An investment group is negotiating to buy blocks and blocks of Dallas’ Deep Ellum district with plans to redevelop the area. Dallas-based Beck Ventures – a firm with a track record of investing in real estate, finance and energy – has quietly contracted to acquire as much as 10 acres in the commercial and residential district just east of downtown Dallas.

Many of the properties Beck Ventures has contracted to purchase are along Main and Elm streets in the heart of Deep Ellum.

Real estate brokers have said the investment group has been working for several months to tie up a large chunk of the district.

Beck Ventures’ potential plans for redevelopment of the properties also surfaced at a recent shopping center trade show, property brokers say. Fort Worth-based retail developer Trademark Properties was part of a team that put together information about the project at the International Council of Shopping Centers convention.

Beginning next year, the neighborhood will be served by two new light rail stations linking Deep Ellum with downtown and other parts of the city. The rail connection is expected to be a big boost for the area, which has been in decline in recent years. While much of the property in Deep Ellum is controlled by a handful of longtime investors, large numbers of buildings are held by small owners. Some of the larger landlords have also expressed an interest in selling out.

A number of long time residents of Deep Ellum are justifiably concerned about the direction the area might go in.