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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Candy Evans

A real estate muckraker, Candy Evans is one of the nation’s leading real estate reporters. She is also the North Texas real estate editor for Forbes.com, CultureMap Dallas, Modern Luxury Dallas, & the Katy Trail Weekly. Candy has written for Joel Kotkin’s The New Geography, Inman Real Estate News, plus a host of national sites. Constantly breaking celebrity real estate news, she scooped former president George W. Bush's Dallas home in 2008. She is the founder and publisher of her signature CandysDirt.com, and SecondShelters.com, devoted to the vacation home market. Her verticals have won many awards, including Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations. Candy holds an active Texas real estate license but does not sell. She is on the Board of Directors of Braemar Hotels & Resorts (BHR).

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Comments

  1. Christian Iles says

    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.

  2. Christian Iles says

    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.

  3. Kristian Peterson says

    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???

  4. Kristian Peterson says

    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???

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