John M. Stemmons
Encyclopedia
John Millard Stemmons was a real estate developer and civic leader in Dallas, Texas
. He is best known for his efforts to develop the former flood plain of the Trinity River
and his lucrative donation of land for the Stemmons Freeway that was named for his father, Leslie Stemmons
.
Stemmons attended public schools in Dallas and Illinois
and attended Washington and Lee University
, where he received a football
injury that prevented his service in World War II
. He joined his father's company, Industrial Properties Corporation, in 1931. The company's business was the development of the land recovered by the erection of a flood-controlling levee
system. He continued with the company after his father's death in 1939, rising to become president of Industrial Properties Corporation in 1954 and Chairman/CEO in 1971. He retired in 1994 and was elected Chairman Emeritus.
Initial development of the recovered land was slowed by the onset of the Great Depression
. Stemmons partnered with Trammell Crow
in the years following World War II as the growing economy improved the value of the property. Their partnership ended when Crow's proposed Dallas Market Center
project would involve considerable borrowing at the rate of 6% interest. Stemmons could not imagine carrying such expensive debt, and so sold his interest to Crow.
Stemmons's donation of 100 acre (0.404686 km²) of the recovered flood plain to the Texas Highway Department was beneficial in saving the state the cost of acquisition but was even more beneficial to Stemmons and IPC. In the terms of the gift, Stemmons stipulated that frontage road
s be added to the project to provide freeway access that vastly increased the value of his property.
Dallas, Texas
Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...
. He is best known for his efforts to develop the former flood plain of the Trinity River
Trinity River (Texas)
The Trinity River is a long river that flows entirely within the U.S. state of Texas. It rises in extreme north Texas, a few miles south of the Red River. The headwaters are separated by the high bluffs on the south side of the Red River....
and his lucrative donation of land for the Stemmons Freeway that was named for his father, Leslie Stemmons
Leslie Stemmons
Leslie Allison Stemmons was an influential businessman in Dallas, Texas. Stemmons born in Dallas, Texas, on November 8, 1876, the son of John Martin and Rebecca Stemmons. He attended Southwestern University in Georgetown, Texas and graduated from the University of Chicago...
.
Stemmons attended public schools in Dallas and Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
and attended Washington and Lee University
Washington and Lee University
Washington and Lee University is a private liberal arts college in Lexington, Virginia, United States.The classical school from which Washington and Lee descended was established in 1749 as Augusta Academy, about north of its present location. In 1776 it was renamed Liberty Hall in a burst of...
, where he received a football
American football
American football is a sport played between two teams of eleven with the objective of scoring points by advancing the ball into the opposing team's end zone. Known in the United States simply as football, it may also be referred to informally as gridiron football. The ball can be advanced by...
injury that prevented his service in World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. He joined his father's company, Industrial Properties Corporation, in 1931. The company's business was the development of the land recovered by the erection of a flood-controlling levee
Levee
A levee, levée, dike , embankment, floodbank or stopbank is an elongated naturally occurring ridge or artificially constructed fill or wall, which regulates water levels...
system. He continued with the company after his father's death in 1939, rising to become president of Industrial Properties Corporation in 1954 and Chairman/CEO in 1971. He retired in 1994 and was elected Chairman Emeritus.
Initial development of the recovered land was slowed by the onset of the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. Stemmons partnered with Trammell Crow
Trammell Crow
F. Trammell Crow was an American real estate developer. Crow is credited for creating several famous real estate projects, including Dallas Market Center, Peachtree Center , and San Francisco's Embarcadero Center.-Biography:Crow was born in Dallas, Texas...
in the years following World War II as the growing economy improved the value of the property. Their partnership ended when Crow's proposed Dallas Market Center
Dallas Market Center
Dallas Market Center, located along Stemmons Freeway in Dallas, Texas , sits on of land and spans more than . Dallas Market Center is the international home of the lighting industry, a leader in home décor and the national home of the floral and Christmas industries.- The campus :The...
project would involve considerable borrowing at the rate of 6% interest. Stemmons could not imagine carrying such expensive debt, and so sold his interest to Crow.
Stemmons's donation of 100 acre (0.404686 km²) of the recovered flood plain to the Texas Highway Department was beneficial in saving the state the cost of acquisition but was even more beneficial to Stemmons and IPC. In the terms of the gift, Stemmons stipulated that frontage road
Frontage road
A frontage road is a non-limited access road running parallel to a higher-speed road, usually a freeway, and feeding it at appropriate points of access...
s be added to the project to provide freeway access that vastly increased the value of his property.