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Thursday, July 21, 2016
Exclusive: John Kirtland gets loan, begins work on redevelopment in downtown Dallas
Dallas developer John Kirtland has closed on a construction loan to redevelop the 1950s-era Corrigan Tower at 1900 Pacific Avenue in downtown Dallas, with plans to begin work immediately on the project.
Kirtland confirmed the closing of the loan with the Dallas Business Journalexclusively Tuesday morning. He has hired Anders Construction as the general contractor for the project.
1900 Pacific is at the intersections of three streets, St. Paul Street , Live Oak Street, and Pacific Avenue.
The Corrigan Tower is part of a massive redevelopment plan Kirtland is overseeing that also includes the neighboring historic Tower Petroleum Building at Elm Street and Pacific Street.
The redevelopment project is expected to bring hundreds of apartments and thousands of square feet of retail space to this part of downtown Dallas. The project, which has previously been estimated to cost $40 million, has been on the books for years, but Kirtland has been seeking a parking solution to accommodate would-be residents, restaurants and retailers.
Plans for the two-building redevelopment include a "killer" restaurant in a building with a "boutique hotel" feel to the property, which will also be served by valet parking, he has previously told the DBJ.
At the time, Kirtland said he wanted to bring in a local chef to run the restaurant that would feature local musicians. Kirtland is the former drummer of a Deep Blue Something, which is a band best known for the song, "Breakfast at Tiffany's."
The Art Deco architecture of Tower Petroleum will be preserved and incorporated in the redevelopment. The apartments at Tower Petroleum will have slightly higher rents to reflect the Art Deco details left intact from the 1930s. The Corrigan Tower (built in the 1950s) doesn't have those historic features.
Kirtland declined to disclose the potential names for the residential towers, which would include up to eight penthouses on floors 18-22. The towers will feature amenities like a rooftop infinity pool and fitness center atop Corrigan Tower.