Wednesday, June 08, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News

DALLAS, FOREST CITY MAKE UP, DOWNTOWN DEAL BACK ON

DALLAS (DallasNews.com) – Blighted skyscrapers will become new residences and retail in downtown Dallas if a deal negotiated by Dallas officials and Forest City Enterprises on Wednesday is approved by the City Council. Just last week, Forest City had announced that it was dropping its plans, which would have brought new life to downtown, because of a falling out with the city about incentives.

Forest City will transform the Mercantile Bank tower into 225 apartments, demolish other sections of the complex and replace with 150 more apartments and build 150 condos in the Continental building. It will also create 265 apartments in the four-building former TXU Gas Co. complex that is currently owned by the city.

In return, the city will give Forest City between $58 million and $60.5 million worth of tax incentives toward the Mercantile complex and $5 million toward the Continental building, according to terms of the tentative deal.

After the meeting, Mayor Laura Miller said, “We’re married. There’s no time for a honeymoon, but the City of Dallas and Forest City are definitely hitched.”