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4315 Innovation Center

Project Impacts

Back to Project Details: 4315 Innovation Center

Impact on
LMI Individuals 
and Communties

LMI COMMUNITY IMPACTS
  • 95% of the 40 tenant jobs are accessible to LMI residents
  • Provides demand-driven workforce training for adults and youth-in- transition
  • Lift the surrounding community with mission-based tenants

4315 Innovation Center created 40 new jobs (95% LMI accessible) through community-serving retail tenants. Additionally, Dallas College Cedar Valley’s Second Chance Workforce Program serves over 300 people annually and has trained and placed over 180 local residents in jobs to date. The program provides industrial trade training as well as high school equivalency training and college transition assistance. UNT-Dallas is also serving 1,450 students (age 6-17) annually with afterschool enrichment through their Rising Blazers program.

Other community-serving tenants include Caruth Police Institute’s law enforcement professional development workshop and Prosperity Home Mortgage, which provides critically needed financial advisory and mortgage services to the community.

Economic Impacts

Direct economic impact will be determined by both the redevelopment and the tenants of the redeveloped asset. The redeveloped site features retail and office tenants, leading to increased hiring of the local and trained workforce.

Economic
Development
Impacts
AREA REVITALIZATION

The redevelopment of 4315 Innovation Center into a modern mixed-use office/retail space provides quality space for businesses and shops to function, created jobs for the local economy and is catalyzing other similar investments in the neighborhood. 

 

ALIGNMENT WITH LOCAL REDEVELOPMENT PLANS


GROWSOUTH PLAN

The GrowSouth Plan is a comprehensive strategy designed by the City of Dallas in 2012 to build a foundation for sustainable growth in the Southern Dallas region. It outlined five key projects and highlighted Lancaster Corridor as a major component of this economic revitalization plan.8 The redevelopment of 4315 Innovation Center shares objectives with the GrowSouth Plan, such as improvement of dilapidated buildings and tenancy by mission-based projects that invigorate the community with art, technology and education. In addition, this redevelopment aligns with the GrowSouth Plan goal of attracting investment in the community by providing attractive space for medium sized businesses, which leads to better facilities, higher employment and higher income levels. 

Environmental Impacts

  • Transit-Oriented Development
  • Adaptive Redevelopment
  • Promotes public and alternate forms of transport


TRANSIT-ORIENTED DEVELOPMENT

Transit-Oriented Development around the Dallas Area Rapid Transit (DART) is a public investment strategy that is focused on revitalizing the area with adaptive redevelopment of historic buildings and new construction of hotels, apartments, lofts, offices, restaurants, shops and entertainment venues, aligning the community around the DART Light Rail and future rail stations. 4315 Innovation Center is 0.2 miles to the Light Rail, and its redevelopment promotes walking, cycling and utilization of public transport, decreasing fuel usage and emissions. The tenancy of the redeveloped building increases utilization of public transport. The parallel development by the transit-oriented development project broadens the distance that can be traveled via public transport, walking or cycling, making Lancaster more accessible and environmentally friendly.