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  #241  
Old Posted Mar 5, 2005, 1:58 AM
Owlhorn Owlhorn is offline
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Stoneleigh digging into past with high-rise condo project

New tower to complement styling of historic hotel, which is set for renovation

11:59 PM CST on Wednesday, March 2, 2005

By STEVE BROWN / The Dallas Morning News

A historic Dallas hotel is getting a face-lift and a new residential tower.
[Click image for a larger version] FILE 1923
FILE 1923
The Stoneleigh, which began life as Dallas' first residential high-rise, is getting a new residential tower.

The Stoneleigh Hotel, which opened its doors on Maple Avenue in 1923, is still a favorite with Dallas visitors.

Local developer Prescott Realty Group said Wednesday that it's teaming up with the Stoneleigh's New York owners on the redevelopment, including a condominium high-rise on the east side of the old hotel.

Residential units aren't new at the Stoneleigh, which was originally built for full-time residents.

"We feel lucky to be able to work with the first residential high-rise in the city of Dallas," said Jud Pankey, president of Prescott Realty. "The Stoneleigh has always done well due to its loyal following, and it's going to get better."

Prescott Realty plans to begin construction before the end of the year on remodeling the 153-room hotel.

Dallas-based ArchiTexas Inc. is working on the designs.

"We are pricing the construction right now," Mr. Pankey said. "The hotel has never been shut down, and we would love to honor that" by keeping it open during the renovation.

Along with refurbishing the rooms and lobby areas, the redevelopment will expand restaurant and meeting space.

On a parking lot east of the Stoneleigh on Bookhout Street, Prescott Realty and partner Apollo Real Estate Advisors of New York are planning a condominium tower linked to the hotel.

The new building will have less than 100 units and will be of a similar architecture.

"It is not a twin, but we are making sure from a historic perspective that we treat the project sympathetically," Mr. Pankey said. "It will be taller than the Stoneleigh."

Complete plans for the condo tower are not finalized, but the developers said they will have more details, including a projected cost, in the next few weeks.

Gromatzky Dupree & Associates is designing the new building.

The 11-story Stoneleigh Court Apartment Hotel – its original name – was touted as "the largest and most pretentious apartment hotel ever constructed in the Southwest" and cost $1.5 million.

The fully furnished apartments were outfitted by Sanger Brothers department store, and residents were offered modern features such as a "refrigerating plant" to air-condition the building and a "wireless station" to provide radio signals to the units.

On the ground floor, residents had a barbershop, beauty salon, lounging room, smoking room and sun parlor.

It was heralded upon completion, but the Stoneleigh's timing was off.

Just six years after opening, with the coming of the Great Depression, the hotel was sold on the auction block by bankruptcy receivers.

A series of owners – including Dallas' Corrigan family, which had the property for almost 50 years – remodeled and continued to operate the Stoneleigh.

Apollo Real Estate has owned the Dallas landmark for several years.

The Stoneleigh condo building would be the latest in a series of residential high-rises planned north of downtown.

"It's a big project, and it's going to be a big thing for Uptown," Mr. Pankey said.

Housing analyst Mike Puls said the location and its connection with the historic hotel should make the Stoneleigh project attractive to buyers.

"It will have great views, and it is going to be near Victory and everything else that is happening in Uptown," Mr. Puls said.

E-mail stevebrown@dallasnews.com


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  #242  
Old Posted Mar 5, 2005, 1:58 AM
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Stoneleigh digging into past with high-rise condo project

New tower to complement styling of historic hotel, which is set for renovation

11:59 PM CST on Wednesday, March 2, 2005

By STEVE BROWN / The Dallas Morning News

A historic Dallas hotel is getting a face-lift and a new residential tower.
[Click image for a larger version] FILE 1923
FILE 1923
The Stoneleigh, which began life as Dallas' first residential high-rise, is getting a new residential tower.

The Stoneleigh Hotel, which opened its doors on Maple Avenue in 1923, is still a favorite with Dallas visitors.

Local developer Prescott Realty Group said Wednesday that it's teaming up with the Stoneleigh's New York owners on the redevelopment, including a condominium high-rise on the east side of the old hotel.

Residential units aren't new at the Stoneleigh, which was originally built for full-time residents.

"We feel lucky to be able to work with the first residential high-rise in the city of Dallas," said Jud Pankey, president of Prescott Realty. "The Stoneleigh has always done well due to its loyal following, and it's going to get better."

Prescott Realty plans to begin construction before the end of the year on remodeling the 153-room hotel.

Dallas-based ArchiTexas Inc. is working on the designs.

"We are pricing the construction right now," Mr. Pankey said. "The hotel has never been shut down, and we would love to honor that" by keeping it open during the renovation.

