Tuesday, April 22, 2014

$85M redevelopment near Dallas City Hall ‘ready to go’

Lance Murray
The former Butler Brothers Building sits across the street from City Hall at 500 S. Ervay St. in downtown Dallas. The exterior of the building will be completely redone.
The long-awaited construction on the $85 million redevelopment of the historic building at 500 S. Ervay St., a 103-year-old building adjacent to Dallas City Hall, is nearly ready to get underway.
"By next week, the building will be 100 percent abated," developer Mike Sarimsakci told the Dallas Business Journal."We have all the construction approvals from the city and they are ready to be picked up when I get back to Dallas next week."

On Friday morning, Sarimsakci was in Istanbul finalizing the details of the massive redevelopment in Dallas with his Turkish investors. He leads Alterra 500 South Ervay LLC, a limited liability company of Alterra International, which owns the property.

The redevelopment plans for the property include a 270-room Marriott-branded hotel, 238 residences managed by Dallas-based Pinnacle and about 20,000 square feet of restaurant and retail space. Plano-based Aimbridge Hospitality is expected to manage the hotel.

Plans for the property's amenities include three Alterra-operated restaurants -- a Greek restaurant, American bistro and European cafe -- as well as a pool bar.
Dallas-based Merriman Architects Associates is the project architect. AMX Cos. is the project's general contractor.

The cost of the redevelopment has escalated as the developer has become more entrenched in the project.

In October 2012, the redevelopment was expected to cost $55 million and the hotel flags changed from a Hilton-branded hotel to a Marriott-branded property. Within weeks, the developer held a "groundbreaking ceremony," to mark the beginning of the abatement process to ready the property for construction.
Over the years, the 103-year-old building has served as a warehouse, a merchandise showroom and office space. It also inspired other proposed developments.
In 2006, Bismo Development Co. planned to redevelop the building into 321 residential units and retail space. But that never happened, and the company abandoned its original conversion plans

Construction on the redevelopment project is scheduled to begin in mid-May.