"We are fully done with the abatement and we are now waiting for our final construction contract documents," developer Mike Sarimsakci told the Dallas Business Journal in an exclusive interview.
Upon the finalization of the agreement, Sarimsakci told me he planned to get underway on the redevelopment of the 103-year-old building at 500 S. Ervay St. by the end of the month. In April, Sarimsacki told the Business Journal he hoped to begin the long-awaited project by the end of May.
Sarimsakci is redoing the building through Alterra 500 South Ervay LLC, a limited liability company of Alterra International, which owns the property. The limited liability company relies on Turkish investors for the massive project through EB-5 funding, an immigrant-investor program that is helping fuel Dallas' real estate recovery.
Funding is a non-issue for the redo of the Butler Brothers Building, Sarimsakci told me.
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.
Construction is scheduled to finish 18 to 24 months after the developer begins the project.