In 1958 New York’s famous Central Park was first initiated, and the surrounding neighborhood was guaranteed to bring about some of the highest property values in the entire world. Present-day analysts estimate that land near a park is worth up to 20 percent more than a comparable property on a typical city block. Texas developer Marcus Hiles discusses the impact of one of the newest open urban spaces that follows the Central Park design trend, Uptown Dallas’ Klyde Warren Park.
From Atlanta’s BeltLine to Philadelphia’s Rail Park and Chicago’s Bloomingdale Trail, unused railways and abandoned infrastructure are being revitalized in the form of converted trails, parks, and promenades, as part of the landscape urbanism. “Capping,” or building green spaces over freeways, has become one of its hallmark innovations, transforming expansive expressways into vital links among communities. In 2012, Klyde Warren Park capped the Woodall Rodgers Freeway in Dallas, connecting the Uptown and Downtown neighborhoods and allowing pedestrians to walk across the majority of the city, a previously impossible feat. The area surrounding the deck park, recalls Marcus Hiles, began changing dramatically. Since late 2012, lease rates on adjacent streets have more than doubled, and several new high-rises that will overlook the open space aim to drive prices even higher.
Marcus Hiles is a Texas real estate developer and CEO of Western Rim Property Services with over two decades of experience creating affordable and sustainable luxury properties. Hiles’ communities often utilize a Central Park style design, setting aside a minimum of five acres for open green areas, secluded jogging trails, scenic waterways, and comprehensive play areas.
About Western Rim Property Services:
Western Rim Property Services, Inc. develops, owns, and manages apartment homes in Dallas/Fort Worth, Austin, New Braunfels, San Antonio, and Houston, Texas. Known to offer a contemporary, high quality and luxurious lifestyle to its residents, the firm’s mission is simple: build the highest quality homes in the very best locations, maximizing views with signature amenities, in superior school districts. This assures a rapid lease-up and excellent customer acceptance.