Corridor at a Glance
| Stemmons Corridor Today | |
| Total Businesses | 5043 (7.9% of all businesses in Dallas County) |
| Total Employees | 170,000 (10.9% of all employees in Dallas County) |
| Daytime Population | 149,027 approx. |
| Resident Population | 7,932 approx. |
| Tax Base | 20% |
| Key Industries | |
| Service | 42% |
| Wholesale Trade | 17% |
| Retail Trade | 9% |
| Manufacturing | 9% |
| Finance/Insurance/Real Estate | 9% |
| Trans./Comm./Utilities | 6% |
| Construction | 4% |
| Other/Unclassified | 4% |
| 2004 Occupancy | |
| Stemmons Corridor office space | 89.68% |
| Stemmons Corridor flex space | 94.0% |
| Stemmons Corridor warehouse space | 91.4% |
| Average lease rates | |
| Stemmons Corridor office space | $16.15 |
| Stemmons Corridor flex space | $3.45 |
| Stemmons Corridor warehouse space | $3.17 |
Key Factors in Corridor Development
Existing strengths:
- Location near Love Field, Central Business District
- Main NAFTA thoroughfare (the NAFTA Superhighway?)
- Real estate availability (Office - 19.69%, Flex space - 6.0%, Warehouse - 8.6% available)
- Low real estate costs
Projected growth areas:
Biotechnology (2004 Figures)
A focus issue of the Dallas Plan: Dallas already has strong assets in place to support development of the biotechnology industry and a majority of these assets are within the Stemmons Corridor. The Dallas Plan's "Biotechnology Strategy" specifically names the Harry Hines/Medical Center are as the ideal location for development of Dallas' biotech industry.
UT Southwestern Medical Center, one of the nation's premier research institutions
- consistently ranks among the top academic medical centers in the nation
- 3,500 research projects annually
- 9 advanced degrees in biotech fields
- 4 active Nobel laureates, more than any other medical center in the world
Other medical resources:
Children's Medical Center, Texas Scottish Rite Hospital for Children, Parkland Hospital, UT Southwestern University Hospitals - St. Paul and Zale Lipshy
A strong base for biotechnology firms
Five of Dallas' 11 biotechnology firms are located within the Stemmons Corridor
| Availability of land for development | |
| 5 acres or less | 29 properties available |
| 5-23 acres | 17 properties available |
| Land and development costs comparatively low vs. other cities | |
Trinity River Corridor Developments
- A $246 million project by the City of Dallas, and under the guidance oft The Dallas Plan, with approved funding by voters in the May 1998 Bond election. The plan includes six key elements:
- The Trinity Parkway: a system of roadways, rail links, pedestrian and bicycle paths
- Floor damage reduction: including protective levees and floodway extensions
- Parks and open spaces: boat ramps, canoe and sailboat launches, trails, playgrounds, picnic shelters, landscaping and irrigation
- Oak Cliff gateway project: to promote community revitalization
- An economic assessment: to evaluate ways that businesses and communities can benefit from locating along the Trinity
- Partnerships for development: business opportunities, ecological and environmental issues and recreation alternatives
American Airlines Center
- Highly visible landmark for Stemmons Corridor
- Redevelopment of industrial, inner city land
- Road construction and improvements
- Economic impact to area
- Generate $236 million per year in business growth downtown (commercial tax revenue)
- Creation of 2,400 jobs paying $86 million a year
- Spurs development and growth in area
- Draws greater numbers of people to downtown/Stemmons Corridor area
