The Dallas City Council will vote next month on creating a neighborhood empowerment zone, and is considering offering tax breaks to Goldman Sachs if the global investment firm moves forward with its plans for the almost $500 million hub near downtown.
The proposed development would be in the 2300 block of North Field Street near the Perot Museum of Nature and Science. Under state law, the designation would allow cities to offer financial and development incentives to property owners and developers to help bolster economic development, affordable housing, or other initiatives within the area, according to the Dallas Morning News.
The massive project would be part of an 11-acre high-rise redevelopment approved by the City Council last August, which is currently home to the Northend Apartments, a 540-unit complex built in 1997. The plans include office, residential and hotel towers, retail space, and a 1 1/2-acre park. Some of the buildings could top 80 stories.
The complex stopped accepting new leases in January or February because of the planned redevelopment, according to a worker. The property owner, North End, L.P., plans to construct a $390 million building by Dec. 2028, according to a public notice regarding the possible Goldman Sachs city tax deal. Goldman Sachs would lease at least 800,000 square feet of the space and spend a minimum of $90 million to outfit it.
Manhattan-based Goldman Sachs already has almost 4,000 employees working in buildings in downtown Dallas and Richardson. Rumors have circulated since at least 2020 that Goldman plans to consolidate a large number of workers in a new office in the Dallas-Fort Worth area.
It is not immediately clear at this time how much Goldman Sachs stands to save in taxes through the proposed deal.
[Dallas Morning News] — James Bell