Sunday, January 22, 2012

Developer plans $55M redo of 500 S. Ervay Butler Brothers Building in Downtown Dallas

A Texas-based investment partnership has big plans for the 101-year-old building adjacent to Dallas’ City Hall.

Alterra 500 South Ervay LLC, a limited liability company of Alterra International, led by Turkish investor Mike Sarimsakci, plans to spend $55 million turning the Butler Brothers Building into a multi-use property that would include a 220-room hotel, 250 apartments, and about 80,000 square feet of office and retail space.
The development group is looking for partners for its extended-stay hotel flag, retail and restaurant space and school, said Sarimsakci, who has been described by Turkish media as the “Turkish Trump.”
“We want the building to be more than a residential building and hotel. We want retail and restaurants to compliment the residential,” Sarimsaci said.
Sarimsakci is a partner for the Eastern Mediterranean investment group. He has been previously affiliated with the $135 million development called 1401 Elm St. in downtown Dallas. The 52-story 1.3 million-square-foot property was previously known as Elm Place.  POSTED BY   Dallas Business journal |    JANUARY 21ST, 2012 AT 5:15 AM