DTD | Arts District: Hall Arts Tower (Lone Star site) (~50 ST.)

[Aeneas515]

Does anyone have the email for Hall's company? I would love to figure out with all that is going on in the new Art's District that they aren't making a move and latching on to the publicity that a tower in the District would draw. Really can't understand it ...

[Mephis Gooseberry]

Dont move it. These issues are important to bear in mind when we discuss Hall and the Lone Star project. There is a rumor he will pursue incentives for Stonehenge, therefore its directly related. He's another big wig that deserves scrutiny.

We can quit the hijack though, both sides of the issue with Hunt are on the table. Fair and balanced.

[Mephis Gooseberry]

Does anyone have the email for Hall's company? I would love to figure out with all that is going on in the new Art's District that they aren't making a move and latching on to the publicity that a tower in the District would draw. Really can't understand it ...

Here's the website:

http//www.hallfinancial.com/ (http://www.hallfinancial.com/)

There is a Contact link at the top right of the page.

[EscapeToCity]

Regarding the Hall "Stonehenge" Site, not one dime of incentives should be given to the developers. These people have been manipulating the city over with this tract since 1984!!! Whether its Metropolitan Structures of Chicago, Campeau Corp, Bright Banc, Cadillac Fairview, LaSalle Partners or Hall Financial-- these companies have made promise after promise in the Arts District and nothing has come to fruition.

Its ironic that only Trammell Crow, a Dallas-based firm, ever built anything significant in and around the Arts District (LTV Center/Trammell Crow, San Jacinto Ctr, Chase Tower)...and now TC's heir apparent...Billingsley..maybe the City should have just let Crow develop the entire district as they did the Market Center...

Back to Stonehenge...some will continue to cite the 1980s bust for the reasons behind this embarassing piece of real estate. If that is the case, then Downtown Dallas is still mired in the bust, because you have numerous underutilized sites in the CBD that were once slated for towers that are just sitting there as parking lots. If things are 'so good' then why aren't there renewed plans for the Plaza of the Americas or Dallas Centre? Why is the Statler Hilton/Grand Hotel mothballed?

I don't think its very healthy to pin all hopes of reducing office vacancy to 'conversions'...what about a real uptick in business leasing?

I simply find this current residential upswing a very one-sided affair. Over time, there seems to be less & less actual business being done downtown yet more people living there. It's good to have more people down there, sure...but I don't think residential development alone can bring the area back to life. You've got to have a genuine rebirth of the commercial interests, not just maintaining those businesses already there. Yet maybe this isn't possible...the backbone of downtown for so many years was the banking sector and all those banks are long dead and butchered and merged (people seem to have forgotten how large & vital Republic, First National & Mercantile were...). So much of the insurance industry has fled North...I don't know...a couple lofts, some lawyers & hip/trendy restaurants do not a successful (nor memorable) downtown make...

[FoUTASportscaster]

Back to Stonehenge...some will continue to cite the 1980s bust for the reasons behind this embarassing piece of real estate. If that is the case, then Downtown Dallas is still mired in the bust, because you have numerous underutilized sites in the CBD that were once slated for towers that are just sitting there as parking lots. If things are 'so good' then why aren't there renewed plans for the Plaza of the Americas or Dallas Centre? Why is the Statler Hilton/Grand Hotel mothballed?

Things aren't so good. Things are progressing to so good. They are better now than 10 years ago. You have to start somewhere. You don't go from anemic to bustling in three days, or three years. In the early '80's Uptown was pretty bad, but a couple years ago it really took off and is now the hottest real estate district in the state. Downtown started its turnaround in the late '90's and has been picking up steam, even if a slow process, but is similar to the route Uptown took in the '80's.


I don't think its very healthy to pin all hopes of reducing office vacancy to 'conversions'...what about a real uptick in business leasing?

Can't speak for everyone, but I for one am not pinning hopes on conversions, but as I said, it is a start. It helps get obsolete buildings off the market and vacancy rate, puts residents in DTD and increases property value. That starts the ball rolling on other areas too, more residential, then retail, which makes it a prime time for buisness to relocate.


