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Dallas Development: A Tale of Two Economies
The Dallas-Fort Worth area is experiencing a split-screen moment, a stark contrast between booming real estate development and a struggling restaurant scene. On one side, we see Goldman Sachs topping out its $709 million Dallas campus (a figure that quietly ballooned from an initial $500 million estimate). Goldman Sachs tops out on $709M new Dallas campus and other real estate news Then we see residential projects like The Noc in Frisco and Bonham & Baker also in Frisco, pushing forward, promising thousands of new living spaces. And on the other side, a wave of restaurant closures—49 in total—sweeping through the metroplex. It begs the question: is Dallas building a city that its residents can no longer afford to enjoy?
The Goldman Sachs campus is a behemoth, an 800,000-square-foot monument to corporate ambition. It's designed to house 5,000 employees, a significant influx of white-collar workers into the North Texas economy. Hillwood and Hunt Realty are betting big on this development, anticipating a ripple effect of economic activity. But let's not get lost in the glossy renderings. How many of those 5,000 employees will actually live in Frisco’s new luxury apartments, and how many will commute in, exacerbating traffic and contributing to the very problems the development aims to solve?
Meanwhile, the restaurant industry is sounding alarms. The Texas Restaurant Association is using phrases like "industry slowdown," and restaurant owners are lamenting a summer slump that never recovered. Madison King, owner of the now-closed Be Home Soon, said it best: "People can't afford to go out to eat." This isn't just about a few struggling businesses; it's a systemic issue. We're seeing closures across the spectrum, from stand-alone restaurants to chain locations like Salad and Go (18 closures) and Starbucks (7 closures). Even Bottled Blonde, once the highest-grossing stand-alone bar in Texas, couldn't survive. What does it say about Dallas when even the bars are failing?
Ari’s Pantry, a grocer in downtown Dallas, was forced to close temporarily due to widespread flooding in the Mercantile on Main building. While the owner, Ari Lowenstein, continues to operate two other shops, the future of the downtown location remains uncertain. This incident highlights the fragility of small businesses in the face of unexpected disasters, adding another layer of complexity to the economic challenges they face.
The Marshawn Kneeland Tragedy: A Human Cost
Amidst the economic data, we can’t ignore the tragic death of Dallas Cowboys defensive end Marshawn Kneeland. The 24-year-old died by suicide after a police chase, a heartbreaking event that underscores the immense pressure athletes face. Kneeland, a second-round pick in the 2024 NFL draft, had overcome the loss of his mother to achieve his dream of playing in the NFL. His death serves as a stark reminder of the importance of mental health support, especially for those in high-stress professions. The NFL's statement offering support and counseling resources is a start, but is it enough? Are we truly addressing the underlying issues that lead to such tragedies?
The Unfolding Mystery of Myrtle Polk
The search for Myrtle Polk, the 88-year-old Dallas grandmother who went missing in June 2024, continues after her car was found in a creek. While the discovery of her car provides some answers, her whereabouts remain unknown, leaving her family and community in distress. The renewed investigation highlights the ongoing efforts to bring closure to this case, but it also raises questions about the resources and strategies used in missing persons investigations, especially for vulnerable individuals like Myrtle Polk.
Is Dallas Overbuilding?
The data presents a concerning picture. The high-end development is charging ahead, while the local businesses that create the city's character are struggling. It feels like Dallas is prioritizing attracting corporate giants over supporting its existing community. Are we building a city for Goldman Sachs employees, or for the people who have called Dallas home for generations? The increase in the Goldman Sachs campus cost, from $500 million to $709 million (a jump of just over 40%), is a telling detail—a microcosm of the inflationary pressures squeezing the average Dallas resident. I've looked at these kinds of projects for years, and that kind of budget escalation is frankly, unusual.
A Glimpse of Tomorrow
The juxtaposition of development and closures paints a stark picture: Dallas is growing, but perhaps not sustainably or equitably. The city needs to address the economic pressures facing its residents and small businesses, or risk becoming a hollow shell of gleaming towers and empty storefronts. It's a balancing act, and right now, Dallas is leaning too far in one direction.