Real Estate News

October 10, 2024

Dallas real estate investor buys Greyhound station in downtown Dallas

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Financial details of the sale were not disclosed. Ray Washburne said he plans to take over the site after April 2025.

DALLAS — The Greyhound station in downtown Dallas has a new — and notable — owner.

Dallas real estate investor and developer Ray Washburne said he bought the Greyhound station at 205 S. Lamar St. in a deal that closed Oct. 10. Washburne is known for his presence in downtown and owns the former Dallas Morning News building on Young Street adjacent to WFAA.

His other high-profile assets include Watters Creek in Allen and Highland Park Village. Washburne’s company recently acquired the iconic Country Club Plaza in Kansas City, which is set for a $100 million infrastructure overhaul.

Rumors have long circulated about the future of the 45-year-old Greyhound bus terminal. Greyhound told WFAA this week that it will continue to operate in the location through April 2025.

While there are no specific plans for the property, including whether it will remain a transportation hub, the site aligns with Washburne’s vision to reinvigorate downtown. He said it will be a multi-year project and that he’d like to “keep some of the historical elements of it.”

Financial details of the sale were not disclosed. Washburne said he plans to take over the site after April.

Washburne pointed to the plans for a $3 billion overhaul of the nearby Kay Bailey Hutchison Convention Center. This redo has also inspired other developers to bring forth their visions for a reimagined downtown, including the next owners of Bank America Plaza, Dallas’ tallest tower.

“I’m the largest landowner on the north side of the new convention center, and so I just added that into my holdings as that area we’re going to redevelop it as an entertainment place,” Washburne said.

The Dallas Greyhound station had been purchased in 2022 by Twenty Lake Holdings, a subsidiary of investment firm Alden Global Capital, in a $140 million portfolio deal, according to IPE Real Assets magazine.

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