In a significant corporate relocation within North Texas, AT&T has announced a departure from its Downtown Dallas headquarters for a new site in Plano, ending a significant tenure in the city that began in 2008. FOX 4 News reported the telecom giant's plan to construct a sprawling 54-acre campus on Legacy Drive, tapping into the former EDS headquarters space, with a timeline targeting partial occupancy by late 2028.
The move is set to have substantial economic reverberations; a study commissioned by Downtown Dallas Inc., and reported by FOX 4, suggests Downtown Dallas could see a staggering 30 percent plunge in property values, which equates to a potential $2.7 billion drop in property value and a $62 million loss in property taxes, and while AT&T employees have been assured of the company's confidence in the Dallas-Fort Worth area as the hub for a "thriving multinational corporation," local businesses like Pegasus City Brewery next door to the AT&T campus are bracing for the impact of their departure, with owner Adrian Cotten lamenting the impending loss of nearby patrons.
AT&T cited the evolution of the company and work as a driving factor for the need to transition from the urban skyscraper setting to a suburban-style campus, according to a statement obtained by WFAA. Dallas Mayor Eric Johnson said that while the city made efforts to keep AT&T downtown, they "preferred a large horizontal, suburban-style campus rather than the skyscrapers that define our city center."
Concerns over public safety also contributed to AT&T's departure, with a report highlighting the issue of crime, despite a bolstered police presence, the city increased the number of officers in the business district to a ten-year high of 130 cops, but it wasn't enough to convince the corporation to stay, the looming question over the future of the Whitacre Tower, which currently houses AT&T's global headquarters remains unanswered, as the Dallas Business Journal notes the company's lease runs through 2023; meanwhile, city leaders in Plano voiced their excitement over the upcoming move, with the city saying in a statement that "AT&T’s investment reflects the strength of our community, our business-friendly environment, and our shared vision for the Dallas-Fort Worth Metroplex as a premier business destination."
Amidst this corporate shuffle, Downtown Dallas stands at a pivotal juncture, with city officials and local businesses eyeing potential for new growth and diversification. The area anticipates more changes, particularly with sports teams like the Mavericks and Stars hunting for new stadiums, as local enterprises such as Pegasus City Brewery hope future developments will draw crowds and sustain the downtown's vitality, Adrian Cotten told FOX 4, "When downtown's busy, local businesses are busy, so we just hope that whatever's brought in just brings the people."
