Dallas Plans $52 Million Offer for Washburne’s Downtown Site

Ray Washburne’s gambit to sell the former Dallas Morning News campus to a data center developer may have done exactly what he hoped: pressure City Hall to finally make a move.

Dallas is preparing to offer $52 million for the site at 508 Young Street, which Washburne bought in 2019 for $28 million, the Dallas Morning News reported. The reported price is almost 86 percent more than what Washburne paid six years ago.

The deal would fold the 8.2-acre site into the city’s $3.7 billion convention center redevelopment, with Washburne potentially involved in a broader entertainment district vision.

The proposed purchase, set for a council vote next week, comes after Washburne told city officials earlier this year that he had a contract to sell the site to “one of the major data companies.”

The city reaffirmed earlier this month that the property is part of its convention center redevelopment plans.

Jack Matthews of Matthews Southwest, which won the contract to develop the convention center project, in recent weeks reopened conversations between Washburne and Convention and Event Services Director Rosa Fleming.

“If the council approves the sale, I’ll be happy with that,” Washburne told the outlet. “It’s the right thing to do for the city, the convention center and everything else.”

If the offer’s approved, Washburne would move forward with a potential mixed-use entertainment district at the site and pledged “at least $150 million” of his own funds for a boutique hotel, restaurants and retail, he said.

The city is also preparing to authorize eminent domain if the deal falls apart, underscoring the urgency around assembling parcels for the redevelopment. Washburne, who also owns nearby sites including Founders Square and the Greyhound station, is one of the largest private landholders in the southern end of downtown.

If the deal closes, it would be a win for Washburne and help unbuckle momentum on one of the city’s most ambitious civic projects in decades, while preserving the possibility he plays a part in reshaping what surrounds it.

— Judah Duke