I wonder if the Pillar Group seek a TIF arrangement with the city?
11:06 AM CDT on Wednesday, June 13, 2007
By DAVE LEVINTHAL / The Dallas Morning News
After months of argument, the Dallas City Council voted Wednesday to grant a downtown hotel and condominium project nearly $15 million in public subsidies, but not before attaching stringent development milestones to it.
The council's decision allows Dallas developers Lawrence and Rita Sweeney to move forward with constructing a more than 50-story condominium tower and renovating the existing Tower Petroleum Building into a high-end hotel. Many council members, led by Mayor Laura Miller, had long contended the Sweeneys shouldn't receive the money because they own a tax-subsidized downtown building that houses the former nightclub Blue, which city officials have decried as an epicenter for center city crime.
But in a 10-5 vote, the council agreed to publicly subsidizing the project, contingent on the Sweeneys accelerating their development schedule so that they announce their hotel brand by year’s end, obtain a building permit by 2009 and complete the effort by 2011.
Dallas’ economic development director Karl Zavitkovsky also explained that the project must include $90 million in private investment or risk its public funding deal, which includes $12 million in tax increment financing and a $2.9 million historic building tax abatement.
Interesting that the 700 footer proposed by Pillar looks like the same building the Sweeneys had proposed.
It's about time --- way past time actually --- a residential building was proposed that doesnt come with jacked up occupant price tag.
If the govt is able to pull off the [temporary] Socialist solution to [almost] Capitalist collapse, then Dallas will be one of the few markets in the country which will have enjoy the shortest amount of downtime. Build affordable residential highrises, and they will fill up quickly, financing will be easy....