The region of Las Colinas (technically in Irving, Texas) is growing again. I hadn't heard any news regarding the surge until I began working in Las Colinas in April. Since the last time I had seen downtown Las Colinas before then, six upscale loft / condominium complexes have been built near Lake Carolyn, with plans for more housing and retail in the near future.
As I mentioned in a work blog post, the Las Colinas tram will connect to the DartRail from downtown Dallas in 2011. Dart plans to connect Las Colinas to DFW International Airport as well.
With the current growth and coming public transit, look for Las Colinas to be THE place to be by 2011 or 2012. Dart buses already flow through the area. As more upscale residential buildings are built and filled to capacity with successful business professionals, expect Las Colinas to become a hub for high end restaurants, shopping, and amenities.
Despite the feared green canal water, Las Colinas is where it's at in the DFW metroplex.