Maybe Dallas Will Get a St. Regis Hotel After All…
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Turtle Creek Village has new owners who have purchased the property out of debt. Those new owners would be Dallas-based Lone Star Fund, a local investment fund that has the Midas touch when it comes to buying real estate for pennies on the dollar.
Last August, while we were cooking, Lone Star Funds snapped up a $5 billion portfolio of distressed commercial real estate loans from Anglo Irish Bank Corp.
The mortgages included the debt on Turtle Creek Village: two prominent office buildings and shopping strip at Oak Lawn Avenue and Blackburn Street. This was the site of the proposed St. Regis Hotel on Cedar Springs Road in Uptown which, for a glimmer of time, was going to have a condominium component. The St. Regis dropped plans to come to Dallas but who knows: maybe now they’ll come back?
Anglo Irish Bank had extended more than $63 million to a New England investor, which owned Turtle Creek Village until the foreclosure. Proposed projects to improve the area included an 18-story office tower, and a 6-story office building, all to connect circa 1960’s retail space. Sadly, the circa 1972 office building just got a $7 million make over. The previous owner had been working on a redo plan for the highly visible shopping village. The 2.5-acre hotel site included in the Lone Star Fund foreclosures had $16 million in debt. Developers cancelled plans for the St. Regis hotel tower etc. after the recession hit.
Like I said, when it comes to real estate shopping, Lone Star has it down.
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Turtle Creek Village is such an amazing location. I worked there many years ago and had to leave because of all the big plans to rebuild there. It would be fantastic to see a St. Regis Hotel go up there. After all, it is in the very heart of Turtle Creek which is prime real estate and all would flock to all the new businesses built there.
Turtle Creek Village is such an amazing location. I worked there many years ago and had to leave because of all the big plans to rebuild there. It would be fantastic to see a St. Regis Hotel go up there. After all, it is in the very heart of Turtle Creek which is prime real estate and all would flock to all the new businesses built there.
That would be a great place for a classic NY style condo building. Nothing modern ! Classic !!
That would be a great place for a classic NY style condo building. Nothing modern ! Classic !!
So Miss candy……give me the dirt girl……did you find out why the Braden Powers Manse on Turtle Creek has plywood over all of the plate glass windows along the back???
So Miss candy……give me the dirt girl……did you find out why the Braden Powers Manse on Turtle Creek has plywood over all of the plate glass windows along the back???