Out crowd in 2018. In Nov. 2018, the task force shut down J’s Food Mart, a criminal hot spot at Whitehurst Drive near Skillman.
The development potential of Fair Park was another hot topic, for which councilman Bazaldua didn’t mince words. “History has to be preserved while being lifted up,” he said. “We’re making strides to not just grow the south, but address the problems.” Specifically, displacing low-income families is a concern.
#EastDallasWorks Council member @AdamBazaldua says his Fair Park district “For so long has been the stepchild of the city.” Says highways were built to divide communities. But it has largest collection of Art Deco buildings on the world. “Crown jewel” of city.
— Daltxrealestate (@Daltxrealestate) October 15, 2019
In 1936 state leaders chose Dallas’ 277-acre Fair Park as the site for a world’s fair commemorating the 100th anniversary of the Texas Republic. Architects and artists designed the new Fair Park buildings in the then-contemporary Art Deco style. It stands today as the only intact and unaltered pre-1950s world fair site in the United States, according to FairPark.org.
Councilwoman Blackmon cited economic development for her district means less focus on commercial and more focus on White Rock Lake preservation.
#EastDallasWorks The priority for Councilwoman @paulablackmon‘s White Rock Lake District: “Keeping it a park and keeping it a pristine park.” She has an upcoming agenda item for lake dredging study. “The water quality, the dams are failing, the shorelines need to be fixed.” pic.twitter.com/2j7L2AQsZl
— Daltxrealestate (@Daltxrealestate) October 15, 2019
Dallas Morning News real estate columnist Steve Brown shared his frank take on the residential and commercial real estate environment in Dallas/Fort Worth, which was named the best market for real estate in 2019 by the Emerging Trends in Real Estate report by the Urban Land Institute.
#EastDallasWorks “We’re in the biggest housing shortage since World War II,” says Real Estate columnist @SteveBrownDMN. To accommodate, more apartments are coming. Only a 5% vacancy rate in apts. “We need every damn one of them.”
— Daltxrealestate (@Daltxrealestate) October 15, 2019
Brown cited a RealPage report that lists Dallas/Fort Worth as the leading the nation in number of apartment units under construction, with Washington, D.C., LA, Houston, and Seattle falling number two through five respectively.
With tighter home supply and higher property prices, it’s getting harder to profitably flip a home in DFW, Brown said. Home flips are down 28 percent in the latest quarter, with an average profit of $38k.
#EastDallasWorks Recession? Not forecasted at this time. But “Slowing is lead by business investment, not the consumer,” says Pia Orrenius of @FederalReserveBank of Dallas. “That’s what we need to watch going forward.” pic.twitter.com/fYCTWZ384H
— Daltxrealestate (@Daltxrealestate) October 15, 2019
#EastDallasWorks Texas has benefitted from #globalization. Growth in Texas exports has been “phenomenal” to become No. 1 exporting state in the nation, Dallas Fed tells East Dallas Chamber of Commerce Economic Summit. With 19%, Texas leads California, 10.7% in 2018.
— Daltxrealestate (@Daltxrealestate) October 15, 2019
Finally Alexa Conomos, former WFAA Anchor, media consultant and recent podcaster with Ron Corning and her husband, Bradley Anderson, who is recognized Dallas attorney by day and a restauranteur by night (think Hillside Tavern, Veritas Wine Bar, Boulevardier, and Rapscallion) sat down for a “Fireside Chat” about being an entrepreneur and the transition/balance of having a “day job” and an “entrepreneurial endeavor.”
#EastDallasWorks Former WFAA anchor @alexaconomos and restauranteur husband Bradley Anderson sharing their entrepreneurial experience with @GEDallasChamber. pic.twitter.com/ufWRz727Qi
— Daltxrealestate (@Daltxrealestate) October 15, 2019
