Ross Perot Jr., the high-profile developer and son of the two-time presidential candidate, yesterday formally unveiled his real-estate company’s plans for Victory Park, an ambitious, $450 million master-planned, “city within a city” right in downtown Dallas.
Victory Park is the second phase of a $3 billion, three-phase, megadevelopment that includes a sports arena for the Dallas Mavericks and the Dallas Stars, Texas’ first W Hotel, luxury condominiums, Class A office space, nightclubs and fancy restaurants.
Victory marks the debut of Mr. Perot’s Hillwood Development Corp. in downtown Dallas. Its previous Texas-size projects have been in the suburban locations, including a sprawling 10,000-acre industrial park northwest of Dallas known as Alliance. Mr. Perot says urban building has been a real education.
“We thought our projects in the suburbs were complicated until we went into an urban project,” he says. “We like to say we earned our master’s with Alliance and earned our doctorate with Victory.”
Phase II will have six buildings, including the W, rental apartments and condos, offices, restaurants and retail stores. Five will be delivered in 2006 and the sixth a year later. A third phase will be completed in 2008.