I simply find this current residential upswing a very one-sided affair. Over time, there seems to be less & less actual business being done downtown yet more people living there. It's good to have more people down there, sure...but I don't think residential development alone can bring the area back to life. You've got to have a genuine rebirth of the commercial interests, not just maintaining those businesses already there. Yet maybe this isn't possible...the backbone of downtown for so many years was the banking sector and all those banks are long dead and butchered and merged (people seem to have forgotten how large & vital Republic, First National & Mercantile were...). So much of the insurance industry has fled North...I don't know...a couple lofts, some lawyers & hip/trendy restaurants do not a successful (nor memorable) downtown make...

So you want more 9-5 life in DTD? Yeah, that was a proven formula for success (rolls eyes). The goal is a vibrancy 24 hours, not 10. While I want more buisness in DTD to lower the vacancy rate, the goal is continous activity, which mean residences and also destinations, like a main street district. You make that happen, buisness will come to DTD. The rule is retail will follow the rooftops.
With a Class A vacancy rate less the 15%, we are doing ok there, especially since there was a positive absorption for the past year, even if it was small. You'll find you opinion is the vast minority on this board.

[EscapeToCity]

My opinion may be in the minority but I know I am not the only skeptic out there.

[rantanamo]

Downtown Dallas needs more of everything. Retail, greenery and residents need to catch up.

[Mephis Gooseberry]

My opinion may be in the minority but I know I am not the only skeptic out there.

Whether your opinion is the minority or not isn't a real issue. Since we live in a democratic "Republic", pundits always forget that part, the minorities voice must be heard. I agree with you but you may be missing the point of why all this residential development is a good thing.

I'll post a quote from a Victory developer that illustrates the business model downtown must emulate:


“We are creating more than just one or two office buildings at Victory,” says David Hicks, senior vice president at Hillwood Capital. “We are creating a complete environment that is in response to our corporate customers.”

Faced with competition from firms in Los Angeles and New York to attract the best and brightest new hires, companies in Dallas want to be able to provide the 24/7, urban environment these young people are seeking.

“They want to be able to walk to their office and have their entertainment, shopping and dining all right there,” Hicks says. “This is something that doesn't really exist in Dallas.”

With the atmosphere that Victory Park is creating, One Victory Park will be able to meet those needs. “This is Class A-plus office space in an environment that's very amenity-rich and will truly be a tool to allow companies to attract the best of the best and retain their associates,” Hicks says.

“One commitment we have at Victory is that every building will have ground-floor retail so there won't be a dead streetscape,” Hicks says. “We are really focusing on new-to-market, emerging tenants that aren't in any other location in Dallas.”


Large numbers of people are the key to vitality. The more people that live downtown, the more likely a perception that Downtown is safe after dark will take hold. Once their is a critical mass of residents, downtown will provide the necessary foot traffic to support a return of retail, a viable streetscene, entertainment. Entrepeneurs living downtown will start new businesses in the building across the street from their homes or on the ground floor. As more and more small business blossoms around the residential, some large companies will take a tentative first bite. As Retail improves because of ever increasing foot traffic, new Entertainment venues will open for late nights. You can see examples of this already at Stone Street. Downtown has a head start over Victory, it is amenity rich already, just severely neglected. With committment, patience and time, residential conversion will cause a cascade effect - a complete environment - that will lure the big corporate behemoths back downtown.

[X Factor]

Rising costs create a barrier for builders

Stagnant rents also forcing developers to adjust

08:43 PM CST on Thursday, February 23, 2006

By STEVE BROWN / The Dallas Morning News

Spiraling construction costs are putting a squeeze on commercial builders.

Since 2003, average prices for building materials alone have risen by almost 20 percent.

At the same time, costs for land, labor, insurance and taxes are moving higher.

But the rents that developers can charge for everything from office space to apartments are stuck in many markets.
REX C. CURRY / Special Contributor
Billingsley Co., which is building the One Arts Plaza building downtown, bought materials before recent price hikes.

"The numbers are staggering on the increase of materials, but it doesn't flow through to rents in that same percentage," said developer Lucy Crow Billingsley. "Many construction projects in the wings have not been announced. Their timing will depend on demand and construction costs."

Billingsley Co. is building one of Dallas' biggest commercial projects – the $125 million One Arts Plaza building downtown. Ms. Billingsley said her firm was fortunate to purchase materials before the latest round of price increases.

"We started construction in July and bought a good 80 percent of the project, so the impact of Katrina with higher construction materials costs is not felt at all in that project," she said. "But the impact of demand from China on steel and concrete and higher petroleum costs has impacted every job we are working on."

