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Does this look like $40 million to you? No? Well, get used to it.
Late yesterday, Sam wrote about the city council’s decision to spend $500,000 on some parking-lot property in BeloWorld’s shadow — property that may or may not become the much-ballyhooed convention center hotel, where Tom Leppert’s planning to work as a concierge once his term’s up. As Sam noted, should the city move forward with the hotel, we’ll wind up paying $40 million for land the Dallas Central Appraisal Distict has on the books at a combined value of … carry the four … add the $2.127 million … $7,345,640. Total. For three pieces of property, all of which are owned by Chavez Properties Ltd. on Ross Avenue.
Here are the three pieces of property, per DCAD’s Web site: 800 Young St., 702 Young St. and 725 S. Austin St. (Note: The latter is not the correct address, as the property’s not on Austin Street, but it is the right piece o’ land the city’s looking to purchase.) Which makes us wonder: If a parking lot on Young Street’s worth five times its appraised value, how much is that TV station and that newspaper on Young Street gonna be worth by the time that hotel’s up and running come fall 2010? –Robert Wilonsky
