We've documented developer Jack Matthews's plans for a hotel next door to his South Side on Lamar ever since we stumbled across it on the Landmark Commission's agenda last July. Back then, Matthews's subsidiary, CCH Lamar Partners I LP, told the commission: It had big plans to restore the old Dallas Coffin Co. Building -- and needed 10 years' worth of tax exemption on 100 percent of the land to get it done, for starters. The commission agreed. Matthews, of course, is the man behind not only South Side, but also the downtown convention center hotel, The Beat condos, Gilley's and that teevee and movie studio in the Cedars. The hotel has always been part of his long-term South Side expansion plans intended to fill, finally, 45 acres.
On November 10, the city council approved putting as much as $18.5 million in federal New Markets Tax Credits toward the hotel -- which will cost about around $19.1 million to build. (Though, as Sam explained in December, the NMTC is really worth about $5 mil in actual money.)
Here's a funding breakdown given to council November 1 -- and, according to council docs one week later:
"The owner of the Project is anticipated to be a newly-formed entity primarily owned by Matthews Southwest, the Dallas Police and Fire Pension Fund System, and/or CCH Lamar Partners I, LP, which itself is a partnership of Matthews Southwest and the Dallas Police and Fire Pension Fund System. The Project is also anticipated to receive an equity contribution from a fund established by the City of Dallas Regional Center (CDRC) for investors participating in the EB-5 immigrant visa program, and this is anticipated to be the first project in the nation that partners NMTC with EB-5 funds."
Anyway. Long story short, this morning, the hotel is officially a brand name: NYLO. As in: "urban loft-style accommodations and an ultramodern vibe," despite the exterior of the building. Says this morning's release, groundbreaking's set for "first quarter of 2011" and scheduled to open "in the first quarter of 2012." It's the first NYLO hotel put into a rehabbed building, but not the last, says NYLO's locally based bossman, Michael Mueller, who adds that "we're delighted to become part of the South Dallas community, and we look forward to the tremendous opportunities created with the NYLO South Side joining our NYLO Plano and NYLO Las Colinas hotel portfolio in DFW."
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Says Matthews: "South Lamar is well on its way to being a vibrant entertainment and business center -- a unique place where you can shop, dine, work, enjoy entertainment, meet and sleep in unique, one-of-a-kind venues. The addition of an energetic NYLO boutique hotel is a perfect fit and an integral component to the continuing development of South Side. It will be a great amenity for area residents and businesses and the rooftop bar will become a new destination for all of Dallas." It's just too bad they can't get it open by next week.