|Photo credit: Dallas Morning News|
Originally planned for a 100-store office skyscraper in the 1980s, the 4.7-acre property at Woodall Rodgers Freeway and Field Street was recently sold.
The new owner is the Shraman South Asian Museum and Learning Center Foundation, set up by Vinay Jain, a prominent North Texas doctor and medical researcher, and his wife.
After looking at other potential locations for a venue, the Jains plan to build a South Asian museum and cultural center on the tract, which is currently used as a parking lot.
“The location has finally come of age with the Perot Museum and the Woodall Rodgers park,” said Dallas real estate broker Newt Walker, who has sold the site four times since 1984. “It’s one of the largest land transactions we have assembled downtown.
“This will be an extraordinary opportunity for a building with ample green space,” Walker said.
Dallas real estate investor Richard Squires, who worked with the Jains on the site purchase, said the property is “a very important tract for Dallas.”
John Crawford, who heads the economic development group Downtown Dallas Inc., said the planned cultural facility can be a new attraction for the center city.
“It is an untapped source for culture and economic development,” Crawford said. “It fits so well into all we have in place with the Arts District, the Perot and the park.”
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Adapted from the original article written by Steve Brown, Dallas Morning News