DALLAS - New York developer Palladium Co. has announced plans for a $550 million, mixed-use development in downtown Dallas. The retail, hotel, residential and office complex will be part of Dallas' 65-acre Victory sports arena district.

Palladium, which is an affiliate of New York's Related Cos., formed the partnership with Dallas businessman Tom Hicks and developer Ross Perot Jr.'s Hillwood Development to build the mid and high-rise complex on the northwest corner of downtown.

Construction is set to begin in 15 months and will include at least 600,000 sq. ft. of retail space, a 4,000-seat cinema, a 400-room hotel, 900,000 sq. ft. of office space and 750 residential units.

Work is already underway on the adjacent American Airlines Center sports arena which will open in the fall of 2001.

Palladium was selected after more than a year of interviews with prospective developers.

Ken Himmel, who heads the company, has experience with high-density downtown developments including Chicago's Water Tower Place, Copley Place in Boston and Reston Town Center in Virginia.

Palladium has new mixed-use developments in Manhattan, West Palm Beach, Fla., and Bellevue, Wash.

"Every project we do is hand-crafted," Himmel said. "There is no prototype of what we do."

In New York, Palladium is a partner in the high-rise Columbus Circle complex - a 2.75 million sq. ft. development that includes Time Warner's new world headquarters and broadcast facilities, a shopping center, two condominium and hotel towers, a 1,100-seat performance hall and office space.

In West Palm Beach, Palladium is building CityPlace, a 72-acre low- and mid-rise complex that includes shopping, a regional convention center, 500 residential units and office space.