So Much For Hope and Change: A "Catalyst for Redevelopment" Along the Trinity is Sinking
All that land you see at right marked "SITE" was supposed to be the location of Irving-based JPI's Trinity River development -- about 60.5 acres' worth of residential, retail, offices, restaurants and everything else you could stuff into a billion-dollar mixed-use development. The city was counting on the project to jump-start development along the Trinity: Says an October briefing presented to the Dallas City Council's Trinity River Corridor Project Committee, "The request site is in a key location that will serve to extend Downtown-development to the Trinity River. Development of this site could serve as a catalyst for redevelopment for this portion of the Trinity River corridor and establish the character for the Cedars West area." And, as we noted in October, it was to be among the first projects to make use of the Trinity River Comprehensive Land Use Plan.
But as The Dallas Morning News's Steve Brown reports today, Bank of The Ozarks "has scheduled a Feb. 3 foreclosure sale of the property, which carries a $25.48 million loan." Which means that the project's dead, looks like. Unfair Park has left messages with Bobby Page, Frank Schubert and Ron Ingram -- JPI's top three execs -- to find out how they plan to proceed. I will update accordingly.