That's the problem for developers – the price increases have been almost across the board, unlike previous spikes that were more limited.

The hikes have been enough to make developers rethink deals.

Investor and developer Craig Hall has decided to go ahead with office projects in Frisco but is taking a wait-and-see attitude toward a downtown building.

"Overall, higher prices over the last 12 to 18 months are certainly a big factor," Mr. Hall said. "However, in terms of Frisco, we are seeing a stronger market than we have seen in the past, and with that in mind we are looking at raising [lease] rates and passing through some of the increased costs in future buildings.

"Unfortunately, we do not have the same degree of market optimism in the Arts District," he said. "We believe the high vacancies in [some] downtown buildings will keep some lid on the pricing needed for new construction to be feasible."
Working on efficiency

Koll Development Co., which is building more than 1.5 million square feet of office space in the Dallas area, has so far been able to juggle its plans and not get caught by the cost quandary.

"We have worked hard at making the projects more efficient where the cost of construction doesn't impact the rental rates," said Koll Development chief executive Steve Van Amburgh.

Companies that Koll builds office space for have also opted to reduce the amount of workspace they are providing for each employee as a way to cut costs. Mr. Van Amburgh said most of the corporate office buildings his firm is building provide about 200 square feet per worker. In previous office construction cycles it wasn't uncommon for the space per employee to top 300 square feet.

But buildings can only increase efficiencies to a point. And rents will have to rise, he said.

"Construction will dramatically slow down if there is not a balance between rental rates and construction costs," Mr. Van Amburgh said. "We are not going to develop anything in an upside down position."
Apartment market

The rising price pressure is even greater in the apartment market, where effective rents are actually lower than they were five years ago.

Higher land and building costs have kept construction starts down even though apartment leasing has soared.

"We are having a delayed response to an improving market because construction and land costs are creating a situation where the new projects can't be underwritten," said developer Robert Shaw. "The rents aren't moving enough to support a lot of new development."

Developers are by nature optimists, and they are hoping for construction cost relief. Steel prices have moderated recently, and there is expectation that an easing of import restrictions with Mexico will cause cement prices to improve.

"Our latest building has steel prices down significantly from the building just completed before it," Mr. Hall said.

But industry analysts warn that the rebuilding from last summer's gulf hurricanes is just starting and will probably take years.
Pricing predicament

General contractors say they aren't taking any chances in an environment of fluctuating prices. And developers that get a price estimate for a project can't expect it to have a long shelf life.

"We used to be able to guarantee our prices for 90 or 120 days," said Jeff Christmann with McCarthy Building Cos. "The pricing is so volatile that a lot of the subcontractors are no longer guaranteeing their pricing that far out."

He says builders are gambling if they put off construction that materials prices will subside.

"Interest rates are still pretty good," Mr. Christmann said. "If people wait to build, interest rates will be higher even if materials may come down slightly."

When bids come in higher than developers expected, contractors and architects are scrambling to find ways to bring the costs in line.

"Oftentimes there are ways to accomplish the same goal, it just might take a little creativity," said Matt Papenfus with Turner Construction Co.

Nailing construction costs is particularly problematic for high-rise condo developers, who must price their units and then usually spend months in presales before actually starting work.

Developer John Sughrue just announced plans for a residential tower in the Arts District, but the project isn't scheduled to start until later this year. In the meantime, the builders have to come up with a construction cost target.

"We are hearing about projects in other cites being canceled that were successfully sold but the numbers for the costs didn't work," Mr. Sughrue said. "It's a time where everybody has to be very careful.

"You are trying to hit a moving target."

E-mail stevebrown@dallasnews.com

[Rob]

Sheesh, reading that you'd think that no one will ever build another building outside of China or New Orleans ever again.

[metrosteve]

Hall needs to sell this property to someone else who MIGHT be serious about actually doing something positive for Dallas.

[clipper]

He occasionaly will put it up for sale by spreading the word about - has happened several times in the past. But he always wants to win the lotto with his sales price.

