Therme’s $800 Million Dallas Resort to Seek Public Subsidies

Therme Group’s $800 million wellness resort is being pitched as a crown jewel in the transformation of Dallas’ riverfront core south of downtown.

The Austrian firm explored sites in Frisco, Plano, Houston and Palm Springs, Florida, before choosing Dallas’ urban core for its connectivity, skyline views and possible taxpayer-funded incentives, the Dallas Business Journal reported.

The proposed Therme Dallas spa and resort is a 500,000-square-foot project planned for 24 acres along South Riverfront Boulevard near the Cedars neighborhood.

It will feature palm trees, thermal baths, saunas, mineral pools, restaurants and a beach-like atmosphere with zones to “play,” “relax” and “restore.” It’s expected to draw 2 million visitors a year and generate 1,300 permanent jobs once open.

The location sits adjacent to the upcoming Water Commons urban wetlands park and downstream from the $325 million Harold Simmons Park, two anchor projects in what could be a multi-billion-dollar redevelopment along the Trinity River corridor.

CEO John Alschuler called Dallas a future global city on par with Dubai and Singapore, where Therme has other resorts in the pipeline. The Dallas resort could be a model for how cities can blend public space, tourism and economic development, he said. Council Member Jesse Moreno, who represents the area, said the project could generate $2 billion in tax revenue over 30 years, funds he hopes will boost city services and public safety.

Therme’s vision includes a retractable glass roof, swim-up bars and environmentally friendly infrastructure like geothermal heating and 80 percent water recycling. A zoning change is required, and construction could begin as soon as 2027 following city approval.

The land is owned by Matthews Southwest, which controls surrounding parcels and part of the Water Commons. Therme has a purchase agreement contingent on entitlements, and city staff are expected to review financial incentives in the coming year.

If built, Therme Dallas would be the company’s first U.S. location. The company plans to bring 10 wellness resorts to the United States over the next decade.

— Judah Duke