Corridor at a Glance

Stemmons Corridor Today
Total Businesses 4700 (5.6% 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 14,852 approx.
 
Tax Base 20%

 

Top 5 Industries By Employment
Hospitals 11.26%
Insurance Carriers & Related Activities 8.61%
Professional, Scientific & Technical Services 7.46%
Merchant Wholesalers, Durable Goods 5.81%
Ambulatory Health Care Services 9%

 

2009 Occupancy
Stemmons Corridor office space 76%
Stemmons Corridor industrial/flex space 94.0%
Stemmons Corridor warehouse space 93%

 

2009 Average lease rates
Stemmons Corridor office space $14.81
Stemmons Corridor flex space $4.04
Stemmons Corridor warehouse space $7.56

 

Key Factors in Corridor Development

Existing strengths:

  • Location near Love Field, Central Business District
  • Real estate availability
  • Low real estate costs
  • Dallas Area Rapid Transit (DART)

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 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

A strong base for biotechnology firms
Five of Dallas' 11 biotechnology firms are located within the Stemmons Corridor

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