Some major north Texas real estate developers have joined forces to form a new corporation that will build terminals for the proposed high-speed rail line that would run between Dallas and Houston. The company is separate from the backers of the rail line, Texas Central.
Dallas developer Jack Matthews of Matthews Southwest is joining forces with Fort Worth businessman John Kleinheinz to form the Texas High Speed Rail Station Development Corporation. Matthews already owns significant amounts of land in The Cedars neighborhood just south of downtown Dallas where the rail station will be built.
"We're doing planning work right now. We're very serious about this," he said. The Cedars terminal will be part of a mixed-use development covering more than 50 acres that will feature stores, office buildings and apartments.
Matthews says the opportunity to travel between Dallas and Houston in approximately 90 minutes will bring benefits to both communities.
"If you can go down for breakfast and be back for lunch, that really changes the way we thing about Houston and Dallas," he said.
He also wants the development around the train station in Dallas to benefit the surrounding neighborhood and help connect The Cedars to downtown.
"You're attracting people, you're looking after people...you're effectively doubling the size of the downtown area," he said. "It's pretty significant".
The Houston terminal will be on a 45-acre tract near US 290 and Loop 610 that was previously Northwest Mall. The developers are also planning a terminal near in Grimes County just east of College Station.
The backers of the high-speed rail project, Texas Central, have indicated they could break ground late this year or early next year. Developers of the terminals have not given a timetable for their construction.
You can hear more from developer Jack Matthews about his plans for the three terminals in the CEO Spotlight with David Johnson
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