Our team that creates the Cool Streets report scours the U.S. to find those neighborhoods that simply exude cool. In our first report in 2016, our list of Cool Streets primarily included retail districts that were up-and-coming, hip and unique in some way. But today, Cool Streets are becoming so much more. These days, demand for live-work-play destinations—with retail and entertainment but also affordable housing and employment opportunities—is driving the emergence of the “18-Hour Cool Street.”
Here are the hallmarks of a Cool Street in 2019:
- New residential hot spots, some of which were defunct warehouse or commercial districts
- Neighborhoods in transition
- In-migration of millennial professionals
- Rewriting the traditional tenant mix in terms of these new alternative retail districts
It’s no wonder Deep Ellum earned a nod from the Cool Streets team. Its storied history lends it a unique and eclectic vibe, and its historic buildings and architecture make it stand out in Dallas (and Texas). Day and night, people are drawn to the lively, walkable neighborhood for its live music scene and entertainment venues, unique culinary offerings, boutique shops and vibrant street art.
Over the last decade or so, multifamily development has ramped up, while a growing number of small and mid-sized companies have taken office space in the neighborhood. And now that Uber is establishing a sizable office in the new The Epic development, Deep Ellum is officially on the map as an enviable place to live, play and work.
“While Dallas has many walkable urban districts that may also be considered by some to be ‘Cool Streets’, Deep Ellum stands out due to its gritty, authentic feel,” said Chris Harden, a Director within Cushman & Wakefield’s Capital Markets Group who leads the retail, urban land and mixed-use investments practice in Texas. “Despite new construction, the area has maintained its unique sense of place. The elements that have always made Deep Ellum special have been preserved and cultivated by the real estate development and investment community. That is why it continues to attract some of Dallas’s most creative residents to live and work there.”
Today, Deep Ellum has a millennial population nearing 42 percent, and its median household income is more than $58,000. It is certainly a neighborhood in transition, as it has always been. In the coming years, we expect the incredible momentum in Deep Ellum to only continue—and for it to remain a Cool Street for decades to come.
Check out Cool Streets 2019 to read more about Deep Ellum, and to learn about the other two Dallas neighborhoods that made the Top 100 Cool Streets list: Bishop Arts District and Lower Greenville.