The Canyon in Oak Cliff Announces First Retail and Hospitality Tenants

DALLAS - May 14, 2013 - PRLog -- A groundbreaking ceremony was held on May 14th, 2013 at The Canyon in Oak Cliff (http://www.thecanyoninoakcliff.com/) (IH-30 and Westmoreland Road) by its owner, Stratford Land (http://www.stratfordland.com/). Local dignitaries, including Dallas Mayor Mike Rawlings, attended to celebrate the frontage road construction and the announcement of the development’s first retail and hospitality tenants. Located less than five miles west of downtown Dallas, The Canyon is planned as a 200-acre mixed-use development with moderate density residential living blended with commercial, retail and entertainment.

At the event, Frank Mihalopoulos of Corinth Properties announced that Residence Inn by Marriott and Denny’s Restaurant are included in The Canyon’s first phase of retail and hospitality development. Mihalopoulos also told attendees that In-N-Out Burger is in the advanced stages of negotiations to build a location in The Canyon as well.

Developers of The Canyon expect to sign additional dining, entertainment, fitness, hospitality and retail stores within the next few months as the master planned community continues to take shape.

"As momentum continues to build around development in west Dallas, the City of Dallas is excited to welcome these new retail tenants to The Canyon,” Dallas Mayor Mike Rawlings said. "More companies are starting to tap into this fertile area as it presents ideal investment prospects, rising property values and an opportunity to serve the needs of a rapidly growing community."

“We are pleased to welcome Residence Inn and Denny’s as our first hospitality and retail tenants in The Canyon, and construction on the new space is scheduled to begin as soon as possible,” said Steve Sanders, Stratford Land’s Senior Investment Manager for Texas. “These new tenants will enhance shopping, entertainment, dining and hospitality options for area residents and workers, in addition to providing a convenient lodging location just minutes away from the Dallas Convention Center.”

The Canyon’s May 14th groundbreaking event also recognized the construction on the relocated IH-30 exit ramp and three-lane frontage road at Westmoreland Road. City of Dallas Deputy Mayor Pro Tem Tennell Atkins and City Council Members Scott Griggs and Vonceil Jones Hill joined Stratford Land in noting the importance of the IH-30/Westmoreland project, which is a collaboration between The City of Dallas, the North Texas Council of Governments (NCTCOG), the Texas Department of Transportation (TxDOT) and Stratford Land.

“We strategically chose this site for The Canyon due to its proximity to downtown Dallas, its natural, rolling landscape and convenient access to IH-30, IH-35 and Loop 12,” continued Sanders of Stratford Land. “The newly positioned exit ramp from IH-30 at Westmoreland is essential to the project’s success and will make it even easier for workers, residents and visitors to access all that The Canyon has to offer.”

Over the next 20 years, more than 6,000 new jobs are projected to be created in The Canyon, making it similar in scale to Pinnacle Park. Through 2039, The Canyon is estimated to generate more than $31 million in sales tax revenues for the City of Dallas, while property taxes collected are estimated to be more than $219 million for the City of Dallas and more than $66 million for Dallas County.

The Canyon currently hosts two residential projects built by Groundfloor Development. The Taylors Farm Apartments, a LEED Gold Certified multifamily community, quickly reached 100 percent occupancy upon opening in October 2011. Construction on the Hillside West Seniors Community, a 130-unit age-restricted multifamily community, is in progress with completion targeted for June 2013.

Just 20 minutes from D-FW International Airport and 15 minutes from Dallas Love Field Airport, The Canyon is also located near popular employment centers including Pinnacle Park, the Mid-Cities, Downtown Dallas CBD, the Arts District, Victory Park, Uptown, the Medical District and the Dallas World Trade Center.

About Stratford Land
Stratford Land has more than 28 years of successful land investment history on behalf of institutional and private investors. Based in Dallas, Texas, the fund focuses on acquiring properties in high-growth corridors in Texas, Arizona, Southern California and the eastern seaboard from North Carolina to Florida. Offices are currently located in Dallas, Atlanta and Phoenix. For more information, please visit www.stratfordland.com.