Design District News

Alto ridesharing relocates HQ to new address in Dallas Design District

Alto's new HQ in a painted brick building I KNOW.

Alto

A buzzy ride-sharing company has made a new home in Dallas' buzzy Design District: Dallas-based Alto has relocated its headquarters to a 16,000-square-foot office space at 141 Manufacturing St., in what used to be a printing company called Register Marks.

The new headquarters will be home to approximately 100 employees, including Alto's executives, engineering, marketing, and operations teams, as Alto explores growth and expansion into additional markets.

Tenant amenities will include:

Lounge 141, a rooftop lounge with kitchen and balcony that features views of downtown Dallas
a recently constructed rail spur walking trail
Triumphs coffee shop, from State Street Coffee, set to open in July with mixologists, small bites, and plates
The Grove, an outdoor community lounge with picnic tables, greenspace, and 6G Wi-Fi

Alto is the on-demand rideshare company founded in 2018 currently servicing Dallas, Houston, Los Angeles, Miami, Washington D.C., and Silicon Valley. They hire vetted, uniformed drivers and manage a fleet of luxury SUVs for consistent, personalized passenger experience. They clean with EPA-registered disinfectants between every ride and shift, and have an app in which passengers can set music and conversation preferences.

QIP has acquired more than 25 properties in the last two years. In May, they broke ground on Thirteen Thirty-Three, a 10-story office building at 1333 Oak Lawn Ave., and River Edge, a five-story office building with three planned on-site restaurants at 161 River Edge.

Transwestern Real Estate Services and Shop Companies are handling leasing for both properties with delivery estimated for Q4 2023.

According to Transwestern research, the Design District has seen nearly $1 billion in private investment over the last 15 years including local and out-of-market restaurants, new retail concepts, nightlife, and entertainment destinations.

"For the last three and half years we have been almost exclusively focused on the Design District," says Chad Cook, Founder of QIP. "Thanks to a lot of help from the real estate community, an incredible lift from our team at QIP, and a little luck along the way, we have been able to aggregate 27 sites in very close proximity to each other. We look forward to delivering our vision over the next several years."

transportation traffic

millennial magnet

Dallas ranks among 15 hottest U.S. metros for millennial homebuyers

Photo by Vitaly Gariev on Unsplash

Dallas is one of the 15 hottest destinations for millennials.

Dallas and its surrounding cities have already proved to be a magnet for millennials, and now a new national housing report has established the city as one of the 15 hottest destinations for millennials, whose local homeownership rate has soared since 2018.

The number of millennials who own their homes in Dallas has grown from 229,497 to 451,826 households over the last five years (96.9 percent), according to a new housing analysis from RentCafe.

The study compared homeowner growth rates versus renter growth rates of millennials — based on Pew Research Center's definition as individuals born between 1981 and 1996 — across 107 U.S. metro areas from 2018 to 2023.

Dallas ranked No. 15 in the overall list of U.S. metros that have seen the highest increase in millennial homeowners since 2018. About 47 percent of all Dallas-area millennials own their homes, with the remaining 53 percent renting, the report found.

"The top 20 metro areas with the greatest increases in Millennial homeownership are led by sunny regions in Florida and California," the report said. "Unexpected urban hubs such as Dallas, San Antonio, Philadelphia, and New York also made the list with ownership growth rates reaching 90 percent or higher."

Dallas also ranked 27th in the national list of cities with the biggest growth rates among millennial-age renters. The number of millennial renter households jumped from 465,560 to 507,416 in five years, a 9 percent hike.

About 5.3 million millennials have become homeowners over the last five years nationwide, RentCafe's analysts said, which represents a massive 74 percent increase in millennial-owned households. The growth rate of renters was much lower in comparison.

"At the same time, the number of millennial renters in the U.S. rose by a modest 5 percent, adding approximately 600,000 households," RentCafe said. "This brings the total number of millennial homeowner households to 12.4 million, close to the 12.6 million millennial renter households."

While the rate of millennial homeowners is on the rise, the same can't be said for Gen Zers. About 12 percent of all Gen Z households in Dallas-Fort Worth own their homes, while the vast majority are renters, a separate RentCafe study found.

Elsewhere across the state, Austin (No. 7) and San Antonio (No. 10) ranked among the top 10 U.S. cities with the biggest growth rates among millennial homeowners.

The top 10 U.S. metros with the highest gains in millennial homeowners are:

No. 1 – North Port, Florida
No. 2 – Lakeland, Florida
No. 3 – Jacksonville, Florida
No. 4 – Stockton, California
No. 5 – Oxnard, California
No. 6 – Palm Bay, Florida
No. 7 – Austin, Texas
No. 8 – Tuscon, Arizona
No. 9 – Deltona, Florida
No. 10 – San Antonio, Texas

rentcafe study real estate housing report millennials dallas