[Aeneas515]

This guy has the best lot in Downtown and is doing nothing. :eek:

[slfunk]

I wouldn't give much credit to this article. Yes Steve Brown has cited sources no doubt, but being in the construction industry, things are not slowing down and projects being canceled like he is proposing. In other words the sky is not falling. I would suspect that some projects will slow down as far as coming on line. Also once this round of construction slows down in China and Dubai we should see very positive things happen here. For one we have an economy that is turning the corner and that will mean more demand in all areas, gas prices will only increase as demand increases internationally(meaning more people migrating closer to work). There is a lot of money out there to be made by developers, and the only thing I would agree with Steve is that construction may slow down a bit to let manufacturers catch up and prices to fall a bit.

I also have a hard time giving DMN creditibilty in these reports because they are ALWAYS throwing out stories that conflict with one another when it comes to downtown office leasing, development news, real estate news etc. etc. It would be better IMO if they just stuck to announcement of projects and quick searching hard to "create" a story.

[rantanamo]

I've been searching for projects being delayed by costs. I've heard of only a few, and steel being the reason. It seems to be an American thing too. Do we just have cheap builders?

[clipper]

The Disappearing Las Vegas Condos

By FRED A. BERNSTEIN
Published: January 29, 2006
THREE weeks ago, Eli Verdnikov, an engineer in Los Gatos, Calif., received a letter saying that the apartment building he planned to retire to — Icon Las Vegas — would not be built. In the envelope was a check for $73,672.81, the 10 percent deposit Mr. Verdnikov had paid, plus interest.
The developer of the building, Related Las Vegas, a partnership between two large and well-known companies, expected Mr. Verdnikov to accept the refund as payment in full. (Its letter explained that, by depositing the check, Mr. Verdnikov would be waiving any further rights.)
But Mr. Verdnikov wants more than the $73,672.81. Since he agreed in May 2005 to buy the 1,400-square-foot, two-bedroom apartment near the Las Vegas Strip for $728,900, its value, he says, has increased. "To purchase something similar, we would need to pay $200,000 more," said Mr. Verdnikov, who has been looking for a new apartment with his girlfriend, Gitty Stone. So Mr. Verdnikov is suing for the gain he would have realized if the apartment had been built.
"He deserves to get the benefit of the bargain," said Will Kemp, a lawyer with Harrison, Kemp & Jones in Las Vegas, who is representing Mr. Verdnikov and a dozen other Icon buyers.
As the market for high-end condos levels off, more and more people may find themselves in Mr. Verdnikov's position: with contracts to buy condos that will never be built. And some hope to recover the profits they believe they would have made.
In Las Vegas alone, developers have canceled at least four other buildings in the last year, including one called Aqua Blue that was to contain a Michael Jordan health club. Dozens of other buildings, in which units have been sold, may never break ground, said Brian Gordon, a principal at Applied Analysis, a Las Vegas consulting firm. Mr. Gordon said there are 97 condo projects in the works in greater Las Vegas, representing more than 52,000 units.
"I don't think anyone would expect that all these projects will move forward," Mr. Gordon said. He predicted that fewer than half of them would be built in the next five years. Of course, if the market cools enough, some buyers may be happy to get their deposits back.
The pitfalls for condo buyers may be particularly deep in and around Las Vegas, where construction prices have been skyrocketing. Mr. Gordon says some of his clients who are developers have reported a 30 percent increase in the cost of labor and materials in the last year alone. That means that developers who presell apartments may find construction costs wiping out profits even before they break ground.

[clipper]

Anybody checked on Azure lately?

[Rob]

The Construction Photos section stops in January - but the live webcam is still going. I can't tell if there's any actual activity on it at the moment - but it's raining out and all...

[Tnekster]

They were working full out yesterday.

[msutton]

lots of progress from a week ago today.

[FoUTASportscaster]

The Azure will be built.

[rantanamo]

Las Vegas has far more highrise projects underway and proposed than probably all of Texas.

[JasonDallas]

Las Vegas has far more highrise projects underway and proposed than probably all of Texas.

Las Vegas metro I guess you mean. The city itself has very few highrise projects period.

Jason

[rantanamo]

See their thread. They have a huge number downtown, near the strip and on the strip. Not as shocking as the sheer numbers and height of what's happening in Chicago, NY or Miami, but pretty cool and comparable to LA right now.

[JasonDallas]

See their thread. They have a huge number downtown, near the strip and on the strip. Not as shocking as the sheer numbers and height of what's happening in Chicago, NY or Miami, but pretty cool and comparable to LA right now.

