Developer Behind 1401 Elm Redo Says Plans Call For "Early March" Construction Start
So, maybe you noticed: On Monday we checked in to see how progress, or whatever, was going with efforts to redo 1401 Elm Street. That's the George Dahl-designed building Mike Sarimsakci was going to spruce up with $30 million in TIF money from Dallas City Hall. Except, turns out, the Turk's parted ways with Istanbul-based developer Polidev and turned his attention to 500 South Ervay next to City Hall. We'll get back to that one later. Monday, probably. Waiting on some emails from Istanbul (not Constantinople).
Anyway. About 1401 Elm. We got an email today from Atil Karagoz, executive veep at Polidev, who took notice of Monday's item and wanted to fill in a few blanks. I sent him a missive this morning asking a few more questions; haven't heard back. Till then, though, this is what he says about how Polidev intends to proceed with the former Elm Place, which was shuttered two years ago:
As per 1401 Elm Street, our plans will shape up upon reviewing HBU [highest and best use] studies done for us by CBRE and A&M. We expect to reach a definitive "Use Plan" for the building as well as the specifications corresponding to each use, be it Residential, Retail, Hospitality, and/or Office within February.
Our plans call for starting the construction within early March, with completion in 18-24 months depending on the level of renovations called for.
TIF agreement with the City will be signed and delivered to them end of this Month. We will also share the HBU studies, and our plans with the City officials, and involve them in the process so that what we create for Dallas is in line with their vision as well.
So now you know what we know. Oh -- and that rendering above, also known as Page 38,282 in my upcoming coffee-table book The Dallas We Were Promised ? It won an award in November. The one below? I've had dreams like that.
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