Wednesday, August 10, 2016

Developer restoring downtown tower buys nearby parking garage

An investor who is renovating a downtown Dallas office building into apartments has purchased a nearby parking garage.
Kirtland Realty Group is converting the 17-story Corrigan Tower at 1900 Pacific Ave. into an apartment community.
The 64-year-old high-rise will house 149 apartments.
Kirtland Realty, headed by investor John Kirtland, also plans to redevelop the adjoining Tower Petroleum Building on Elm Street into a luxury hotel.
To provide parking for the projects, Kirtland Realty has purchased a 7-story garage at 1920 Elm St. The garage is less than a block away and connected to the Corrigan Tower and Tower Petroleum Building with a pedestrian bridge.
"Parking has been a missing link in terms of getting this project over the goal line," said John Crawford with Downtown Dallas Inc. "John Kirtland is bringing some creativity to the table that will not be matched to make this one of the more unique projects downtown.
"We are thrilled to see the project moving forward for a number of reasons not the least of which will be one more empty building off the list creating more activity and vibrancy through adaptive reuse."
Stream Realty Partners' Jamie Jennings represented Kirtland Realty in the acquisition from a private investment partnership. Terms of the sale were not disclosed.
Corrigan Tower and Tower Petroleum Building are two of the last vacant downtown Dallas office buildings that haven't been redeveloped for new uses.
Andres Construction is the general contractor on the apartment project. Merriman Anderson is the architect.
Written by Steve Brown/Dallas Morning News