The strip isn't in Vegas.

jason

[rantanamo]

I know that. Most of the stuff is off the strip. Point being, metro Vegas is going crazy with condo towers.

[Tnekster]

Las Vegas has far more highrise projects underway and proposed than probably all of Texas.

I was just there, they have 15 coming out of the ground now. About the same as here.

[rantanamo]

underway and PROPOSED. We may have 19 cranes but they are not all for highrises. The LV projects are all bigger highrise projects than what is being built here. Unit-wise, its not even close. They have an incredible number of proposals as well.

[Tnekster]

underway and PROPOSED. We may have 19 cranes but they are not all for highrises. The LV projects are all bigger highrise projects than what is being built here. Unit-wise, its not even close. They have an incredible number of proposals as well.

I am just telling you what I saw. Not all of the cranes in vegas were building condos either. The number of projects was impressive but not as crazy as all of the hype would suggest.

[staplesla]

According to the Review Journal there are 30 underway in Vegas and 100 planned.

[Tnekster]

According to the Review Journal there are 30 underway in Vegas and 100 planned.

Really? you should post the article.

[staplesla]

Just google it...there are tons of articles out there.

COMPLETED

(1) Park Towers, 1 Hughes Center Drive, two towers, 84 units, sold out, only resales remain, last five transactions at $565 a square foot, asking rates on existing five available at $926 a foot, developer Irwin Molasky.

(2) Turnberry Place, 2777 Paradise Road, four towers, last tower under construction and topped off, 740 units, from $530,000, asking rates on resales averaging $465 a square foot, developer Turnberry Associates.

(3) Park Avenue, Las Vegas Boulevard and Agate Avenue, 20 midrise buildings, 642 units, sold out, $225,000 to $500,000, resales averaging $306 a square foot, developer Amland Development.

(4) The District, 2240 Village Walk Drive, two mid-rise buildings, 88 units, sold out with average price of $500 a square foot, limited resales, developer American Nevada Co.

NEAR COMPLETION

(5) SoHo Lofts, Las Vegas Boulevard and Hoover Avenue, one tower, 120 units, $400,000s to more than $1 million, broke ground July 2004, first high-rise condo downtown, developer Sam Cherry.

(6) Metropolis, Desert Inn Road and Debbie Reynolds Drive, one tower, 71 units, sold out, $400,000s to $1.5 million, broke ground January 2004, developer Randall Davis.

(7) Panorama, Industrial Road at Harmon Avenue, three towers planned, 648 units, $300,000s to $3 million, close to topping off construction of first tower, developer Sasson and Hallier.

UNDER CONSTRUCTION

(8) Platinum, Flamingo Road and Koval Lane, one tower, 255 units, $300,000s to more than $1 million, vertical construction under way, condo-hotel, developer Michael Peterson.

(9) Sky Las Vegas, Las Vegas Boulevard south of Sahara Avenue, one tower, 350 units, $400,000s to $3 million, near Circus Circus hotel, developer Aaron Yashouafar and David Pourbaba.

(10) The Residences at MGM Grand, Harmon Avenue and Audrie Lane, two towers, 1,152 units, $400,000s to $2 million, hotel-condo, presales taken for future towers, developer Turnberry Associates.

(11) Boca Raton, 2475 W. Serene Ave., four seven-story towers, 756 units, mid-$200,000s to $1 million, part of the growing south Strip area, developer Palm Beach Resort Condominium.

(12) Loft 5, Pebble Road off Las Vegas Boulevard, eight midrise buildings, 272 units, mid-$300,000s, south Strip, developer Loft 5 Development.

(13) Manhattan, Las Vegas Boulevard and Agate Avenue, one midrise building, 650 units, $200,000s to $400,000s, south Strip, developer Alex Edelstein.

(14) Queensridge Towers, Rampart Boulevard and Alta Drive, four towers, 385 units, from $1.2 million, part of Queensridge master-planned community in west suburbs, developer Peccole Nevada Corp.

(15) CityCenter, Strip at Harmon Avenue, multiple towers, 1,650 units, 66-acre master-planned resort community, developer MGM Mirage.

Advertisement
BROKEN GROUND

(16) Turnberry Towers, Paradise Road and Karen Avenue, two towers, 600 units, $700,000 to $1 million, smaller units than Turnberry Place, developer Turnberry Associates.

