Ross Perot Jr. has big dreams for downtown Dallas plot

The Dallas skyline could see a big change soon if developer Ross Perot Jr.'s dreams come true.

A new skyscraper with ample square footage may be heading to a corner of downtown Dallas that was recently purchased by Ross Perot Jr., businessman, developer and son of the famous politician.

The 1.75-acre property sits in the north end of downtown and is now occupied by a Bank of America drive-through location, according to the Dallas Morning News. The bank will continue to lease the space until a solid plan for the spot is released.

Zoning for the property allows the construction of a more than 1.5 million-square-foot skyscraper without a height restriction, the news source said.

"We are excited about this property in what we see as one of the last iconic sites in Dallas," Perot said in a statement, according to the Morning News. "We see tremendous potential in this site and envision it as a gateway to downtown and the world class neighborhoods at its doorstep. A future building has the potential to impact the Dallas skyline for generations to come."

A recent report from CBRE found that Dallas' commercial real estate market is driven by the professional services sector, including insurance, IT and finance. The inventory of available property in the city has shrunk as corporations and other commercial operations have expanded.

"Dallas employment growth accelerated in Q3 2013 on sharp increases in the financial and professional/business services sectors, which fueled the strongest quarterly office demand in over four years," said Sara Rutledge, director of research and analysis for CBRE. "Large, corporate user activity, led by State Farm, has reduced available office space by 25 percent to 30 percent over the past year in the Richardson/Plano and Las Colinas submarkets."

Baron Aldrine, CBRE senior vice president, added that the company hasn't seen that kind of consistent market activity in Dallas-Fort Worth in several years.

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