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Old 07-10-2013, 05:51 PM
 
Location: Dallas, TX
5,680 posts, read 11,543,280 times
Reputation: 1915

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Statler Hilton, Dallas Central Library back on market - Dallas Business Journal

This just puzzles me. The building is a mid-century architectural icon. With the way downtown has been catching fire with redevelopment lately, it seems nonsensical that this property hasn't ALREADY been upfitted and developed anew. Are investors just stupid?
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Old 07-10-2013, 07:19 PM
 
Location: Dallas, TX
2,346 posts, read 6,925,871 times
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Stupid, or smart?

Yes, the building is tres cool. It's also functionally obsolete, and in a fair to poor location. The cost to redo it likely exceeds the post-renovation value. Because of its architectural significance, you can't scrape and re-build, so the land value can't be captured.

You ask me, as it sits today,, it may well have a NEGATIVE net value.
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Old 07-10-2013, 08:00 PM
 
Location: Dallas
2,414 posts, read 3,486,062 times
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Quote:
Originally Posted by Big G View Post
Stupid, or smart?

Yes, the building is tres cool. It's also functionally obsolete, and in a fair to poor location. The cost to redo it likely exceeds the post-renovation value. Because of its architectural significance, you can't scrape and re-build, so the land value can't be captured.

You ask me, as it sits today,, it may well have a NEGATIVE net value.
Hard to say. They didn't release the (as is) asking price. The only price they mentioned was the the $100 million estimated renovation estimate. That building completely renovated is probably worth a lot more. I think it has potential, just needs big money behind it.

Great plans:

Statler Hilton | Merriman Associates | Archinect
Take a look at the old Statler Hilton in downtown Dallas as it goes through renovations | Dallas-Fort Worth Lifestyles News - News for Dallas, Texas - The Dallas Morning News

Last edited by RonnieinDallas; 07-10-2013 at 08:17 PM..
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Old 07-10-2013, 08:49 PM
 
Location: Dallas, TX
2,346 posts, read 6,925,871 times
Reputation: 2324
If you Google "Statler Hilton Hunt", you can find a very entertaining set of pics of the joint, taken by Angela Hunt from the Dallas City Council back in '09.

The odd thing is, the last operators just locked the doors and left behind all the "stuff". Chairs, glassware, beds, TVs, tables, cooking utensils, etc. Wonder why they didn't auction off all that?
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Old 07-10-2013, 09:09 PM
 
2,206 posts, read 4,747,091 times
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Not to mention the following:

1. Stalkers who will criticize you no matter what you do.
2. Dallas City permitting process.
3. Neighbors who will complain during the rebuild.

Why invest the $$ when there are lots of empty sites around the area.
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Old 07-12-2013, 08:23 AM
 
16,087 posts, read 41,155,936 times
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How is the building in a "fair to poor" location?
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Old 07-12-2013, 03:04 PM
 
10 posts, read 21,496 times
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Parking brother...
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Old 07-12-2013, 05:48 PM
 
Location: Dallas, TX
5,680 posts, read 11,543,280 times
Reputation: 1915
Quote:
Originally Posted by wwwdallas21 View Post
Parking brother...
Hmm?
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Old 07-12-2013, 08:43 PM
 
Location: Dallas,Texas
6,695 posts, read 9,943,902 times
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Quote:
Originally Posted by wwwdallas21 View Post
Parking brother...
What!
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Old 07-13-2013, 01:38 PM
 
Location: Dallas, TX
2,346 posts, read 6,925,871 times
Reputation: 2324
The Statler Hilton, by itself, has little or no parking. It's a package deal with the old library across the street, so I assume they'll use that space for the needed spots. But that's a kludge compared to the underground spots that are standard for most luxury high rises.
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