(17) Allure, Sahara Avenue west of Las Vegas Boulevard, two towers, 808 units, $300,000 to $3 million, final building permits approved, developer Fifield Realty Co.

(18) One Las Vegas, Las Vegas Boulevard at Shelbourne Avenue, five towers, 1,000 units, from $275,000, south Strip, on-site improvements under way, developer Amland Development.

(19) Urban Village, Las Vegas Boulevard and Starr Avenue, mixed-use and high-rise, 2,400 units, high-$100,000s to $1 million, 50 acres near South Coast casino, developer Diversified Real Estate Group.

(20) Mira Villa, Canyon Run Drive and Rampart Boulevard, eight midrise towers, 216 units, $600,000 to $1.2 million, behind JW Marriott, developer Westmark.

(21) Vegas Grand, Flamingo Road and Swenson Street, eight midrise towers, 880 units, originally priced from $200,000s, repriced from the $300,000s, buyers have the project in class action litigation, developer Del American.

(22) Newport Lofts, Casino Center Boulevard and Hoover Avenue, one tower, 168 units, $300,000s to more than $1 million, part of downtown renaissance, developer Sam Cherry.

(23) Streamline, Las Vegas Boulevard and Ogden Avenue, one tower, 251 units, high-$300,000s to $900,000s, former site of Golden Inn motel, developers Kevin Kelly and Dusty Allen.

(24) Parkline Lofts, Basic Street in downtown Henderson, midrise, 65 units, $185,000 to $385,000, redevelopment project, next to Henderson Parks & Recreation Department, developer Jack Webb.

(25) Stone Canyon, Buffalo Drive and Del Rey Avenue, midrise loft style, 23 units, from $700,000s, views of Red Rock Canyon, developer Blue Heron Properties.

(26) Trump International, Las Vegas Boulevard, one tower, 1,000 units, $600,000 to $6 million, behind New Frontier, priced at $1,000 a square foot, developer Donald Trump and Phil Ruffin.

PLANNED

(27) Cielo Vista, Washington Avenue and Veterans Memorial Drive, one tower, 414 units, $295,000 to $500,000, downtown area, developer Northwest Resources.

(28) Club Renaissance, Casino Center Boulevard and Bonneville Street, one tower, 906 units, $150,000 to $2 million, developer Philippe Pageau-Goyette.

(29) H.U.E., Charleston Boulevard and Third Street, one tower, 278 units, $450,000 to $900,000, developer Eddie Haddad.

(30) Ivana (formerly Summit), Las Vegas Boulevard at Sahara Avenue, one tower, 951 units, from $600,000s, tallest residential tower in the West at over 900 feet, developer Victor Altomare.

(31) Liberty Tower, 1801 Las Vegas Blvd. South, one tower, 132 units, no pricing, project reportedly achieved sufficient presales to move forward, developer Victor Altomare focusing efforts on Ivana.

(32) Sandhurst, Charleston Avenue and Grand Central Parkway, one tower, 413 units, $300,000s to $2 million, developer Mike Mirolla.

(33) Stanhi, Third Street and Gass Avenue, one tower, 130 units, no pricing, developer Sam Cherry.

(34) Alexis Park, Harmon Avenue between Paradise Road and Koval Lane, one tower, 990 units, no pricing, developer Richard Alter.

(35) Hard Rock, Harmon Avenue at Paradise Road, four towers, 1,500 units, $420,000 to $4 million, hotel-condo, behind Hard Rock hotel, developer Peter Morton.

(36) Icon, Convention Center Drive, two towers, 541 units, $400,000s to $1 million, located between Las Vegas Convention Center and Strip, developer Related Cos.

(37) Las Ramblas, Harmon Avenue between Paradise Road and Koval Lane, eight towers, 3,000 units, no pricing, reported $10 million investment by actor George Clooney, developer Centra Properties and Related Cos.

(38) Las Vegas Central, Sierra Vista Drive, two towers, 1,000 units, $140,000 to $1.5 million, near Las Vegas Convention Center, developer Bruce Langson.

(39) Opus, 2900 Sirius Ave., two towers, 700 units, $200,000 to $4 million, former site of Scandia Fun Center, developer HiRise Partners.

