If You Need 15 Acres Near the Galleria, I Know Just the Person You Should Talk To
That banner you see on the old Showcase Chevrolet dealership on LBJ Freeway, near the Dallas North Tollway intersection, just went up this week. I can't tell you the asking price, but I do know this: When Apartment Realty Advisors sold the property the first go-round in November 2006, it went for $40 a square foot -- and since there are 43,560 square feet in an acre ... times 14.99 ... carry the seven ... let's just go with $26 million.
But, see, the first time ARA sold it, that was to Icon Partners, who also snatched up three-plus acres right behind the defunct Chevy dealer for its Dallas Does Dubai Gone Manhattan mixed-use project called Icon Midtown, which died in June of last year when the property was listed for foreclosure. Lindsay Allen says ARA got the listing back in November and has just now started to actively find a buyer.
"In today's market, the hopes are someone sees potential for the redevelopment at the corner of Main and Main," she says, by which she means: "Where else can you find 15 acres at the corner of LBJ and Noel Road with visibility off the Dallas North Tollway? Lots of people are interested. It all comes down to the price."
Which is ...? She won't say.
"Our hopes for the site are to find a developer or visionary who sees what Icon saw," is what she will say, "although on a different scale." On a related note, I had no idea this was referred to as the "beginning of the Platinum Corridor."
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