DALLAS — The Dallas skyline will be getting a bit bigger in the next few years as the City Council approved tax breaks for the construction of two new skyscrapers, one of which would become the tallest building in Dallas.
The council approved economic development zones for the two projects during their Wednesday meeting morning.
The first building will become the tallest building downtown with 80 floors, taller than Bank of America Plaza by eight stories. It is planned be located on 11 acres at 2323 North Field St.
Approval of the building includes a tax abatement for Hunt Realty, exempting half of the taxes on the added value of the property for up to 10 years.
Goldman Sachs, a tenant on the project property, will be exempted 50% of the taxes on the added value to the new business for up to five years.
The second building, a 38-story-high mixed-use property, will occupy 1.7 acres on the southeast corner of South Akard Street and Canton Street in Tax Increment Financing Reinvestment Zone No. 11.
District 8 City Councilmember Tennell Atkins said the mixed-use building is a great deal for Dallas.
"Economic development, money churning in the neighborhood and staying in the neighborhood," Atkins said. "But we also look at you're building for the future, not just for the present."
Atkins said private-public partnerships like this are great deals that invest in the city, particularly downtown.
"If we don't invest in downtown, the core of our downtown, we're not going to have a great city," Atkins said.
The Field Street building resolution includes multiple workforce initiative requirements, including creating work and internship programs with multiple local universities like Paul Quinn College, UNT-Dallas and Dallas College.
Under requirements for the mixed-use building, at least 20% of the property must be built to meet affordability requirements in the district, including various types of units like one-bedroom or two-bedroom.
The Field Street building also requires the tenant to create at least 5,000 jobs by the end of 2028 with an average base salary of $90,000.
Both resolutions also require the developer to make a "good faith effort" to meet the city's goal of 32% participation from minority/women-owned businesses for all construction costs.