Along with refurbishing the rooms and lobby areas, the redevelopment will expand restaurant and meeting space.

On a parking lot east of the Stoneleigh on Bookhout Street, Prescott Realty and partner Apollo Real Estate Advisors of New York are planning a condominium tower linked to the hotel.

The new building will have less than 100 units and will be of a similar architecture.

"It is not a twin, but we are making sure from a historic perspective that we treat the project sympathetically," Mr. Pankey said. "It will be taller than the Stoneleigh."

Complete plans for the condo tower are not finalized, but the developers said they will have more details, including a projected cost, in the next few weeks.

Gromatzky Dupree & Associates is designing the new building.

The 11-story Stoneleigh Court Apartment Hotel – its original name – was touted as "the largest and most pretentious apartment hotel ever constructed in the Southwest" and cost $1.5 million.

The fully furnished apartments were outfitted by Sanger Brothers department store, and residents were offered modern features such as a "refrigerating plant" to air-condition the building and a "wireless station" to provide radio signals to the units.

On the ground floor, residents had a barbershop, beauty salon, lounging room, smoking room and sun parlor.

It was heralded upon completion, but the Stoneleigh's timing was off.

Just six years after opening, with the coming of the Great Depression, the hotel was sold on the auction block by bankruptcy receivers.

A series of owners – including Dallas' Corrigan family, which had the property for almost 50 years – remodeled and continued to operate the Stoneleigh.

Apollo Real Estate has owned the Dallas landmark for several years.

The Stoneleigh condo building would be the latest in a series of residential high-rises planned north of downtown.

"It's a big project, and it's going to be a big thing for Uptown," Mr. Pankey said.

Housing analyst Mike Puls said the location and its connection with the historic hotel should make the Stoneleigh project attractive to buyers.

"It will have great views, and it is going to be near Victory and everything else that is happening in Uptown," Mr. Puls said.

E-mail stevebrown@dallasnews.com


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  #243  
Old Posted Mar 5, 2005, 6:19 PM
Owlhorn Owlhorn is offline
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2 more blocks going up in the West Village as we speak. Here are the renderings

Next to Borders/BoA site and across McKinney Ave from the West Village main building. This will complete block 7C




and pics of dirt moving(as you can see the West Village area is growing very dense and into the form of the master rendering)


and across Blackburn from the main West Village and across McKinney from the Mondrian



and dirt moving at the site(The dense cluster of townhomes on the right is Knox Park)


both are mixed-use with retail and residential and part of the WV masterplan. Here are a couple of aerials of the area

West Village with Turtle Creek in the background(as you can see the West Village area is growing very dense and it along with Knox Park more than rival and surpass its Uptown neighbor to the south, State-Thomas)


Knox Park and North Dallas High School. The dense cluster of townhomes stretches to the Knox-Henderson strip where the two towers are in the upper right
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  #244  
Old Posted Mar 5, 2005, 6:19 PM
Owlhorn Owlhorn is offline
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2 more blocks going up in the West Village as we speak. Here are the renderings

Next to Borders/BoA site and across McKinney Ave from the West Village main building. This will complete block 7C




and pics of dirt moving(as you can see the West Village area is growing very dense and into the form of the master rendering)


and across Blackburn from the main West Village and across McKinney from the Mondrian



and dirt moving at the site(The dense cluster of townhomes on the right is Knox Park)


both are mixed-use with retail and residential and part of the WV masterplan. Here are a couple of aerials of the area

West Village with Turtle Creek in the background(as you can see the West Village area is growing very dense and it along with Knox Park more than rival and surpass its Uptown neighbor to the south, State-Thomas)


Knox Park and North Dallas High School. The dense cluster of townhomes stretches to the Knox-Henderson strip where the two towers are in the upper right
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  #245  
Old Posted Mar 5, 2005, 6:23 PM
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TOD Time again in Dallas. This time up the Red Line across Central Expressway from North Park Mall. Apparently this project is very controversial with the city council(what isn't). Includes, hotel, residential, retail and the Park Lane LRT station.

Park Lane Place






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  #246  
Old Posted Mar 5, 2005, 6:23 PM
Owlhorn Owlhorn is offline
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TOD Time again in Dallas. This time up the Red Line across Central Expressway from North Park Mall. Apparently this project is very controversial with the city council(what isn't). Includes, hotel, residential, retail and the Park Lane LRT station.

Park Lane Place






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  #247  
Old Posted Mar 5, 2005, 6:25 PM
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City Lights project east of downtown



01:39 PM CST on Saturday, February 19, 2005


By STEVE BROWN / The Dallas Morning News



More than a year after tying up land for the project, developers are still refining plans for a large shopping center to be built on the eastern edge of downtown Dallas.

