Photo: Google Maps

1401 Elm as it looks today. Even though developers started some work on the skyscraper, redevelopment efforts ground to a halt last week and lenders are forcing a foreclosure auction. Photo: Google Maps

Last week, we told you about the mess happening at 1401 Elm, a landmark $240 million redevelopment deal in downtown Dallas facing forced foreclosure after a developer pulled out.

The city of Dallas had committed $50 million in economic incentives to further progress. But with of the departure of New York-based Olympic Property Partners from the project, early lenders, who shelled out $53.5 million in loans to start redevelopment efforts, are forcing a foreclosure sale Dec. 1.

Rendering courtesy of Olympic Property

City leaders say they’re still committed to the redevelopment of 1401 Elm. Rendering courtesy of Olympic Property

But city officials say they feel compelled to try and help the skyscraper. The deal is considered to be a major milestone in downtown Dallas’ forward progress, and they reiterated their support for the planned mixed-use redevelopment project, which was supposed to create a combination of commercial space and apartments.

“We are absolutely committed to the redevelopment of the 1401 building, but will need to see how the ownership situation shakes out before making a specific recommendation to the city council,” Karl Zavitkovsky, directory of the Office of Economic Development, told Steve Brown of the Dallas Morning News. “The good news from the city’s perspective is that almost all the environmental mitigation and interior demolition is completed. Redevelopment of 1401 Elm remains a high priority for the city.”

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Photo: Google Maps

Photo: Google Maps

Downtown Dallas’ 1401 Elm was once touted as the tallest building west of the Mississippi River, with 52 stories and 1.5 million square feet of office space.

This Central Business District skyscraper, formerly the First National Bank, has stood depressingly vacant since 2010. Plywood boards and “keep out” signs mar the once-impressive edifice.

Rendering courtesy of Olympic Property

Here’s what the redevelopment of 1401 Elm was supposed to look like. Will a foreclosure sale make these plans go down the drain? Rendering courtesy of Olympic Property Partners

Plans were underway for an encompassing $240-million redevelopment until this week, when the New York-based developer leading the deal announced it was pulling out. Because of that, 1401 Elm is now slated for a foreclosure auction to meet the demands of lenders, who shelled out $53.5 million in loans to start redevelopment efforts.

To add a layer of drama for the landmark deal, another real estate investor based in Chicago is suing the current owners of 1401 Elm, claiming it was kept from buying the property through fraud.

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2430 Victory 3104 Inwood HOTWUnit 3104, finished out and built by custom home builder extraordinaire Mark Molthan, is available at $1,675,000. It was the home of the late Kidd Kraddick. This unit was painstakingly crafted out of the original concrete shell by Mark and New York City-based interior designer Laura Kirar. It is listed with Lois Woodward of Virginia Cook Realtors and move-in ready. The placement is so perfect, this unit has a virtual 360 degree panorama of the entire city, from the Calitrava Bridge to the central business district. There are two balconies, and the finish out is probably the most unusual in the entire high rise, unless you are up in the Schlegel/Kloewer’s penthouse unit. As Lois says, most of the W units have a very neutral, almost bland theme — not 3104! Check out those limestone hunks on the countertops, and we will go from there!

W 3104 LR W 3104 Kidd Kraddick's W 3104 LR 2This home in the sky features 3414 (DCAD says 2944, excluding balconies) square feet of space that includes the sprawling formals, a fireplace, the balconies, two ginormous bedrooms, two full baths that will knock your socks off and give you a great soaking tub, and a half bath powder room. The master is 20 by 29 feet — now that’s a retreat! Here’s something you do not see in standard W units — huge, spacious closets. This unit has it all, including two garage spaces, plus all the “Whatever, Whever” amenities of the W including 24 hour concierge service. I was down there the other day, and learned that while residents lost a little power during the ice storm, no one was cold or slipping on any sidewalk ice: the W staff whisked all the slick stuff away before the first resident set foot out the door, where their warmed car was waiting.

I could so get used to that. THAT’S service!W 3104 kitchen W 3104 kitchen 2 W 3104 study W 3104 bath W 3104 master W 3104 bat desk! W 3104 master bath

Ranch 04 Layout

2430 Victory 3104 Inwood HOTWUnit 3104, finished out and built by custom home builder extraordinaire Mark Molthan, is available at $1,675,000. It was the home of the late Kidd Kraddick. This unit was painstakingly crafted out of the original concrete shell by Mark and New York City-based interior designer Laura Kirar. It is listed with Lois Woodward of Virginia Cook Realtors and move-in ready. The placement is so perfect, this unit has a virtual 360 degree panorama of the entire city, from the Calitrava Bridge to the central business district. There are two balconies, and the finish out is probably the most unusual in the entire high rise, unless you are up in the Schlegel/Kloewer’s penthouse unit. As Lois says, most of the W units have a very neutral, almost bland theme — not 3104! Check out those limestone hunks on the countertops, and we will go from there!

W 3104 LR W 3104 Kidd Kraddick's W 3104 LR 2This home in the sky features 3414 (DCAD says 2944, excluding balconies) square feet of space that includes the sprawling formals, a fireplace, the balconies, two ginormous bedrooms, two full baths that will knock your socks off and give you a great soaking tub, and a half bath powder room. The master is 20 by 29 feet — now that’s a retreat! Here’s something you do not see in standard W units — huge, spacious closets. This unit has it all, including two garage spaces, plus all the “Whatever, Whever” amenities of the W including 24 hour concierge service. I was down there the other day, and learned that while residents lost a little power during the ice storm, no one was cold or slipping on any sidewalk ice: the W staff whisked all the slick stuff away before the first resident set foot out the door, where their warmed car was waiting.

I could so get used to that. THAT’S service!W 3104 kitchen W 3104 kitchen 2 W 3104 study W 3104 bath W 3104 master W 3104 bat desk! W 3104 master bath

Ranch 04 Layout