What’s Happening in Dallas Texas: American Airlines Center Rehab
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The American Airlines Center (AAC), located in downtown Dallas, Texas, has been the home of the Dallas Mavericks and the Dallas Stars since its opening in July 2001. Built through a public-private partnership, the arena cost approximately $420 million to construct. American Airlines secured naming rights for the arena in a deal worth $195 million over 30 years.
The arena is situated in the Victory Park neighborhood and was designed by the architectural firms David Schwarz and HKS Incorporated. The AAC first hosted an Eagles concert followed by the inaugural games of the Mavericks and Stars later in 2001. Since then, it has become a renowned venue, hosting sports events, concerts, and entertainment shows, with a seating capacity of up to 21,000 people.
The venue has also been the site for major events such as the 2007 NBA All-Star game and the 2018 NHL Draft.
Current Renovations and Future Plans
The $20 Million Renovation Investment
Recently, the American Airlines Center has begun a significant renovation process, with an investment of around $20 million thus far. These updates are part of a broader effort to enhance the arena’s facilities. The upcoming renovations will include improvements to the escalators and elevators, along with adding nearly 5,000 square feet of floor slab infill. These changes are expected to be completed by August 2025, with an estimated cost of $30 million for the renovation.
Long-Term Vision for the Arena
The new owners of the Dallas Mavericks, the Idon family, who acquired a controlling stake in the team from Mark Cuban in January 2024, have ambitious plans for the arena's future. The family has stated their intention to upgrade the facility from top to bottom, though the full transformation may take time. Due to the arena’s high usage, with events throughout most of the year, renovations will be done in stages, and the transformation could stretch over several years.
The arena may look significantly different within the next decade as these incremental improvements take shape.
Potential Changes for the Mavericks
Despite the ongoing renovations, the future of the Dallas Mavericks' home in the American Airlines Center remains uncertain. The team's lease at the AAC is set to end in 2031, and Mark Cuban, the previous majority owner of the Mavericks, has expressed interest in moving the team to a new arena. During an economic forum in August, Cuban shared his vision for a new venue that would be part of a larger destination casino resort, although the location for the new development remains unclear.
Possible Locations for the New Arena
There has been speculation about where the new arena might be built. Some suggest that Irving could be an ideal location for the new venue, while others believe that the area near the convention center in downtown Dallas would offer better prospects. Additionally, other potential locations include the former site of Reunion Arena or the Cedars District.
Impact on Local Real Estate
The ongoing discussions about the future of the American Airlines Center and potential relocation of the Mavericks to a new venue have had a noticeable impact on the local real estate market, particularly in the areas surrounding the arena.
Real Estate Price Growth
Over the past five years, property values around the AAC have seen a significant increase. In September 2019, the median home price in the vicinity was around $677,000. Fast forward to September 2024, and that number has risen to approximately $989,000, reflecting an increase of over 45%. This boost in equity—averaging over $311,000—has made real estate investments in the area lucrative for many homeowners and investors.
Year-Over-Year Stability
While the market has experienced a slight decrease of 8% year-over-year, property values in the surrounding area are still holding steady. Homeowners who purchased property in or around 2019 or earlier could be sitting on significant gains, with some properties likely appreciating by hundreds of thousands of dollars.
Conclusion
The American Airlines Center, a staple in Dallas’ sports and entertainment scene, is undergoing a major transformation. While renovations are underway to enhance the arena's features, the potential relocation of the Mavericks to a new venue as part of a larger casino resort project has created a buzz in the local real estate market. Property values surrounding the AAC have seen significant growth over the last five years, offering substantial returns for early investors. As the renovations continue and new possibilities for the team's home unfold, Dallas' sports landscape—and its real estate market—are poised for exciting developments.
If you’re shopping for homes in Dallas or want to sell your current home, please reach out to us so we can create a seamless process for you!
If you’re shopping for homes in Dallas or want to sell your current home,
please reach out to the Living in Dallas Texas team so we can create a seamless
home buying or selling process for you!
