The Dallas Mavericks organization is moving forward with plans to rezone a former regional mall site into a new sports and entertainment district, using a long-term land purchase agreement to control the property while approvals are pursued. The team has targeted approximately 100 acres that previously housed Valley View Center, a onetime dominant retail destination that has since been demolished.
Valley View Center was a major shopping hub during the 1990s, with department store anchors including Bloomingdale’s, Dillard’s and Macy’s. Over time, the mall lost its tenant base, was shuttered, and ultimately saw its structures razed in 2023, clearing the site for potential large-scale redevelopment.
According to reporting from the Dallas Business Journal, the Mavericks are positioning the property for a mixed-use project centered on a new state-of-the-art arena. The vision described includes a broader destination that would incorporate restaurants, entertainment concepts, public green spaces and experiences aimed at families, creating an activated environment beyond game days and events.
The current agreement gives the Mavericks until January 2028 to close on the land acquisition. During this period, ownership of the NBA franchise is paying scheduled option-style payments in exchange for the right to purchase the site. The step-up payment structure is already in place and escalates as the closing deadline approaches.
Mavericks ownership is committed to monthly payments of $126,900 through January 2027, after which those payments rise to $274,950 per month through January 2028. These payments secure the purchase rights for the assemblage while the organization pursues rezoning and continues to refine its development plans for the district.
The deal structure calls for Arena Development Intermediate LLC, a subsidiary of the Mavericks that is overseeing the transaction, to ultimately pay around $51 million to acquire the site if the purchase option is exercised. That structure allows the franchise to advance planning and entitlements before fully committing capital to the land buy.
Seritage Growth Partners is identified as the owner of a portion of the Valley View site, reflecting the fragmented ownership that can be common at former mall properties. The article does not specify the full ownership roster across the entire 100 acres, nor does it outline any additional partners that may participate in the development.
Key details such as total project cost, the planned mix and density of uses, and any construction or financing timelines were not disclosed. However, the combination of a cleared site, a defined closing window extending into 2028 and an option payment schedule highlights how a professional sports franchise is structuring control of a large infill tract as it pursues entitlements for a future arena-anchored mixed-use destination.
