Monday, January 25, 2010

1600 Pacific to become The Grand Ricchi, open in 18 months, developer saysfrom Dallas property tax values set to decline this - DALLAS CITY HALL

A San Antonio developer plans to restore the old LTV Tower at 1600 Pacific into a commercial, hotel and residential project.

Leobardo Trevino said his company, Ricchi Dallas Investments, will preserve the appearance of the building's exterior and its elaborate, wood-paneled second floor.

The rest of the building will be completely renovated, he said.

The first four floors of the project will be complete in 18 months and will include a bank, two restaurants, a bar and a gym, he said.

The remainder of the building will be converted into a hotel and residential condominiums, he said.

The condos will be built as they are sold, although some units will be built.

"The customers we're targeting are people from Mexico who are interested in luxury condominiums in the United States," he said.

Trevino is seeking $13 million in subsidy from City Hall to help with the project, a far lower sum that previous developers have said they would need to turn around the building.

Trevino said a group of private investors have already secured financing for the difference in the project's cost.

Workers are even now bringing equipment into the building to begin asbestos abatement and other preliminary work that should be complete in 6 months, he said.

The building will be renamed "the Grand Ricchi," Trevino said.

"Dallas in our perspective has always been about wealth, he said.

... by Rudolph Bush/Reporter