September: Just Not a Good Month for Dallas Commercial Real Estate
Last week we learned that 42 acres at the intersection of Walnut Hill Lane and Central Expressway are en route to the foreclosure chopping block vis a vis Wachovia Bank; this week we learn that Compass Bank has taken over the Signature Pointe Apartments in East Dallas, which were supposed to be transformed into yet another snazzy Dallas shopping/living/retail center, following the steps of the uber successful development Mecca, West Village. (If I had a dollar for every developer who said to me, “we are striving for a West Village-type atmosphere”, I’d have enough to cover how much over budget I was on the wedding!) As one of my commercial real estate sources puts it, no surprise, it’s tough all over: there will be similar stories ahead. What do you think the impact of this potential foreclosure will have on the area — East Dallas in particular?
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As an East Dallasite, I was really looking forward to see the property transformed. I hope they can at least level the apartments soon as the taped off building is a bit of an eyesore.
Do you know anything about the other UCR development at Greenville and SMU Blvd? It seems that construction on it has completely halted lately…