For Immediate Release
February 25, 2004

$2.5M approved by Dallas City Council to bring Retail back downtown

Dallas, TX - The Dallas Downtown Partnership was awarded a contract to administer a $2.5M retail recruitment program by the Dallas City Council today. The program is aimed at providing rent and tenant improvement subsidies as an incentive for retailers to locate downtown.

Modeled after a similar program that has been widely successful in other cities such as Washington D.C., the Downtown Partnership will recruit retail for the Main Street District of downtown Dallas, an area currently slated to become a major shopping destination. The District includes Main, Elm and Commerce Streets, bordered by Harwood to the east and Field to the west - the heart of the Central Business District. The Downtown Partnership has been dedicated to such efforts in the area for nearly two years, and now the City has put additional resources behind it.

“In the 1970’s and early 1980’s, this area was known as one of the top retail destinations in the nation - department stores, boutiques and major apparel chains filled the streets.” said Nancy Hormann, Executive Director of the Dallas Downtown Partnership. “Then, the economic crash of the late 80’s wiped out nearly every retailer downtown, and the Neiman Marcus flagship store was left as the sole survivor. We are going to build on that. What better anchor for a shopping destination could you possibly have than the original Neiman Marcus?”

The retail incentive dollars are restricted to goods and services retailers, and will be calculated using a point system. Criteria is currently being finalized which will help the Downtown Partnership to qualify retailers, and includes points based on uniqueness, credit, square footage desired and adherence to the Master Plan (a strategic ratio of retail categories desired for the District). In turn, funds will be used to offer rent subsidies and monies for tenant improvements.

The Downtown Partnership will act as the information source and marketing arm for all properties with ground floor retail space in the Main Street District. Maps, brochures, a web site and other information will be produced to promote the area, and the Partnership will proactively court a targeted list of retailers. This list has been created with the help of local brokers, downtown residents, businesses, and other stakeholders who have a strong feel for what downtown needs.

The Downtown Partnership is in the process of raising additional funds to complete a downtown Marketing Suite, a high-tech multi-media center showcasing downtown Dallas. In the suite, the Downtown Partnership plans to host seminars for retail leasing brokers, property owners, prospective tenants and landlords, and provide other presentations that focus on the new energy in downtown Dallas.

The Marketing Suite will be located in the Davis Building at 1309 Main Street, Suite 203. Hamilton Properties, owners and developers of the Davis Building (www.thedavisbuilding.com), generously donated the space to the Downtown Partnership.

The $2.5M comes from a Chapter 380 grant, originating from dollars in the City Center Tax Increment Financing (TIF) Fund, dollars generated from increased tax assessments within the designated district which are then reallocated to enhance infrastructure within that area.

The Downtown Partnership, Inc. is dedicated to the redevelopment and revitalization of the Main Street District retail core of downtown Dallas by creating a vibrant, sustainable and prosperous environment in which to work, live, shop, dine and play everyday.

For more information about the Main Street District Retail Incentive Program, call the Dallas Downtown Partnership at 214-744-1270.