Called City Lights, the retail complex is earmarked for more than two blocks near Live Oak Street and Good Latimer Expressway.

Margaux Development Co. originally intended to anchor the 350,000-square-foot shopping center with a supermarket, but lining up a tenant hasn't been easy.

"The grocery store market – which drove us to pick that site – is not what it once was," said Mickey Ashmore, president of United Commercial Realty, which is marketing the project.

Because of fierce competition in the supermarket industry, some grocers have slowed or halted construction of stores.

The recent opening of a Wal-Mart Neighborhood Market grocery store near the City Lights site has also increased competition among supermarkets in that area.

"The developer has bought the land – it's not just under contract," Mr. Ashmore said. "And we are in serious discussions with six tenants.

"I think we will break ground this year and will have a 2006 or early 2007 opening," he said.

The proposed shopping center would have three levels of retail space plus more floors of parking.

"It's a very complicated project to engineer," Mr. Ashmore said.

While work on the City Lights project has continued, developers have moved forward with several condominium and townhouse developments in the same neighborhood.

Almost 200,000 people live in a three-mile radius of the planned shopping center.
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  #248  
Old Posted Mar 5, 2005, 6:25 PM
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City Lights project east of downtown



01:39 PM CST on Saturday, February 19, 2005


By STEVE BROWN / The Dallas Morning News



More than a year after tying up land for the project, developers are still refining plans for a large shopping center to be built on the eastern edge of downtown Dallas.

Called City Lights, the retail complex is earmarked for more than two blocks near Live Oak Street and Good Latimer Expressway.

Margaux Development Co. originally intended to anchor the 350,000-square-foot shopping center with a supermarket, but lining up a tenant hasn't been easy.

"The grocery store market – which drove us to pick that site – is not what it once was," said Mickey Ashmore, president of United Commercial Realty, which is marketing the project.

Because of fierce competition in the supermarket industry, some grocers have slowed or halted construction of stores.

The recent opening of a Wal-Mart Neighborhood Market grocery store near the City Lights site has also increased competition among supermarkets in that area.

"The developer has bought the land – it's not just under contract," Mr. Ashmore said. "And we are in serious discussions with six tenants.

"I think we will break ground this year and will have a 2006 or early 2007 opening," he said.

The proposed shopping center would have three levels of retail space plus more floors of parking.

"It's a very complicated project to engineer," Mr. Ashmore said.

While work on the City Lights project has continued, developers have moved forward with several condominium and townhouse developments in the same neighborhood.

Almost 200,000 people live in a three-mile radius of the planned shopping center.
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  #249  
Old Posted Mar 6, 2005, 1:14 AM
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2nd downtown tower speculation this year

7-Eleven may move downtown

One of its options is building a tower in the Arts District

11:32 PM CST on Thursday, February 24, 2005

By STEVE BROWN / The Dallas Morning News

7-Eleven Inc. may move downtown when its lease at the Cityplace tower runs out.

The convenience store giant is looking at an Arts District location for a new building and has shopped at least one other vacant building downtown, real estate brokers say.

If 7-Eleven moved downtown, it would be the biggest corporate headquarters to move into the central business district since Blockbuster Inc. in 1996.

7-Eleven sold the 42-story Cityplace building on North Central Expressway last year for $124 million. Its lease is up in just over two years.

"We continue to look at all options for our headquarters, and that includes remaining in this building," said Margaret Chabris, 7-Eleven's public relations director. "We have not made any decision about a move."

Real estate brokers say 7-Eleven's top relocation site is a 10-acre tract on the eastern edge of the Arts District.

Developer Lucy Billingsley owns the property at the intersection of Central Expressway and Woodall Rodgers Freeway that was recently added to the Arts District. The land is across the freeway from the booming Uptown neighborhood.

Preliminary plans call for a mixed-use development on the mostly vacant property.

"All I'll say is, I have been in contact with several different corporations about our downtown property," Ms. Billingsley said. "There is tremendous excitement about the Arts District."

If 7-Eleven moves inside the downtown freeway loop, it would be a coup for the central business district, property brokers say.

"It would be a huge win for downtown and signal that development in the core is back," said Joel Pustmueller of Peloton Real Estate. "If that project goes forward, it would anchor the Arts District on the east side.

"And it would provide great visibility on the skyline for someone like 7-Eleven," he said.

Because of the time required to build a large office project, a decision is probably close at hand, Mr. Pustmueller said.

"It would be outstanding if 7-Eleven relocates to downtown," said John Zogg, senior vice president of Crescent Real Estate Equities Co. "I know they are considering a new building as well as existing buildings."

