Therme Group, a European wellness company that operates spa, sauna and indoor waterpark complexes, plans to invest $800 million to build its first U.S. resort near downtown Dallas.
The Romanian-based firm has an agreement to purchase 24 acres near 1500 S. Riverfront Blvd. from developer Jack Matthews and his firm, Matthews Southwest, said John Alschuler, executive chairman of the Therme US group.
Therme will seek planning and zoning approval from the city later this year. The firm also plans to apply for economic incentives.
The wellness facility will anchor the 24-acre development. Alschuler said The Georgetown Co., which owns a 25% equity stake in Therme U.S., plans to build a hotel on the site as well.
Therme will spend an estimated $500 million in construction costs and an estimated $300 million in other soft costs like design fees, interest and other related purchases.
If approved, the facility could open as soon as 2030.
“(Our investors) like being part of the growth story of downtown. They like the fact that the Cedars is a really exciting neighborhood with an important tradition,” said John Alschuler, executive chairman of the Therme US group. “We’re committed to this city.”
Therme Dallas would offer visitors thermal baths, 20 different kinds of saunas, wet rooms, mineral pools, water slides and immersive work from local and international artists, as well as multiple restaurants.
The development includes a 450,000-square-foot, indoor climate-controlled facility and roughly five acres of outdoor pools and other attractions.
Alschuler estimates adult day passes could start around $60 with reduced rates for children. Seniors are given half-price day passes if they arrive before noon. Discounted rates will be offered to various other groups like students.
“We want to save health and well-being from becoming a luxury product and accessible only to the wealthiest people in the United States,” Alschuler said. “We want to contribute to making this community a more economically equitable place.”
The resort is expected to create over 1,000 permanent jobs and potentially generate $1.8 billion in tax revenues over 30 years. Therme estimates the new Dallas facility will see 1.8 million visitors a year, which could further drive tourism, Alschuler said.
Therme has not selected a lead architect for the Dallas project. Michael Van Valkenburgh Associates, the firm that designed the landscape for the George W. Bush Presidential Library, is the project’s landscape architect. More than 1,000 palm trees and other native Texas plants will be used for the facility.
The Dallas plan comes just after leaders in D.C. announced Therme would build a similar development at the nation’s capital — the first two Therme developments in the United States.
However, Dallas will be the first of the U.S. facilities to open. It will open around the same time groundbreaking work begins in D.C., Alschuler said.
Therme operates two wellness resorts in Romania and Germany with plans for additional facilities in Europe, Dubai, Canada and the United States.
Dallas’ continued economic growth was cited as the reason for Therme’s interest in the region.
“We want to be part of the future of great cities finding the future of urbanism in the world. And that’s why Dubai, Singapore and Dallas are for us, at the heart of our growth strategy,” Alschuler said.
Dallas City Council member Jesse Moreno and Kirk Jordan, president of the Cedars Neighborhood Association, said they supported the project in statements.
Jordan, who visited the facility in Bucharest, said the project would be “transformative” for the neighborhood.
“Dallas is a city of opportunity, and so many international companies are ready for everything Dallas has to offer,” Moreno said. “With our central location, business-oriented climate, and a diverse population, I know that the City of Dallas is the place to be for the Therme group.”
Therme’s Bucharest facility is LEED-certified, and the firm would seek a similar designation for its Dallas site. Therme recycles 90% of its water and uses a sophisticated osmosis system rather than chlorine to clean its water.
“In a post-COVID world, providing civic infrastructure that promotes human health and wellbeing is one of the most important things the city can do for its residents,” Alschuler said. “That’s an extraordinary asset for a city. We think it will make an important contribution to the future of downtown.”
