DALLAS — It once was the shopping mecca of North Dallas. Now, Valley View Center will see new life with a $2 billion transformation.
Beck Ventures announced its grand plan for the site at LBJ Freeway and Preston Road on Tuesday morning.
It will be renamed "Dallas Midtown," and it will look very different when it is completed in five to 10 years.
"This will consist of a five-star hotel; condominiums; a million-and-a-half feet of retail space; apartments; and office buildings," said Beck Ventures founder Jeffrey Beck.
"We're excited that this is a Dallas family that's come to us and wanted to redevelop probably the land that has the most potential in the city of Dallas," added City Council member Linda Koop.
Valley View opened as an enclosed mall in the late 1970s. Most major tenants have pulled out; Sears and JCPenney are the only remaining anchor stores.
The Beck family said they will begin luring businesses to the location immediately. At the same time, they'll be rebuilding the mall store-by-store to create their vision of an outdoor complex.
They said the closest comparison to Dallas Midtown would be The Shops at Legacy in Plano or The Bishop Arts District in Oak Cliff.
The Beck family said they see the location of the mall as a prime piece of real estate just two blocks away from a newer shopping mall, Dallas Galleria.
Beck is also the company that developed the master-planned Trophy Club community, but not all are happy with how the company operates.
Some residents there said the close relationship between Beck and city officials has not always been the residents' best interests.
"The way they addressed residents; the way they were disparaging; that's not how you work with a community," said Susan Edstrom with Residents United for Trophy Club. "You reach out and say, 'I understand what you want, let's see if we can meet [at] common ground.' There was never an effort to meet [at] common ground."
However, the city manager of Trophy Club said during a recent controversial zoning issue, the Beck family was very professional and accommodating.
At the press conference, Beck said it looks forward to working with all the property owners and the city to realize the potential of the project. In fact, the Beck family home is just a mile from Valley View.