"They would be endorsing all of the significant changes and vibrancy in downtown today," said Mr. Zogg, whose company is downtown Dallas' largest office landlord.

In recent months, 7-Eleven representatives have looked at existing buildings downtown and locations in the suburbs, brokers say.

Whether the company stays at Cityplace or moves to the central business district, keeping 7-Eleven in town is key, said Dallas City Council member Veletta Forsythe Lill.

"We need to do whatever is necessary to keep them," she said.

7-Eleven built the Cityplace tower in 1988 and has had its headquarters in the skyscraper since then.

About 1,000 7-Eleven employees occupy almost 500,000 square feet in the 1.4 million-square-foot tower.

7-Eleven said when it sold Cityplace that its new landlord, Prentiss Properties, would owe an additional $14.5 million for the building if 7-Eleven decides to stay after its lease expires.

E-mail stevebrown@dallasnews.com
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  #250  
Old Posted Mar 6, 2005, 1:14 AM
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2nd downtown tower speculation this year

7-Eleven may move downtown

One of its options is building a tower in the Arts District

11:32 PM CST on Thursday, February 24, 2005

By STEVE BROWN / The Dallas Morning News

7-Eleven Inc. may move downtown when its lease at the Cityplace tower runs out.

The convenience store giant is looking at an Arts District location for a new building and has shopped at least one other vacant building downtown, real estate brokers say.

If 7-Eleven moved downtown, it would be the biggest corporate headquarters to move into the central business district since Blockbuster Inc. in 1996.

7-Eleven sold the 42-story Cityplace building on North Central Expressway last year for $124 million. Its lease is up in just over two years.

"We continue to look at all options for our headquarters, and that includes remaining in this building," said Margaret Chabris, 7-Eleven's public relations director. "We have not made any decision about a move."

Real estate brokers say 7-Eleven's top relocation site is a 10-acre tract on the eastern edge of the Arts District.

Developer Lucy Billingsley owns the property at the intersection of Central Expressway and Woodall Rodgers Freeway that was recently added to the Arts District. The land is across the freeway from the booming Uptown neighborhood.

Preliminary plans call for a mixed-use development on the mostly vacant property.

"All I'll say is, I have been in contact with several different corporations about our downtown property," Ms. Billingsley said. "There is tremendous excitement about the Arts District."

If 7-Eleven moves inside the downtown freeway loop, it would be a coup for the central business district, property brokers say.

"It would be a huge win for downtown and signal that development in the core is back," said Joel Pustmueller of Peloton Real Estate. "If that project goes forward, it would anchor the Arts District on the east side.

"And it would provide great visibility on the skyline for someone like 7-Eleven," he said.

Because of the time required to build a large office project, a decision is probably close at hand, Mr. Pustmueller said.

"It would be outstanding if 7-Eleven relocates to downtown," said John Zogg, senior vice president of Crescent Real Estate Equities Co. "I know they are considering a new building as well as existing buildings."

"They would be endorsing all of the significant changes and vibrancy in downtown today," said Mr. Zogg, whose company is downtown Dallas' largest office landlord.

In recent months, 7-Eleven representatives have looked at existing buildings downtown and locations in the suburbs, brokers say.

Whether the company stays at Cityplace or moves to the central business district, keeping 7-Eleven in town is key, said Dallas City Council member Veletta Forsythe Lill.

"We need to do whatever is necessary to keep them," she said.

7-Eleven built the Cityplace tower in 1988 and has had its headquarters in the skyscraper since then.

About 1,000 7-Eleven employees occupy almost 500,000 square feet in the 1.4 million-square-foot tower.

7-Eleven said when it sold Cityplace that its new landlord, Prentiss Properties, would owe an additional $14.5 million for the building if 7-Eleven decides to stay after its lease expires.

E-mail stevebrown@dallasnews.com
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  #251  
Old Posted Mar 7, 2005, 10:53 PM
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Historic Gulf States building going residential
03:10 PM CST on Monday, March 7, 2005
By STEVE BROWN / The Dallas Morning News
http://www.dallasnews.com/sharedcon....1164b6a27.html


A Main Street construction project starting Tuesday will bring needed parking downtown plus additional retail and apartments. Spectrum Properties is developing its 17-story building in the 1400 block of main near Akard Street. The new project will tie into the historic Gulf States Insurance Building, which is already being converted to residential. Filling a parking lot between the Gulf States and Davis buildings, the new building will contain 20,000 square feet of retail space, six floors of parking and 84 apartments on top of that.

"The entire project will be completed by the summer of 2006," said Edward Okpa, who's overseeing the development with Spectrum Properties. Spectrum Properties started renovation of the Gulf States Insurance Building late last year. Built in 1928, the vacant office building will house 68 loft apartments. A smaller former department store behind it at Elm and Akard will also be redeveloped into 14 apartments.

