The developer behind the RedBird project is seeking more flexibility from the city of Dallas as it pursues a best use for the former Macy's building at the...
During a meeting of Dallas’ Mall Area Redevelopment Tax Increment Financing District, developer Peter Brodsky presented the “why” behind requested changes to an existingThose changes include removing language that necessitates the former Macy’s building space be transformed into office space, in addition to excluding it from certain occupancy requirements depending on its redevelopment.
The reasoning stemmed from a request to potentially convert the property to a hotel. Typically, a hotel would want to own, rather than have a ground lease for its space — hence, the joint venture arrangement.Brodsky stated plainly during the meeting that there is not a deal with any would-be hotel partner, that talks are in early stages, and it may not come to fruition.
If approved, changes to the agreement would allow the Office of Economic Development to approve a joint venture partner for the redevelopment or adaptive reuse of the former Macy’s building into a hotel or any other use that would increase its value. In exchange for the alterations to the agreement, the developer’s minimum investment requirement would be raised by $15 million, from $135 million to $150 million.Since then, it’s seen medical and education uses take hold, along with retail and apartments. That includes a UT Southwestern Medical Center in a gutted Sears store and a
The board of directors for the TIF approved the updates to the agreement. It is slated to go before the city council on May 22.Hillwood, a Perot company, has acquired the three-building Freeport Business Center, located near DFW Airport, State Highway 114 and Interstate 635.The opening of a 12-story parking garage and retail development in downtown Dallas will serve as the foundation for a future hotel set to front the Kay Bailey Hutchison Convention Center Dallas expansion.
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