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