Archive for August, 2011

DFWREimagined Stories 8-24-11

Posted by    |    August 26th, 2011 at 5:15 am

New Building Planned in Preston Center Area
And Now, a Good Word From First Baptist Dallas About Its Downtown Construction
Victory Park fails to materialize as successful development
Denton to Fork Over $9.5 Mil to Two Dallas Companies to Resurrect Golden Triangle Mall
Hilton DFW Lakes Inks $43 Million Financing Deal
The Crescent Secures $205 Million Loan
Conversation With: Lucy Billingsley and Lucy Burns, Billingsley Co.
Crescent, Trammell Crow Center Collateralize Nearly $300M of Loans
They Paved Paradise and Put up a Parking Lot. Reverse That, You Get PARK(ing) Day Dallas
Dallas ranks next to last in nation’s top 100 urban centers in providing transit to those who need it most (more…)

New Building Planned in Preston Center Area

Posted by    |    August 24th, 2011 at 5:15 am

The owners of the Plaza at Preston Center shopping center said Wednesday that they will begin construction next month on a five-story mixed-use building.

The new project on Preston Road south of Northwest Highway will house the University Park Library as well as office and retail space. There will also be a 450-car underground garage.

Construction on the building is expected to be finished in the winter of 2012.

See a picture at Dallas Metropolis

And Now, a Good Word From First Baptist Dallas About Its Downtown Construction

Posted by    |    August 24th, 2011 at 5:15 am

See the great video at Dallas Observer

Driving through downtown earlier this week I couldn’t help but notice: First Baptist Dallas is erecting its new downtown campus with remarkable speed. Seems like only yesterday Tom Leppert, Mark Lovvorn and Robert Jeffress were pressin’ The Big Red Button. But according to this nicely done look-see just posted to Vimeo (“the city of Dallas watches in awe”), the “structure for the iridescent drum topping our new worship center” is now complete. Fancy. But if this drought persists, and it likely will, they may want to read the City of Dallas Drought Contingency Plan before they turn on that fountain

Victory Park fails to materialize as successful development

Posted by    |    August 24th, 2011 at 5:15 am

While American Airlines Center has been a huge success for the city of Dallas, Victory Park, the mixed-use development that sprang up around it, has been a disappointment.

The Dallas Morning News reported that the Hillwood development on the northwest corner of downtown Dallas has failed to materialize as a draw for retail businesses and many of the luxury condominiums are empty.

The newspaper said that lenders took over most of the buildings in the complex more than a year ago.

So what’s the problem? The Morning News said it was partly timing (it opened shortly before the attacks of Sept. 11) and partly poor design of the roadways and placement of retail space in the development.

From: Dallas Business Journal

Denton to Fork Over $9.5 Mil to Two Dallas Companies to Resurrect Golden Triangle Mall

Posted by    |    August 24th, 2011 at 5:15 am

Three months ago we looked at a plan to bail out Denton’s beleaguered Golden Triangle Mall, which just last year fell into foreclosure and went up for auction. That plan: Give The MGHerring Group (developer of The Village at Fairview and The Village at Allen) and Cencor Realty Services (an arm of The Weitzman Group, which already manages the mall) $9.5 million in City Hall-approved economic development grants and let them fix ‘er up. To which Denton’s city council unanimously said yesterday: Sure. Do that.

And so the Dallas-based companies, now known as the singular GTM Redevelopment, Ltd., will begin work overhauling the 765,000-square foot mall, which, like Valley View Center and The Mall Formerly Known as Red Bird, has seen better days, otherwise known as The 1980s. (Its last major makeover came in 2000, when the then-owner dropped around $3.5 million on some cosmetics.)

Read more at Dallas Observer

Hilton DFW Lakes Inks $43 Million Financing Deal

Posted by    |    August 24th, 2011 at 5:15 am

Holliday Fenoglio Fowler has arranged $43 million in financing for Hilton DFW Lakes in Grapevine. The firm secured the adjustable-rate loan through Cornerstone Real Estate Advisers, exclusively representing the borrower, a joint venture led by Somera Capital Management LLC and affiliates of Zelman Development Co. and Quorum Hotels & Resorts.

John Bourret, Dan Peek, and Paul Brindley with HFF negotiated the deal with Tom Cross of Cornerstone.

