The surge in popularity of arena-anchored mixed-use developments has a late Dallas icon to thank.
Tom Hicks, who died on Saturday at the age of 79, was a pioneer in sports real estate, foreseeing the success of districts that integrate sports complexes with other uses, like offices, retail and multifamily.
Known for perfecting the leveraged buyout, Hicks and business partner Bobby Haas made beverage industry history when they brokered the merger of soda companies Dr. Pepper and 7Up.
Hicks spun his success into a storied career in sports ownership. He owned the Dallas Stars from 1995 to 2011; the team won the Stanley Cup in 1999. He owned the Texas Rangers from 1998 to 2010. He also had a 50 percent stake in Liverpool Football Club from 2007 to 2010.
As owner of the Stars, Hicks partnered with Ross Perot Jr. to usher in the development of Victory Park, the entertainment district across Woodall Rogers Freeway from downtown. The pair developed American Airlines Center, which opened in 2001. It’s the home arena for the Stars and the Dallas Mavericks.
“That partnership we put together in the ’90s to build the arena… truly transformed the city,” Perot told the Dallas Morning News.
Today, Victory Park is part of the growing headquarters of Y’all Street. It will soon be home to the new Goldman Sachs campus, which will anchor Hunt Realty’s NorthEnd development.
When he purchased the Texas Rangers, Hicks also bought the 270 acres around The Ballpark in Arlington. He had similar dreams of building a mixed-use development anchored by the ballpark, but that didn’t happen while he owned the team.
During his ownership, the Stars and the Rangers filed for bankruptcy in 2011 and 2010, respectively, and were sold at auction.
Hicks and his wife, Cinda, were owners of the iconic Crespi Estate in Dallas’ Preston Hollow. It was built in 1938 for Italian Count Pio Crespi. The Hickses added a two-story guest house and a three-story pool house. The 27,000-square-foot estate at 5619 Walnut Hill Drive consistently ranks among the state’s most expensive listings and has since been owned by banker Andy Beal and developer Mehrdad Moayedi.
Hicks’ death drew condolences from fellow Dallas sports owner Jerry Jones, who said in a statement, “Being shoulder to shoulder with him was always more than ballparks and stadiums, though. It was about personal respect, trust and friendship.”
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