Brodksy, Maiden seek investors at renovated RedBird mall in Dallas

Developers behind the RedBird Mall redevelopment are seeking new investments to complete the project, according to a report by the Dallas Morning News.  

The mall’s owners are working with commercial real estate firm JLL to help raise money from third-party investors to fund the current partnership and future growth opportunities. RedBird lead developer Peter Brodsky emphasized in an email to Morning News that the developers are not looking to sell the property but simply to raise capital.  

“This rare opportunity provides investors the ability to invest in a high-growth market at an attractive basis through cash-flowing properties, attractive new development opportunities and proven sponsorship,” JLL’s marketing pitch to potential investors said. “In addition, an investor would be contributing to an initiative to improve an underserved area of Dallas.” 

The $200 million redevelopment is led by Brodsky and co-developer Terrence Maiden and houses medical services, office space, retail options and apartments. The shopping mall received about $27 million from the city of Dallas for the project, and developers raised over $30 million from nearly two dozen investors.  

Tenants include UT Southwestern, which opened a 150,000 square foot medical facility last year, and Parkland Hospital, which opened a 40,000 square foot medical center in an old department store.

In April, the Dallas City Council approved a $5.8 million incentive package to bring a full-service Tom Thumb to the mall. Other tenants include Foot Locker, Starbucks, the Dallas Entrepreneurship Center and Chime Solutions.