Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Wednesday, May 28, 2014
Centurion American buys Statler Hilton, plans $175M redo
Merriman Architects Associates
The Statler Hilton, which has been vacant a decade, will be redeveloped by the group into luxury residential tower with a retail component.
"We had a lot of parties interested in buying the Statler, but out of all the parties interested in the property, Centurion has all the qualifications,"Leobardo Trevino, CEO of Ricchi Dallas Investments Inc., which sold the property, told theDallas Business Journal.It's taken several months, but developer Mehrdad Moayedi, president of Carrollton-based Centurion American Development Group, has closed on a deal buying the historic Statler Hilton property with plan to start a $175 million redevelopment.
"This is good for the Statler and this is good for downtown," Trevino added. "Centurion will take the Statler to the next level. It's a great experience seeing the excitement for downtown Dallas right now."
Moayedi plans to redevelop the Statler Hilton, as well as the adjacent George Dahl-designed building next to the historic hotel that once houses the Dallas Public Library, into a mixed-use development, which a hotel, residential, restaurant and retail space and office space.
The redo -- which had preliminary plans for a theater, a ballroom and hotel lounge -- includes two nearby parking lots next to the Statler and the former library.
If the group succeeds, it will be Centurion's second development in Dallas to make a comeback.
In the past year, Moayedi has been working on the Residences at the Stoneleigh, which is a $220 million luxury residential tower Centurion bought from foreclosure for $4.55 million in 2010
The developer is applying for state and federal historic tax credits on the development. The project will remove more than 669,000 square feet of space from downtown's vacant building inventory.
In the past, Centurion has said the development group plans to begin construction by the end of the year, with an anticipated completion date of October 2017. Dallas-based Merriman Associates Architects is the project architect for the redevelopment.