Dallas High School Redevelopment

Wynne Jackson

Economic Development Committee
March 5, 2012


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Introduction
Discuss the redevelopment of the Historic
Dallas High School property into a multi-
family housing project

Recommend Economic Development
Committee Approval of:
-100% ten year Historic Preservation
Abatement on current and added value to
the Dallas High School Building
- 90% ten year Real Property Tax
Abatement on new construction

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History
Dallas High School Crozier Tech
The original three-and-one-half story Classical Revival building, designed by famed
Dallas architecture firm Lang & Witchell was completed in 1907. A subsequent
addition was made in 1911. Additional buildings were constructed on the site until
1941.
Originally known as Dallas High School, the complex was renamed in 1941 for Dr.
Norman Robert Crozier, a well-regarded principal and later DISD superintendent.
The original structure, along with a 25-0 buffer, was designated a City of Dallas
Landmark in December 2000. It is also listed on the National Register of Historic
Places.



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Current Conditions
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Developer Background
Wynne/Jackson, Inc.
Clyde Jackson, Chairman/CEO
Developed Plaza of the Americas mixed use
complex and other properties in Dallas, Fort
Worth, Houston and Atlanta
7,000 acres of master-planned community
development totaling more than 10,000 lots and
5 million + square feet of mixed-use
development
Fee development partner is High Street
Residential (CBRE / Trammell Crow Company)
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Project Site
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Project Site Plan
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Project Description
Project Site
2214 Bryan Street
Approximately 5.42 acres
Existing Dallas High School 125,058
gross sq. ft. planned for conversion to
multi-family
Three new multi-family buildings
(397,000 sq. ft.) will be constructed on
the site
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Project Description
Final Development
1 historic Dallas Landmark conversion
3 new multi-family buildings
503,000 total square feet
510 class A multi-family units
Investment Estimates
Dallas High School conversion - $10,000,000
New construction hard costs - $40,000,000



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Project Rendering
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Proposed Incentives
The Dallas High School conversion project would not occur
without the proposed tax abatements because the project would
not meet the requirements of debt and equity partners

Real Property Tax Abatement
Non-Conforming within Public Private all residential
New construction only
90% Ten-years
Estimated benefit: $2,859,200

Historic Preservation Tax Abatement
On conversion of Dallas High School only
100% Ten-years
Estimated benefit: $923,690

*Dallas County has expressed willingness to participate and the project
meets the Countys criteria
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Proposed Terms
Real Property Abatement
Developer completes the new construction with an
estimated investment of $40,000,000
Developer verifies investment and obtains a
Certificate of Occupancy
Historic Preservation Abatement
Owner spends at least 75% of the existing DCAD
value of the site
Owner complies with the Certificate of
Appropriateness process and other requirements
to qualify for the tax abatement


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Other Pending Items
Ingress / Egress
Entrance off Pearl will be relocated and
enlarged
New exit on Bryan to be constructed
Adjacent open space
Request for abandonment of a small
portion of city owned land pending
Owner would like to take over the plantings
and maintenance of the city owned lot
adjacent to the site along Pearl Street
(License Agreement)


Fiscal Impact
10 Year 20 Year
Total City GF Revenue Generated $11,258,669 $25,145,952
Total City GF Service Costs $4,999,300 $10,292,146
Net Impact Before Incentives $6,259,369 $14,853,806
City Incentives $3,782,890 $3,782,890
Net City Fiscal Impact $2,476,479 $11,070916
*See Exhibit A
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Economic Impact

Economic Output

Direct Impact

$58,855,534

Indirect and Induced
Impact

$47,084,427

Total Impact

$105,939,961

*See Exhibit A
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Strategic Importance of Proposed Project
Preservation of a Dallas Historic
Landmark
Adds significant amount of residential
units, increasing residential population
downtown
Transit Oriented Development, adjacent
to DART station
Maintains Downtown redevelopment
momentum


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Recommendation
Staff recommends approval of the
proposed ten-year 90% real property tax
abatement and the proposed ten-year
100% historic preservation tax
abatement.
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Next Steps
On March 5
th
, the Landmark Commission will
conduct its public hearing and consider the
Certificate of Appropriateness for the project
On March 28, 2012, City Council will consider
authorizing a public hearing for the purpose of
creating Reinvestment Zone 77 (required by
Chapter 312 of the Texas Tax Code)
On April 11, 2012, City Council will consider
creation of Reinvestment Zone 77 and
authorizing the described tax abatements.
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Exhibit A: 10 Year Impact
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Exhibit A: 20 Year Impact
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Questions?
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