- Steve Brown, Dallas Morning News

Uptown — Dallas’ hottest real estate market and one of the city’s favorite neighborhoods to live, work and party — is now worth more than $5 billion.

That’s what the 25-year-old district organization for the area just north of downtown estimates in a newly released report.

“Uptown’s property value has increased more than tenfold from $525 million in 1993 to $5.5 billion today,” Uptown Dallas Inc. chairman Jud Pankey said in a statement. “Uptown Dallas provides a competitive advantage which contributes to some of the highest office rents in the city.”

The Uptown district includes almost 600 acres of some of Dallas’ most expensive real estate and is home to more than 19,000 residents.

Uptown now includes more than 200 restaurants and 160 shops. And it has Dallas’ most expensive office space.

Uptown Dallas Inc.’s estimate of the value of real estate in the district is based on property tax estimates — for both residential and commercial buildings — which have been known to understate the value of large commercial properties. So it wouldn’t be surprising if Uptown’s real estate value is even more than the district’s $5.5 billion estimate.

Some of the funds raised from property taxes in Uptown pay for things including extra policing, picking up trash, removing graffiti and planting flowerbeds.

The Uptown neighborhood — loosely bounded by Woodall Rodgers Freeway, U.S. Highway 75, the Katy Trail and Harry Hines Boulevard — is one of Dallas’ oldest residential and commercial districts dating back more than a century.

Since the 1980s, almost 98 percent of the land in Uptown has been developed with new building.