T
he Dallas City Council has sealed a deal to acquire the former Dallas Morning News headquarters from developer Ray Washburne for $51.7 million, a significant premium over his original purchase price five years ago. This acquisition is a crucial step in the city's ambitious $3.7 billion convention center redevelopment project.

    Washburne's property, a 8.2-acre campus at 508 Young Street, will be transformed into a key component of the revamped Kay Bailey Hutchison Convention Center. The deal comes after Washburne threatened to sell the site to a data center developer earlier this year, sparking concerns among city officials and jeopardizing years of planning.

    The council's vote positions Washburne to remain involved in shaping the broader district vision, despite paying an 86 percent premium over his original $28 million investment. This move is a departure from City Manager Kimberly Tolbert's directive to suspend all real estate purchases unless approved by voters or the city council, following a costly misstep on another property.

    Meanwhile, Washburne plans to develop a mixed-use entertainment district on part of the newspaper site, featuring a 350- to 400-key hotel and 100,000 square feet of dining and entertainment space. The city's acquisition of this prime downtown land underscores its urgency in securing parcels for the convention center's 2029 target opening.