Gooch says the largest and most high-profile land mass is the crossroads of Irving Boulevard and Story Road. "There are three corners and lots of opportunity for redevelopment," he says. "It's a wonderful opportunity for a high-density, mixed-use urban village connected by overhead bridges. That is a key opportunity in this corridor."

Gooch says several property owners have been eyeing redevelopment prospects for their holdings. "They now seem interested in redeveloping with these new ideas," he says.

The corridor's residents have an average annual household income of $46,000 to $56,000, slightly below the Dallas/Fort Worth average. Demographically, research has shown that 58% of its residents are renters. In its preliminary plan, Edaw calculates that 3,628 apartments would be needed in the next decade to support the city's demand. The Irving Boulevard corridor could capture 10% to 12% of the demand, roughly 400 units. "This level of absorption depends on having a broad-based pricing approach, ranging from borderline-market rate apartments to mid-range and even some higher-end options that would appeal to affluent single professionals," Edaw's team concludes.

Irving's 14.4 million-sf retail trade area has added about 1.4 million sf since 2003 yet just 400,000 sf has been absorbed, the team says. There is 389,000 sf under construction. Although rent has inched upward, occupancy is trending downward. About 60% of the inventory predates 1988.

Las Colinas' office market, a haven for corporate America, is the city's saving grace in that arena. "While it is unrealistic to expect that Irving Boulevard would capture a significant share of Las Colinas-type headquarters office space, there is probably a smaller niche opportunity for professional and potentially medical office," Edaw's team says. "Current conditions are not ripe for spec office development, so this should be a cautious, targeted addition."

Gooch says the corridor could generate at least one million sf of new office and retail space. The amount of residential units, whether single-detached or multifamily, has yet to be calculated. The acreage that could be viably redeveloped is also an unknown at this point. "It will be very critical to find the right balance of housing and retail. You have the opportunity to create some really nice daily, self-sustaining environments," Gooch says. "What interests me is creating some destinations. I think it's very important to find the right mix."