1600 Pacific Tower in downtown Dallas, a 33-story skyscraper that has been empty for years, could change hands this summer. Current owner Ricchi Dallas Investments is expected to sell the partially renovated property to New Orleans-based HRI Properties, which is considered to be one of the most experienced historic building renovators in the country.
According to the Dallas Business Journal, the Downtown Connection TIF Board is expected to vote on an amendment that would replace the old owner with the new one — 1600 Pacific Landlord L.L.C., a limited liability company affiliated with HRI Properties. The amendment will reallocate $17.5 million for the redevelopment of 1600 Pacific LTV Tower. If the board approves it, the amendment will need city council approval, as well.
In 2009, Leobardo Trevino, owner of Ricchi Investments, bought the high-rise with plans to redevelop it into a hotel-condo complex scheduled that was to include a restaurant, retail space and offices, according to The Dallas Morning News. BOKA Powell was the project architect. Although the developer prepared the building for redevelopment and the project got the support of the city council, it remains empty three years later.
“Adaptive reuse projects are complex, expensive and require significant city support. They also require strong and experienced private-sector development partners. HRI meets all these criteria, and we are very comfortable recommending this deal to the TIF board and city council,” Karl Zavitkovsky, head of the city’s Office of Economic Development, told The Dallas Morning News.
Photo credits: www.dallasarchitecture.info
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