TRATEGIC PRIORITY: Core
AGENDA DATE: April 23, 2025
COUNCIL DISTRICT(S): 2
DEPARTMENT: Department of Facilities and Real Estate Management
EXECUTIVE: Donzell Gipson
______________________________________________________________________
SUBJECT
Title
Authorize acquisition from Charter DMN Holdings, LP, of approximately 185,941 square feet of land located near the intersection of Young and Houston Streets, for the Kay Bailey Hutchison Convention Center Dallas Master Plan Component 1 Convention Center Expansion Project - Not to exceed $45,120,000.00 ($45,000,000.00, plus closing costs and title expenses not to exceed $120,000.00) - Financing: Convention Center Construction Fund
Body
BACKGROUND
This item on behalf of the Department of Convention and Event Services authorizes the acquisition from Charter DMN Holdings, LP of approximately 185,941 square feet of land located near the intersection of Young and Houston Streets for the Kay Bailey Hutchison Convention Center Dallas Master Plan Component 1 Convention Center Expansion Project.
Convention and Event Services and its project manager, Inspire Dallas, briefed the Dallas City Council about the need to procure this property on March 6, 2024. The convention center expansion, west of Lamar, abuts the forthcoming Interstate 30 Project and the city was informed by TXDOT that equipment lay down and staging space is needed for completion of the I-30 Project. Providing the easement for the TXDOT request necessitated moving the convention center back several thousand feet onto the abutting property. As briefed, this has the collateral effect of reducing the need to build over the Union Pacific Railroad property. This reduction offsets the cost of the land purchase in terms of overall project cost. The consideration is based on independent appraisals. There are no relocation expenses associated.
City intends to enter into a 40-year agreement with Charter DMN Holdings, LP wherein the Department of Convention and Event Services shall provide up to 100 parking spaces, offered at fair market value, available within its convention center parking area for Owner’s future development of its approximately 2.93-acre tract of land at fair market.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
The City Council was briefed on the Kay Bailey Hutchison Convention Center Dallas Master Plan and Transportation Initiatives on March 6, 2024.
FISCAL INFORMATION
|
Fund |
FY 2025 |
FY 2026 |
Future Years |
|
Convention Center Construction Fund |
$45,120,000.00 |
$0.00 |
$0.00 |
OWNER/EXECUTIVE
Charter DMN Holdings, LP
Ray W. Washburne, President
MAP
Attached