Spectrum Properties is receiving an $8.5 million interest free loan from the City of Dallas and Dallas County to build the parking garage. Plans for the project have been in the works for almost three years. "It doesn't mimic the old construction but is very contemporary," said Alice Murray, Central Dallas Association president. "It's a nice bridge between the Davis and Gulf States buildings."

Read more in tomorrow's Dallas Morning News or at DallasNews.com

E-mail: stevebrown@dallasnews.com

new building


Gulf States Building, The new one will be built on the vacant lot.


Last edited by Owlhorn; Mar 8, 2005 at 5:37 PM.
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  #252  
Old Posted Mar 7, 2005, 10:53 PM
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Historic Gulf States building going residential
03:10 PM CST on Monday, March 7, 2005
By STEVE BROWN / The Dallas Morning News
http://www.dallasnews.com/sharedcon....1164b6a27.html


A Main Street construction project starting Tuesday will bring needed parking downtown plus additional retail and apartments. Spectrum Properties is developing its 17-story building in the 1400 block of main near Akard Street. The new project will tie into the historic Gulf States Insurance Building, which is already being converted to residential. Filling a parking lot between the Gulf States and Davis buildings, the new building will contain 20,000 square feet of retail space, six floors of parking and 84 apartments on top of that.

"The entire project will be completed by the summer of 2006," said Edward Okpa, who's overseeing the development with Spectrum Properties. Spectrum Properties started renovation of the Gulf States Insurance Building late last year. Built in 1928, the vacant office building will house 68 loft apartments. A smaller former department store behind it at Elm and Akard will also be redeveloped into 14 apartments.

Spectrum Properties is receiving an $8.5 million interest free loan from the City of Dallas and Dallas County to build the parking garage. Plans for the project have been in the works for almost three years. "It doesn't mimic the old construction but is very contemporary," said Alice Murray, Central Dallas Association president. "It's a nice bridge between the Davis and Gulf States buildings."

Read more in tomorrow's Dallas Morning News or at DallasNews.com

E-mail: stevebrown@dallasnews.com

new building


Gulf States Building, The new one will be built on the vacant lot.

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  #253  
Old Posted Mar 8, 2005, 5:28 PM
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Might this open the flood gates for something developers have wanted forever?

Mid-rise at White Rock Lake OK’d
Revised plan calls for 7-story senior living center and $5 million art center

March 4, 2005
By J.D. Sparks/Lake Highlands People

Citing urban renewal trends and conservation concerns, city planning commissioners last week voted to approve amended development plans for a senior citizen independent-living and art center at the site of CC. Young Memorial Home on West Lawther Drive.

“Developers have only two ways to go — up and down,” commissioner Bill “Bulldog’ Cunningham said. “Everybody is moving back in, closer to work. People can still enjoy the lake, even if it’s surrounded by skyscrapers.”

“This plan ... is a wonderful proposal for our community. It benefits our neighborhood in so many ways” said Ken Durand, president of C.C. Young.

The commission’s 14-0 decision dealt a blow to neighborhood activists who said the issue would be picked up again in the upcoming City Council elections.

“I and my neighbors value neighborhoods with houses and parks, whereas Commissioner Cunningham values highways and freeways,” said James Costello, a member of the Peninsula Neighborhood Association.

Representatives from the Cloisters, Peninsula, and Lakewood neighborhood associations vehemently opposed the development, saying that it would obstruct the skyline around White Rock Lake and the surrounding park.

Mr. Costello said high-rise buildings are eyesores that bring more people, and there fore more traffic congestion, to the area.

Original plans for the pro posed development at 4829 West Lawther Drive called for an eight-story building with a maximum of 240 units.

While city staff supported the developer’s request to add a new independent living center to the site, including a $5.5 million arts center and a park, planners opposed zoning changes that would allow the developer to build an eight-story structure.

According to a staff report, the zoning changes “were not compatible” with the surrounding development - and land use and “would set a precedent that could open the area to the visual intrusion of high-rise buildings.”

But Mr. Cunningham said urban renewal projects that include building mid- and high-rise buildings closer to city centers and on water fronts is a way to make cities viable while conserving time, energy, and natural resources.

After vocal protest from neighborhood associations, the developer amended the plans to seven stories and stair-stepped buildings in order to afford greater privacy to surrounding residences.

Mr. Durand said the new mid-rise building would have about 100 to 110 units and would not increase the number of people living there.

“We did the best we could to meet the needs and concerns of neighbors:’ he said. “I can see no good reason why this plan wouldn’t be approved by the City Council.”

But opponents say the fight isn’t over yet.

