Hours before the Preston Center Task Force Meeting, an email was sent to the HOAs of 14 Pink Wall complexes from Hanson Walker, assistant to Logan Waller of Waller Group Homes.
FYI, pretty bad timing to send a note like this hours before a meeting many would likely be at and able to compare notes and gossip.
Those receiving the note were: 6040 Place, Diamond Head Condos, Edgemere on the Parkway, Fontainbleu, Harcourt House, Imperial House, Park Carillon, Prestwick Manor, Royal Arms, Royal Orleans, Seville House and Villa Serena.
Seems they’re on a fishing expedition to purchase Pink Wall complexes for an unnamed developer. Psychically, a few short days prior I’d written, “DON’T go Pink if you’re a developer looking for a quick buck, unless you’re moneyed enough to buy enough complexes to extinguish the deed restrictions.”
In this note, several things strike a reader.
First is that Walker’s grammar and syntax is only slightly better than a Nigerian prince needing help unlocking his fortune. “We have another offer condo complex considerably larger for $9,000,000….”
Second, the note is asking complexes how much money they want rather than putting money on the table.
Third, he continues, regardless of your “number” here’s what he’s thinking, “I can’t speak for my client but I would think they would be willing to pay $270,000-$325,000 per unit…”
Depending on the unit, this represents plain market value (or at Imperial House, below). No developer bump. That’s a no-deal deal.
Maybe that Nigerian prince has a better offer?
Given the deed restrictions I wrote about here, the best bet is that a developer wants to ultimately acquire 51 percent of the voting power for one of the three sub-tracts behind the Pink Wall. That way, in one swoop they can extinguish the zombie restrictions from 50 years ago that only reared their head a few months ago.
It’s funny, at the Task Force Meeting, Councilwoman Jennifer Gates posited that a developer could do just this. She also said that the City of Dallas doesn’t legally care about civil deed restrictions and would issue a permit conforming to zoning that violates the restrictions. Restrictions can only be enforced civilly through a lawsuit. What she didn’t ask was whether any Pink Wall development opponents in the room (Steve? Ashley?) would rat out any zoning-conforming but restriction-violating development.
Release the dogs of war …
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