Friday, June 19, 2009

Redevelopment funding rejected for LTV Tower at 1600 Pacific

A plan to restore the LTV Tower at 1600 Pacific Avenue into a a 590-unit residential building got the thumbs down Monday from the city's Downtown Connection TIF Board.

Craig MacKenzie and Curtis Lockey, who hoped to redevelop the property with 236 affordable units, are none too happy about the decision.

In a presentation before the TIF board Monday, MacKenzie and Lockey requested some $46.3 million in TIF funds plus interest.

(A briefing prepared by the city's economic development staff set the subsidy figure at as much as $120 million in principal and interest, a number the developers called sensational.)

After the jump, read what MacKenzie told us in an e-mail this morning.

Craig MacKenzie:

After brief deliberations, the Downtown Connection TIF Board of Directors voted yesterday "against" the proposed redevelopment of the 1964 vacant LTV Tower Building.

Despite pouring over $140 Million in subsidies into redevelopment projects in the City's core during the last ten years, the TIF Board said "no" to the 590 planned residential units (including 236 Affordable Housing Units) planned for the project. There are more than 2,400 residential units in Downtown Dallas today; none of these units serve the affordable housing market.

For years, Dallas politicians have waxed lyrically over the trials and tribulations of trying to bring affordable housing to the City Center. Finally, two developers, Curtis Lockey and Craig MacKenzie, have a plan for an affordable housing project.........but the City Leaders at the TIF Board said "NO".

In a city that aspires to build a $500 Million Convention Center Hotel, the Citys' leaders (apparently) could care less about the 1,000 employees who will work at such a facility and where they will live.........$500 Million for a Convention Center Hotel and $0 for Affordable Housing....Dallas wants to be a "world class" city????????"

Rudolph Bush/Reporter -