“Frankly, I think this will be an issue in the upcoming City Council election:’ he said.
Councilman Gary Griffith, who appoints the commissioner in his district, is up for re-election in May.

A date for the City Council hearing has not yet been set.
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  #254  
Old Posted Mar 8, 2005, 5:28 PM
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Might this open the flood gates for something developers have wanted forever?

Mid-rise at White Rock Lake OK’d
Revised plan calls for 7-story senior living center and $5 million art center

March 4, 2005
By J.D. Sparks/Lake Highlands People

Citing urban renewal trends and conservation concerns, city planning commissioners last week voted to approve amended development plans for a senior citizen independent-living and art center at the site of CC. Young Memorial Home on West Lawther Drive.

“Developers have only two ways to go — up and down,” commissioner Bill “Bulldog’ Cunningham said. “Everybody is moving back in, closer to work. People can still enjoy the lake, even if it’s surrounded by skyscrapers.”

“This plan ... is a wonderful proposal for our community. It benefits our neighborhood in so many ways” said Ken Durand, president of C.C. Young.

The commission’s 14-0 decision dealt a blow to neighborhood activists who said the issue would be picked up again in the upcoming City Council elections.

“I and my neighbors value neighborhoods with houses and parks, whereas Commissioner Cunningham values highways and freeways,” said James Costello, a member of the Peninsula Neighborhood Association.

Representatives from the Cloisters, Peninsula, and Lakewood neighborhood associations vehemently opposed the development, saying that it would obstruct the skyline around White Rock Lake and the surrounding park.

Mr. Costello said high-rise buildings are eyesores that bring more people, and there fore more traffic congestion, to the area.

Original plans for the pro posed development at 4829 West Lawther Drive called for an eight-story building with a maximum of 240 units.

While city staff supported the developer’s request to add a new independent living center to the site, including a $5.5 million arts center and a park, planners opposed zoning changes that would allow the developer to build an eight-story structure.

According to a staff report, the zoning changes “were not compatible” with the surrounding development - and land use and “would set a precedent that could open the area to the visual intrusion of high-rise buildings.”

But Mr. Cunningham said urban renewal projects that include building mid- and high-rise buildings closer to city centers and on water fronts is a way to make cities viable while conserving time, energy, and natural resources.

After vocal protest from neighborhood associations, the developer amended the plans to seven stories and stair-stepped buildings in order to afford greater privacy to surrounding residences.

Mr. Durand said the new mid-rise building would have about 100 to 110 units and would not increase the number of people living there.

“We did the best we could to meet the needs and concerns of neighbors:’ he said. “I can see no good reason why this plan wouldn’t be approved by the City Council.”

But opponents say the fight isn’t over yet.

“Frankly, I think this will be an issue in the upcoming City Council election:’ he said.
Councilman Gary Griffith, who appoints the commissioner in his district, is up for re-election in May.

A date for the City Council hearing has not yet been set.
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  #255  
Old Posted Mar 8, 2005, 5:30 PM
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Main Street high-rise gets under way today
Parking garage, retail and apartments are planned


11:09 PM CST on Monday, March 7, 2005


By STEVE BROWN / The Dallas Morning News



Construction begins today on a Main Street residential tower between two historic buildings in downtown Dallas.

The project includes 84 apartments, a six-floor garage that will bring needed parking downtown and 20,000 square feet of retail space.

Spectrum Properties is developing its 17-story building in the 1400 block of Main near Akard Street.

The new project will fill a parking lot between the Gulf States Insurance Building and the Davis Building. It will be tied to the Gulf States building, which is already being converted to residential.

"The entire project will be completed by the summer of 2006," said Edward Okpa, who's overseeing the development with Spectrum Properties.

Spectrum Properties started renovation of the Gulf States Insurance Building late last year.

Built in 1928, the vacant office building will house 68 loft apartments.


A smaller former department store behind it at Elm and Akard will also be redeveloped into 14 apartments.


Spectrum Properties is receiving an $8.5 million interest-free loan from the city of Dallas and Dallas County to build the parking garage.


Plans for the project have been in the works for almost three years.


"It doesn't mimic the old construction but is very contemporary," said Alice Murray, Central Dallas Association president.

"It's a nice bridge between the Davis and Gulf States buildings."

E-mail stevebrown@dallasnews.com






building will fill the space below


Last edited by Owlhorn; Mar 8, 2005 at 5:39 PM.
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  #256  
Old Posted Mar 8, 2005, 5:30 PM
Owlhorn Owlhorn is offline
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Main Street high-rise gets under way today
Parking garage, retail and apartments are planned


11:09 PM CST on Monday, March 7, 2005


By STEVE BROWN / The Dallas Morning News



Construction begins today on a Main Street residential tower between two historic buildings in downtown Dallas.

