Tuesday, February 14, 2006

Downtown Dallas & Uptown Real Estate News

Downtown Dallas & Uptown Real Estate News


Financing deal OK'd
for 2 downtown projects
The Downtown Dallas Development Authority has approved a developer's request for $12 million in tax increment financing to build a 200- to 250-unit residential tower at 1900 Pacific Ave. and renovate the nearby Tower Petroleum Building for use as a boutique hotel.
The tax increment funds may be used to reimburse environmental remediation, demolition, facade restoration and other such costs but are not guaranteed, said Dorcy Clark, downtown coordinator for Dallas' Office of Economic Development.
Dallas' Mercantile Bank complex redevelopment project, which is slated to monopolize downtown TIF money for a decade, would probably mean the Pacific project, with an estimated cost of more than $116 million, wouldn't see the money for years. Pillar Group, led by Lawrence Sweeney, is the developer.