Thursday, July 31, 2014
Owners of a downtown Dallas hotel are buying an adjoining parking garage and plan to rebrand the property.
The 10-story Hotel Lawrence on Houston Street was purchased last summer by an investment company owned by hotel operator Mehul Patel.
Back then the new owners announced plans to remodel the 89-year-old hotel, which is located across from Union Station.
Real estate brokers say that the hotel investors are now buying an adjoining parking garage at Jackson and Record streets, which has been used for courthouse parking.
The garage has recently been marketed for sale by broker Newt Walker.
The Hotel Lawrence owners plan to refurbish the garage and convert the hotel to a La Quinta flagged property, downtown property agents say.
The Lawrence has been renovated multiple times over the decades and has had several name changes.
The current owners have more than two dozen Dallas-area hospitability properties.
By Steve Brown- Dallas News
A languishing downtown Dallas landmark may get another chance at redevelopment.
The more than century old Dallas High School at Pearl and Bryan streets has been empty since the 1990s.
Several attempts to restore the downtown landmark as part of a larger development have failed.
But now one of the Dallas area’s most successful real estate developers is taking a swing at that ball, according to property brokers.
Jack Matthews – who built downtown’s new Omni Hotel and developed the thriving South Side neighborhood – is in talks to acquire the historic school complex, real estate agents say.
The six-acre property with its historic building has been offered for sale for more than a year by a California investor, which has owned the property since the late 1990s.
A development group that included developer Trammell Crow Co. had planned on turning the derelict school buildings into an apartment community with more than 500 units. But that deal fell apart months ago.
Since then the owner has been working to resolve environmental problems with the property, which is across the street from a DART light rail station.
The Old Dallas High School has long been considered one of the most threatened landmarks in downtown Dallas. It’s also one of the few historic, vacant properties in the center city that hasn’t already been converted into a new use.
Matthews of course knows all about reusing old buildings.
In the late 1990 he and his partners acquired the mammoth Sears, Roebuck & Co. buildings just south of downtown and converted them into loft apartments.
He’s also renovated other historic buildings in the same area, which is called South Side.
So far Matthews is being mum about his plans for the Old Dallas High School and there’s a lot left to be done.
He’s first go to buy the building, come up with a redevelopment design and work with the City of Dallas to make it happen.
But his track record in Dallas already gives him an edge in the game.
By Steve Brown- Dallas News
A Far North Dallas office building has changed plans and the new owners plan $2 million in upgrades.
Dallas-based Prattco International LP said Wednesday it has acquired Prestonwood Place, a 96,100-square-foot, 5-story office project at 15400 Knoll Trail near the Dallas North Tollway.
Built in 1983, the metal and glass office building will be renamed Knoll Trail Crossing.
Prattco said it plans to update the exterior and outside of the building and do new landscaping.
“This transaction is an ideal acquisition for Prattco International LP and an opportunity to return an older asset back into the class A product sector,” Prattco Partner Lance Bozman said in a statement.
Prattco has hired O’Brien Architects to handle the redesign and renovations and work will start in September.
The building was originally constructed by Hines and is 56 percent leased.
CASE Commercial Real Estate Partners has been hired to lease and manage the property.
Prattco has been in business since 2007 and owns apartments and commercial properties.
By Steve Brown-Dallas News
Developers have begun construction on a major mixed-use project in Euless.
Glade Parks will be a 194-acre shopping center and residential project at State Highway 121 and Glade Road.
Over 800,000 square feet of retail space in a big box center and an urban style shopping and restaurant building are planned.
More than 400 apartments have already been built in Glade Parks.
And construction is underway on a 125-home residential community with the first houses ready next year.
North Rock Real Estate and Iron Point Partners are developing the project.
Edge Realty Partners is marketing the development.
By Steve Brown- Dallas News
Dallas-area home foreclosures have fallen almost 25 percent from where they were a year ago, according to a June report.
Lenders had 6,683 Dallas-area homes in the 12-month period ending in June, CoreLogic said Thursday.
That’s the 10th highest foreclosure rate in the country but is down sharply from a few years ago.
The highest home foreclosure volumes were in Tampa-St. Petersburg, 18,912, and Atlanta, 18,339, according to CoreLogic.
“While 32 straight months of year-over-year decline in the foreclosure rate is cause for celebration, the total number of homes still in the foreclosure process remains almost four times as high as the average in the early 2000s,” Mark Fleming, chief economist for CoreLogic, said in the report.
In June 648,000 homes across the nation were in some stage of foreclosure – a 35 percent year-over-year decline.
Less than 1 percent of Texas homes are in foreclosure.
Not all homes scheduled for foreclosure are sold by lenders. In many cases the forced sale is delayed or never happens as the borrower and lender negotiate.