The project includes 84 apartments, a six-floor garage that will bring needed parking downtown and 20,000 square feet of retail space.

Spectrum Properties is developing its 17-story building in the 1400 block of Main near Akard Street.

The new project will fill a parking lot between the Gulf States Insurance Building and the Davis Building. It will be tied to the Gulf States building, which is already being converted to residential.

"The entire project will be completed by the summer of 2006," said Edward Okpa, who's overseeing the development with Spectrum Properties.

Spectrum Properties started renovation of the Gulf States Insurance Building late last year.

Built in 1928, the vacant office building will house 68 loft apartments.


A smaller former department store behind it at Elm and Akard will also be redeveloped into 14 apartments.


Spectrum Properties is receiving an $8.5 million interest-free loan from the city of Dallas and Dallas County to build the parking garage.


Plans for the project have been in the works for almost three years.


"It doesn't mimic the old construction but is very contemporary," said Alice Murray, Central Dallas Association president.

"It's a nice bridge between the Davis and Gulf States buildings."

E-mail stevebrown@dallasnews.com






building will fill the space below
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  #257  
Old Posted Mar 8, 2005, 5:44 PM
Owlhorn Owlhorn is offline
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Building likely to come down

By Sandra Baker

Star-Telegram Staff Writer


FORT WORTH - XTO Energy is reviewing bids to demolish the vacant Landmark Tower downtown and it's a "relative certainty" that the 30-story aluminum-sided building will come down this year, a company executive said Monday.

Steve Palko, XTO's president, also said the company is considering building a 50-story office tower on the site at Seventh and Houston streets. Or it may opt to build a smaller building there and create a corporate campus to include three nearby XTO buildings and a small park.

XTO will announce a timetable for tearing down the tower in a couple of months, when the company finishes renovating the Baker Building, across Houston Street from the Landmark Tower.

The tower would come down either by implosion or traditional demolition. After it's demolished, XTO will likely turn the block into a city park until its development plans are executed, Palko said.

XTO has been growing rapidly, buoyed by rising natural gas prices and a string of acquisitions. Its profit jumped 76 percent to $507.9 million in 2004 as sales neared $2 billion, and a rising stock price has pushed the company's market value to nearly $12 billion. It was added to the S&P 500 in December.

If built, a 50-story building would be 10 stories taller than Carter Burgess Plaza and Burnett Plaza, the tallest downtown office towers. A high-rise hasn't been built downtown since the 1980s.

"It's a serious investment," Palko said. "It would put us on a new level of business. It's all still under review."

Fort Worth engineering firm Carter & Burgess is consulting with XTO on the projects.

Landmark Tower, formerly the Texas Building, was built in 1952 for Continental National Bank and was initially only four stories tall. The other 26 stories were added by 1957, which made it the tallest building in Fort Worth.

Its previous owner planned a $62 million renovation that would have turned the building into a residential high-rise. But that developer went bankrupt, and in January 2004, XTO bought Landmark Tower for $5.5 million at auction. The company has since removed asbestos from the building.

In January, XTO bought the 14-story, 110,000-square-foot Executive Plaza at Sixth and Throckmorton streets. The deal included the 24,500-square-foot 600 Houston Street Mall and 590-space parking garage on Houston Street between Fifth and Sixth streets.

In 2003, the company bought the 11-story, 109,000-square-foot Baker Building at 110 W. Seventh St. Renovations on the building are scheduled to be completed in a couple of months.

XTO has its headquarters in the 20-story W.T. Waggoner Building at 810 Houston St., which it renovated.

Palko said the company anticipates having at least 600 employees working downtown in the next four to five months.

"Ultimately, we will need all that room," Palko said.

XTO will study the market before deciding which development plan to pursue, he said.

One factor in the decision to build a high-rise will be whether Fort Worth can support lease rates of $30-$35 a square foot, Palko said.

"That would make it more attractive," he said.

The latest market studies show that the downtown Class A office market -- with the most modern space and amenities -- is 98 percent leased. Lease rates are above $22.50 a square foot, a market high.

However, real estate professionals have predicted that rates could push the $30 mark by year's end.

The building before the Tornado
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  #258  
Old Posted Mar 8, 2005, 5:44 PM
Owlhorn Owlhorn is offline
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Building likely to come down

By Sandra Baker

Star-Telegram Staff Writer


FORT WORTH - XTO Energy is reviewing bids to demolish the vacant Landmark Tower downtown and it's a "relative certainty" that the 30-story aluminum-sided building will come down this year, a company executive said Monday.

Steve Palko, XTO's president, also said the company is considering building a 50-story office tower on the site at Seventh and Houston streets. Or it may opt to build a smaller building there and create a corporate campus to include three nearby XTO buildings and a small park.