Read more at DRealPoints

Joule Hotel project expanded downtown

Posted by    |    August 22nd, 2011 at 8:19 am

The Joule Hotel has been a major reason Main Street downtown is making a big comeback.

The city and the Joule’s developer have planned to expand the project for sometime, helping redevelop areas of Main and Commerce streets.

The council has just approved $3 million in additional tax-increment financing money to help the project expand even further.

The developer plans to boost his investment from $76,500,000 to $98,000,000.

Here’s what’s being added.

- 1503 Commerce Street – Construction of a new 9,221 square foot building adjacent to 1505 Commerce

Retail Promenade (Main Street Alley located between 1604 and 1608 Main Street)
- Transformation of the pedestrian alley into a retail promenade
- The retail space in 1608 and 1604 Main Street will open onto the promenade

Commerce Streetscape Improvement

- The Joule black granite sidewalk, lighting and landscape treatments will be extended off-site to the Neiman Marcus Café

From: Dallas Morning News

Omni Dallas Hotel Books More Than 250,000 Room Nights

Posted by    |    August 22nd, 2011 at 8:19 am

The Omni Dallas Hotel is pleased to announce that it has booked its 250,000th room night, comprised of over 160 meetings and conventions contracted through 2017. Additionally, the hotel is literally crossing a major construction milestone as it puts the finishing touches on the skybridge that connects the headquarters hotel to the Dallas Convention Center as it prepares for these groups to come to Dallas. The Dallas and Trinity Ballrooms are also nearing completion, prior to its scheduled opening in November.

The Omni Dallas Hotel meeting and event space will suit any type of function from grand galas and corporate sales launches to large association meetings with more than 110,000 square feet of space:

  • The Dallas Ballroom – the second largest ballroom in Downtown Dallas – features 31,733/15,946 square feet of function and pre-function space respectively, equipped for events up to 3,000 people.
  • The Trinity Ballroom features 15,418/4,986 square feet of function and pre-function space respectively, equipped for events up to 1,400 people.

 

In total, the hotel is designed to accommodate up to 4,500 attendees at any given time with the latest technology and a team of top-caliber convention services professionals. The hotel’s meeting space features interactive signage, specially-designed lighting, custom sound systems by industry leader Walker Engineering, production set-up and rigging points designed by Freeman, state-of-the-art Internet access and 600 amps of show power. The project also has more than 700 parking spots and ample space for exhibit and decor companies needing easy access.

Read more at PR Newswire

Oak Cliff is the phoenix of Dallas

Posted by    |    August 22nd, 2011 at 8:19 am

CandysDirt.com has invited me to become part of its growing family of community reporters. Founder and Blogger Candace Evans has given me a glorious section of Dallas to call my own: Oak Cliff.

I’m thrilled because I think it’s the biggest and the best. Oak Cliff is by far the largest neighborhood in Dallas. Oak Cliff encompasses 476.2 square miles. Only slightly larger is San Francisco at 490 square miles.

At the turn of the century as Highland Park became the fashionable address for Dallas, she competed with both Kessler Park and Stevens Park in Oak Cliff. All three neighborhoods were comparable and built in the same grand and elegant style. As Highland Park has seen many a historic home fall to the more modern and updated, Kessler and Stevens Park owners have stood solidly behind their historic heritage although many of the homes have been updated to today’s standards. You will find a lot of granite countertops and stainless steel appliances in houses built here almost one hundred years ago. Kessler and Stevens Park may be the grandest districts of the neighborhood, but many other pockets of style and charm exist.

Of all Dallas neighborhoods, Oak Cliff has the geographical advantage of sitting on virtually the only hills in the city. (Some say the Texas Hill Country starts in Oak Cliff.) You will find many a house perched like a proud parrot upon its own vista. In addition, Oak Cliff boasts the most sweeping and panoramic views of downtown. Have a seat at the Belmont Hotel patio on Ft. Worth Avenue and you will truly understand the breathtaking sights the neighborhood has to offer.

Read more at Pegasus News

More townhomes approved near Dallas Farmers Market

Posted by    |    August 22nd, 2011 at 8:19 am

The area around the Dallas Farmers Market is one of the most active construction zones in the city.

On August 10, the council approved yet another townhome development near the market along Cesar Chavez Boulevard.

The 108-unit project represents a $32.9 million investment in the area, supported with $3 million in tax increment funds.

Read more at Dallas Morning News