City Hall Roundup: Downtown Councilman Celebrates Sale, Pending Demolition of 711 S. St. Paul
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The walls of 711 S. St. Paul will soon be tumbling down, and by all accounts, District 2 Dallas City Councilman Jesse Moreno couldn’t be happier.
Moreno announced the sale of the former Family Gateway building — which was neglected by city staff and overrun by squatters and vandals — in an Oct. 25 press release. Downtown Dallas Inc. confirmed the buyer is Hoque Global, a “diversified investment firm” that has amassed several blocks of downtown land.
The St. Paul site has a troubled history under the City of Dallas’ care and its demolition in a few months will carve the way for a higher purpose, Moreno’s press release states. At least a dozen squatters were living in the abandoned building, resulting in biological hazards, debris, building deterioration, and security concerns.
Moreno said he appreciates the City’s swift action in addressing his concerns and securing the building from unauthorized access. The land is valued at about $2.4 million, and the councilman said he’s “excited to see it flourish under new ownership.”
Demolition Derby
Back in August, local historic preservationists pointed out that the 17,646-square-foot building is on the National Register of Historic Places and may be eligible for economic incentives and tax credits if a new owner were to preserve and rehabilitate the building.
Built in 1947 as the American Optical Center, the building was designed by Dallas-based Walter Ahlshlaager & Associates.
Councilman Moreno didn’t waver from his plan to demo the site immediately.
“Don’t be surprised if Downtown City Council member Jesse Moreno is driving a bulldozer through the City-owned building at 711 South St. Paul St. when it is demolished in the coming months,” DDI Communications Chief Scott Goldstein wrote in his weekly Meetings of Interest newsletter.
“The sale of this property and subsequent demolition is the only appropriate course of action in this case,” Moreno said in his press release. “I support efforts to pursue other opportunities to relinquish unused facilities for higher purposes in the City. I look forward to celebrating the revitalization that will be seen in Downtown Dallas as a result [of this] action.”
More on Hoque Global
Hoque Global, whose CEO Mark Hoque, serves on the Downtown Dallas Inc. Board of Directors, invests in “real estate opportunities that have the greatest potential to be transformed into vibrant communities.”
According to Goldstein’s newsletter, the Dallas City Council voted in 2022 to provide up to $96.1 million in incentives toward Hoque Global’s 20-acre Newpark development, which would include a 38-story office, residential, and hotel tower built in partnership with Omaha-based Lanoha Real Estate Co., as reported by The Dallas Morning News. Hoque promises to transform the area behind City Hall into “a major technology and education hub,” Goldstein’s newsletter states.
Additionally, D CEO reported in September that Hoque was partnering with PegasusAblon to buy the Bank of America Plaza, planning a $350 million redevelopment of Dallas’ tallest tower that includes a new luxury hotel and enlivening the surrounding streetscape. And just last week the investment firm announced the sale of about 580 lots to D.R. Horton and Lennar at the University Hills development near the University of North Texas at Dallas campus, according to The Dallas Morning News.
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The city will provide up to $96.1 MILLION in incentives to this Developer for a different development.. This is why the city has no $ they give it away to companies instead of spending it on infrastructure repairs. All while TAXING homeowners out of their homes.
Sandy, yep, the city of Dallas is run by morons.