XTO will announce a timetable for tearing down the tower in a couple of months, when the company finishes renovating the Baker Building, across Houston Street from the Landmark Tower.

The tower would come down either by implosion or traditional demolition. After it's demolished, XTO will likely turn the block into a city park until its development plans are executed, Palko said.

XTO has been growing rapidly, buoyed by rising natural gas prices and a string of acquisitions. Its profit jumped 76 percent to $507.9 million in 2004 as sales neared $2 billion, and a rising stock price has pushed the company's market value to nearly $12 billion. It was added to the S&P 500 in December.

If built, a 50-story building would be 10 stories taller than Carter Burgess Plaza and Burnett Plaza, the tallest downtown office towers. A high-rise hasn't been built downtown since the 1980s.

"It's a serious investment," Palko said. "It would put us on a new level of business. It's all still under review."

Fort Worth engineering firm Carter & Burgess is consulting with XTO on the projects.

Landmark Tower, formerly the Texas Building, was built in 1952 for Continental National Bank and was initially only four stories tall. The other 26 stories were added by 1957, which made it the tallest building in Fort Worth.

Its previous owner planned a $62 million renovation that would have turned the building into a residential high-rise. But that developer went bankrupt, and in January 2004, XTO bought Landmark Tower for $5.5 million at auction. The company has since removed asbestos from the building.

In January, XTO bought the 14-story, 110,000-square-foot Executive Plaza at Sixth and Throckmorton streets. The deal included the 24,500-square-foot 600 Houston Street Mall and 590-space parking garage on Houston Street between Fifth and Sixth streets.

In 2003, the company bought the 11-story, 109,000-square-foot Baker Building at 110 W. Seventh St. Renovations on the building are scheduled to be completed in a couple of months.

XTO has its headquarters in the 20-story W.T. Waggoner Building at 810 Houston St., which it renovated.

Palko said the company anticipates having at least 600 employees working downtown in the next four to five months.

"Ultimately, we will need all that room," Palko said.

XTO will study the market before deciding which development plan to pursue, he said.

One factor in the decision to build a high-rise will be whether Fort Worth can support lease rates of $30-$35 a square foot, Palko said.

"That would make it more attractive," he said.

The latest market studies show that the downtown Class A office market -- with the most modern space and amenities -- is 98 percent leased. Lease rates are above $22.50 a square foot, a market high.

However, real estate professionals have predicted that rates could push the $30 mark by year's end.

The building before the Tornado
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  #259  
Old Posted Mar 8, 2005, 5:49 PM
Owlhorn Owlhorn is offline
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Location: Dallas, Texas
Posts: 1,619


A Florida developer has purchased 230 acres north of Dallas/Fort Worth International Airport for construction of a business park.

LNR Property Corp. said Monday that it bought the property in Flower Mound with plans to construct a $160 million industrial and office complex.

Called Lakeside Ranch Business Park, the commercial development is two miles north of the airport and west of State Highway 121.

Buildings in the project will total almost 3.5 million square feet.

"We've been looking for the best property to acquire to enter the attractive North Dallas market, and we are confident we've found it with this acquisition," Lang Cottrell, regional president in LNR's Dallas office, said.

Miami-based LNR has been operating in North Texas since it opened an office in 2003.

Mesa Design Group planned the project to include a 40-acre conservation corridor.

CB Richard Ellis brokered the property purchase.

Terms of the sale were not disclosed.

E-mail stevebrown@dallasnews.com

Just what Dallas needs, another suburban office park to add to the metro vacancy rate.
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  #260  
Old Posted Mar 8, 2005, 5:49 PM
Owlhorn Owlhorn is offline
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Join Date: Aug 2002
Location: Dallas, Texas
Posts: 1,619


A Florida developer has purchased 230 acres north of Dallas/Fort Worth International Airport for construction of a business park.

LNR Property Corp. said Monday that it bought the property in Flower Mound with plans to construct a $160 million industrial and office complex.

Called Lakeside Ranch Business Park, the commercial development is two miles north of the airport and west of State Highway 121.

Buildings in the project will total almost 3.5 million square feet.

"We've been looking for the best property to acquire to enter the attractive North Dallas market, and we are confident we've found it with this acquisition," Lang Cottrell, regional president in LNR's Dallas office, said.

Miami-based LNR has been operating in North Texas since it opened an office in 2003.

Mesa Design Group planned the project to include a 40-acre conservation corridor.

CB Richard Ellis brokered the property purchase.

Terms of the sale were not disclosed.

E-mail stevebrown@dallasnews.com

Just what Dallas needs, another suburban office park to add to the metro vacancy rate.
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