1600 Pacific Avenue May Still Get Do-Over
When last we heard, plans to redo the old LTV Tower at 1600 Pacific Avenue were indefinitely put on hold when developer Curtis Lockey filed for Chapter 11 bankruptcy protection a few months ago. But City Hall was determined not to give up on the project, some of which was to be devoted to affordable housing: As Karl Zavitkovsky, head of the city's Office of Economic Development, told Unfair Park in June, "This is an important building, so we want to explore every option." And it would appear another has arisen.
A look at the agenda for Thursday's meeting of the Downtown Connection Tax Increment Financing District's board reveals that the city's in possession of a development agreement with something called Ricchi Dallas Investments LLC to redo 1600 Pacific. (Update: According to the Texas Secretary of State's records, Ricchi Dallas was formed in September -- and is actually based in McAllen and managed by grocer Leobardo Trevino.) The agreement, of course, does include TIF incentives worth almost $13 million, including interest, for redevelopment of eight floors; the old LTV spans 33 floors, so not sure exactly how this'll work. (Messages have been left all over City Hall; will update accordingly.)
Oh, and another interesting item on the TIF board's agenda: "Review of the preliminary plans for the expansion of the Joule Hotel. For informational purposes only."
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