Hillwood Says It Will Seek Financing For The Mandarin O HOTEL
But no mention of the word ‘condo’:
“At its Victory Park development in Dallas’ Uptown area, Hillwood financed the building of the Mandarin Oriental hotel’s parking garage with its own equity, but Hillwood plans to secure a construction loan for the hotel.” Confirms what a lot of the big condo developers have told me: banks are tightening up on credit for these large condo projects. Which means, we may be seeing fewer and fewer.
7 Comments to “Hillwood Says It Will Seek Financing For The Mandarin O HOTEL”
Leave a Reply
All material copyright © 2008 D Magazine. All rights reserved.
sounds like a way of saying that the project is dead.
Victory Park is failing. Something needs to happen very soon. Some of the retailers are talking about closing. Victory Park needs people to survive. When it was proposed they talked about 6,000 new residents - so far, maybe 600. It won’t work without the residents. Perot needs to figure out how to save the vision - soon.
Let’s talk about this: what do you think Hillwood ought to do? Move-in specials? How do you move people down there?
He needs to create more attainable housing. W was $600 per square foot and House is $450 per square foot. He needs product less than $400 per square foot and he’ll find plenty of buyers. I think he’s focused too much on ultra-luxury. When young people earning $75-$100,000 a year can afford to buy in VP, he’ll get the people his retailers need. Location, location, location needs to be followed by people, people, people.
Still no comment from Perot, but the project is suspended. The cranes were removed and even the Garage was only half finished.
Perot will wait until someone steps forward to finance the completion, while retailers continue to wait for customers (residents).
In a few months people will begin talking about the “failure” of Victory Park. One of the fancy restaurants is supposed to close in the next few weeks. It’s beginning to look real bad.
he(perot) has very deep pockets and can do what it takes. wait.
He’s not using his “deep pockets.” Telling retailers that have no customers doesn’t work - they’ve heard that for 18 months now.
I think Perot should consider selling his right in VP to another developer.