Sycamore Strategies Wants to Redevelop Historic Cabana Hotel Into Affordable Apartments
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A local developer announced last week that he’s buying the Cabana Hotel and redeveloping it into affordable apartments.
Zachary Krochtengel of Sycamore Strategies recently made headlines for his plans to build a mixed-income project, Cypress Creek at Forest Lane, in the Lake Highlands area. That project was denied by the Dallas City Council due to longstanding deed restrictions, resubmitted as a Public Facility Corporation project, resubmitted again as non-PFC project in partnership with the city, and is scheduled for a council vote in June.
The Cabana Hotel renovation is unlikely to garner as much opposition as the Cypress Creek project has. The 10-story landmark hotel on Stemmons Freeway has been vacant and gutted for years.
Krochtengel spoke exclusively to CandysDirt.com on Friday about the project.
“We are excited about the opportunity to revitalize such an important part of Dallas’ architectural history while providing much needed mixed income housing in the Design District,” he said. “The unique design elements of the Cabana Hotel will make for one-of-a-kind units with unparalleled views of downtown Dallas.”
The developer added that he’s seeking Low-Income Housing Tax Credits to finance the development. A plan presented Friday to the Urban Design Peer Review Panel calls for removal of an existing parking garage, adding new construction, and creating a better pedestrian connection on the back side of the property along Slocum Street.
Built in 1962 by Jay Sarno of Caesar’s Palace fame, the Cabana Hotel holds many stories of celebrity parties with The Beatles and Led Zeppelin. It was repurposed into a county jail and purchased in 2017 for a reported $8.1 million by Mehrdad Moayedi’s Centurion American Development Group.
Sycamore Strategies is contracting to purchase the property, but a price has not been disclosed.
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Hooray!!! I think it’s a “GR8T IDEA”, if it’s actually going to be”Low Income & Affordable”! A lot of these new developments that’s designated as such are still too expensive for the average worker/retiree. Or they only allow a certain percentage of the”lesser poor”. WE want to live in a decent nbrhood, have a clean environment, less crime just like the folks further north. Being downtown near Lew Sterrett may or may not help, since I’ve heard rumors that the jail is moving too. Hopefully they’ll provide a police sub station nearby? Ppl would also need a grocery store, NOT a convenience store. There’s FAR TOO MANY of these Bldg’s, esp downtown, that are simply setting empty. This is a gr8t way to alleviate sm of the hmless problems.