(40) Palms Place, Flamingo Road, one tower, 599 units, $500,000s to $7 million, next to Palms hotel, developer George Maloof.

(41) Cosmopolitan, Strip at Harmon Avenue, two towers, 2,400 units, no pricing, next to Bellagio, developer Bruce Eichner.

(42) Majestic, 2955 Las Vegas Blvd. South, one tower, 588 units, $400,000 to $2 million, joint venture with Conrad hotel, former site of La Concha motel, project on hold, developer Lorenzo Doumani.

(43) 17th & Vine, Stephanie Street and Wigwam Road, three towers, 393 units, no pricing, developer Dan Shaw.

(44) Spanish View Towers, Las Vegas Beltway and Buffalo Drive, three towers, 405 units, $760,000 to $6 million, developer Rod Yanke.

(45) Red Rock Station, Las Vegas Beltway and Charleston Boulevard, one tower, 600 units, developers Steven Molasky and Stephen Cloobeck.

(46) The Curve, Las Vegas Beltway and Durango Drive, two towers, 376 units, from $385,000, project selling second tower, developer Curve Development.

[rantanamo]

try SSP as well. Pretty much every city has a thread in the compilations section.

[CTroyMathis]

Here is a .pdf file from January of this year re: Hall Arts Tower and Hunt Construction Group.

Posted here just for reference only. I think it's page 6 that mentions the site. (~50 story commercial/condominium aspirations and ~1MSF.)

http://www.huntconstructiongroup.com/news/pdf/Landmarks_0601.pdf

[txRNGr]

^Wont believe it till I see it.

[Aeneas515]

It might be a good idea to begin to clean up the site here if they plan on getting started in the Fall. When did that magazine come out?

[Rob]

When did that magazine come out?

...


Here is a .pdf file from January of this year

[incrediculous]

I was just there, they have 15 coming out of the ground now. About the same as here.

More than 15. Try doubling that. There are about 30 casino/condo and mixed-use community developments actually under construction in Vegas.

And the size of these developments is significantly larger than anything going on in the Dallas area. There's about $25 billion worth of projects under construction in Vegas. It's inaccurate to suggest that the scale and amount of high-profile development in Vegas is comparable to DFW.

[rantanamo]

I want to be really skeptical about this, but notice the language. There is no speculation. It says "awarded"

[rjlevins]

I'm confused...didn't Hall say he wasn't going to build downtown because of the weakness of the market? That was in February, a month after this newsletter.

[X Factor]

He said he wouldn't build until building material prices came down. Now that they are down maybe he is ready to advance with his plans.

[Aeneas515]

Thanks, I unfortunately found a way to miss that right in front of me. Have building materials come down that much since February?

[Mephis Gooseberry]

Here is a .pdf file from January of this year re: Hall Arts Tower and Hunt Construction Group.

Posted here just for reference only. I think it's page 6 that mentions the site. (~50 story commercial/condominium aspirations and ~1MSF.)

http://www.huntconstructiongroup.com/news/pdf/Landmarks_0601.pdf


Thats one hell of a find, Ctroymathis. Considering the source, this looks to be a done deal. Thanks for posting it. This is great news for Dallas.

[Rob]

Even if he said he wouldn't build until material costs come down, the timeline doesn't add up. He said that in Feb, but the blurb was published before that.

Maybe it was awarded but isn't going to go forward until the price is right?

[jsoto3]

Maybe it was awarded but isn't going to go forward until the price is right?
That is quite possible. It is not unusual for a contractor to be hired but for the project to not start until the design scope is within a given budget, with the hired contractor assisting the owner & architect determine what must be done to accomplish that.

[rantanamo]

does that mean the project goes from probably not, to looks like its gonna happen?

[Rob]

Sounds to me like 'looks like it's going to happen but it could be another eight months or another twenty years."

[carousel]

my fingers are crossed

[X Factor]

I read a little while back on the internet that builkding prices have began to come down and that builders are now moving along with projects while the prices are down. I can remember where I read it, maybe someone who knows what building prices are could enlighten us?

[Aeneas515]

Man this would be just what the Arts District needs too. A big building project to accompany the Arts Plaza. This could also do wonders for the rest of Downtown, if Hall will build soon then maybe it will give others the courage to do so as well. Of course it's not as if Dallas is facing the kind of hang-ups that Ft Worth or Austin are facing right now.