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.
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.