$30K millionaire

Guest post by David Shaffer

The term $30,000 millionaire describes a young professional who spends his or her disposable income on items that represent a more expensive lifestyle than what would be expected based on the paycheck. Think of the college graduate who wears designer suits, frequents five-star restaurants, and lives in a swanky high rise; or the young professional who enjoys fine dining and hanging out at the most prestigious clubs nearly every night. They spend money freely on fun, feeling and looking good, withfauxballer-300x201 long term growth investments about as far from their brain as a Volvo station wagon.

The $30,000 millionaire mentality is about looking good and staying mobile — and let me tell you, this lifestyle choice has been a positive driver for the multifamily sector in DFW. The young professional is hoping that he or she becomes a HENRY (high earner not rich yet) soon, and so on …
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Photo courtesy Oak Cliff Blog

The clock is ticking for the old Mission Motel in West Dallas as Trammell Crow Residential begins work on a new development on the site and adjoining lots, which will include 300 rental units, as well as 14,000 square feet of retail space.

“We are tearing it down. We just finished asbestos abatement and will start demo soon,” said Matthew Enzler, Managing Director for Development at Trammell Crow Residential.

We reported on the developer’s purchase of the Mission Motel last July. Over the holidays, the developer tore down an old bank at Fort Worth Avenue and Yorktown Street. The Mission Motel and two other nearby properties will also be cleared soon, Juan’s Body & Frame and Nino’s Body Shop. Jump to read more.

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Mission Courts

Photo: Flickr user Christian Spencer Anderson

First, let’s disambiguate: Trammell Crow Residential is not the same Trammell Crow Co. that is looking to build the Sam’s Club in Uptown East/East Village/Cityplace, which is a subsidiary of commercial development firm CBRE. Trammell Crow Residential is owned by Crow Holdings, and has no connection to Trammell Crow Co., but is actually owned by the Crow family.

Now that we’ve got the name game out of the way, let’s talk dirt: TCR has purchased the old Mission Motel — an old Route 66-era motor inn on West Commerce street just down the road from Sylvan | Thirty, which was once an old motel (Alamo Plaza Hotel Courts), too. They are both just down the way from the beautifully restored Belmont Hotel, which is also home to the award-winning restaurant from sausage-preneur Tim Byres called Smoke.

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By the end of yesterday evening’s town hall meeting, the tenor of the discussion regarding Transwestern’s plans for a 220-unit luxury apartment complex at the northeast corner of Preston Road and Northwest Highway had become much more nuanced. After a brief presentation from Transwestern’s attorney, Bill Dahlstrom, outlining the development’s updated stats, Kleinman allowed nearby homeowners association leaders and other nearby residents a turn at the mic.

Of course, some people were angry and impassioned, including some that couldn’t wait for their turn to be called on to speak. But the tone was much more quiet once Dahlstrom took the mic to respond, opening up a brief Q&A that was, save for the quiet-yet-furious arm waving, peaceful.

Of course, there were some loud voices, and some pretty famous ones, including former mayor Laura Miller and Lisa Blue Baron, who flew in from her home in Washington, D.C., to be at last night’s meeting. In addition, Michael Jung, an attorney hired by nearby residents pointed out a few interesting facts to the crowd of about 150 to 200 or so people.

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