Dallas Approves $8 Million Incentives for Pegasus Park Expansion

Dallas City Council Grants Nearly $8 Million in Incentives to Pegasus Park’s Bridge Labs Development, according to a WFAA article. They say, 

“Dallas’ Pegasus Park was awarded nearly $8 million in incentives from Dallas City Council on Wednesday for its new Bridge Labs development. 

The council approved a $3 million economic development grant and $4.77 million in property tax abatements over 10 years to Bridge Labs.

“We would like to thank the local and state government for their partnership and assistance in the growth of the biotech and life sciences ecosystem in North Texas as we move forward with the development of Bridge Labs at Pegasus Park,” Steve Davis, president of J. Small Investments, said in a prepared statement. “Their vision to support a life sciences hub in North Texas to bolster scientific discovery and our economy showcases their commitment to our city.”

Deputy Mayor Pro Tem Omar Narvaez supports the incentives, highlighting the positive impact on the area’s growth, tax base, and job opportunities. Pegasus Park’s redevelopment aims to create mixed-use office space for nonprofit, life science, and biotech companies, according to a Dallas Morning News article. They say, 

“Deputy Mayor Pro Tem Omar Narvaez encouraged his colleagues to approve the incentives.

“This is an area that when I first became a council member I said if we would focus on this area and we show a little bit of love to this area, what can happen?” he said. “Growth is happening and that’s increasing our tax base, bringing in new jobs, bringing in better jobs and making sure the city of Dallas prospers as we move forward.”

Pegasus Park is an 18-story tower northwest of downtown Dallas that’s surrounded by a 26-acre complex built as the headquarters of jeweler Zale Corp. before later being acquired by oil company Mobil Corp. In 2020, J. Small Investments and Lyda Hill Philanthropies began redeveloping the tower and surrounding buildings into mixed-use office space for nonprofit, life science, and biotech companies.”

The 26-acre campus will be featuring and boasting over 750,000 square feet of space, including an 18-story office tower.

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