Friday, April 13, 2012

Turtle Creek high-rise site being sold to developer

David Woo/Staff Photographer
Before the economy and debt markets faltered in 2009, a California developer wanted to build a $200 million, 22-story St. Regis Hotel and Residences on the vacant tract at Cedar Springs Road and Carlisle Street in Dallas.
A vacant lot on Turtle Creek is being sold to a local apartment developer.
A California investor and developer once planned to build a $200 million, 22-story St. Regis Hotel and Residences on the tract at Cedar Springs Road and Carlisle Street.
JLB Partners, a North Texas apartment developer, is under contract to buy the 2.3-acre property. It’s one of the last vacant sites in the area and faces the popular Katy Trail.
“We are purchasing the site as an investment as we believe in the quality of the neighborhood and the long-term potential of the site,” said Scott Sherwood of JLB Partners. “Currently, we are looking at all options for this well-positioned property.”
The St. Regis deal died when the national economy and debt markets faltered in 2009.
Investor Lone Star Funds acquired the property earlier this year when it foreclosed on the previous owners, who had defaulted on about $16 million in debt.
Holliday Fenoglio Fowler LP marketed the property and arranged the pending purchase.
The land is zoned for a combination of residential, hotel and retail space. JLB Partners will have to seek city approval to make any changes.
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