Real Estate Boom (1975-1985)
In the late 1970s and early-to-mid 1980s, Dallas underwent the building boom which produced a distinctive contemporary profile for the downtown area and a prominent skyline, influenced by nationally acclaimed architects. By the 1980s, when the oil industry mostly relocated to Houston, Dallas was beginning to benefit from a burgeoning technology boom (driven by the growing computer and telecom industries), while continuing to be a center of banking and business. In 1983, voters in Dallas and area cities approved the creation of Dallas Area Rapid Transit to replace the Dallas Transit System. Dallas annexed Audelia in 1981, and Renner in 1983. In 1984, the Dallas Museum of Art moved from Fair Park as one of the first buildings in downtown's Arts District. Also in 1984, the Republican National Convention was held in Dallas. In 1985, at the peak of the real estate boom, the 72-story Bank of America Plaza (then InterFirst Plaza) opened as the tallest building in Dallas. From the mid-to-late 1980s, many banks, especially in Dallas, collapsed during the Savings and Loan crisis, nearly destroying the city's economy and scrapping plans for hundreds of structures.
Read more about this topic: History Of Dallas
Famous quotes containing the words real, estate and/or boom:
“Shakespeare carries us to such a lofty strain of intelligent activity, as to suggest a wealth which beggars his own; and we then feel that the splendid works which he has created, and which in other hours we extol as a sort of self-existent poetry, take no stronger hold of real nature than the shadow of a passing traveller on the rock. The inspiration which uttered itself in Hamlet and Lear could utter things as good from day to day, for ever.”
—Ralph Waldo Emerson (1803–1882)
“Not a flock of wild geese cackles over our town, but it to some extent unsettles the value of real estate here, and, if I were a broker, I should probably take that disturbance into account.”
—Henry David Thoreau (1817–1862)
“California is a place in which a boom mentality and a sense of Chekhovian loss meet in uneasy suspension; in which the mind is troubled by some buried but ineradicable suspicion that things had better work here, because here, beneath that immense bleached sky, is where we run out of continent.”
—Joan Didion (b. 1935)