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 say the investment group has been working for several months to tie up a large chunk of the district.

Deep Ellum real estate broker Barry Annino confirmed that he has represented Beck Ventures in some of its dealings. But Mr. Annino declined to discuss any details of the property assembly.

Beck Ventures' founder Jeff Beck said through a spokesman that it would be premature to discuss the firm's plans for Deep Ellum.

However, word about the possible real estate investment is spreading in the area.

"There's been a little bit of chatter about it," said Nick Zimmerman with the Deep Ellum Association. "The property owners are mostly keeping it to themselves."

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.

The timing for a major redevelopment of Deep Ellum is right.

Starting 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.

Beck Ventures officials have more than two decades of experience in real estate investment.

In the 1980s, Mr. Beck headed a large real estate asset management firm called Capital Realty. And in the 1990s, he acquired most of the town of Trophy Club in Denton County and oversaw further development there.

Mr. Beck was also the founder and chief executive of Capital Senior Living Corp.