1401 Elm listed for Foreclosure

jaysonmontoyaUncategorized3 Comments

 

Photo courtesy of: Dallas Morning News

One of Downtown’s most anticipated redevelopment projects is still in jeopardy. 1401 Elm, the old First National Bank tower, made headlines in November when Olympic Property Partners LLC, the project’s capital partner, decided to drop out of the project. The developer, Dallas-based BDRC Partners is still looking for a new capital partner, but in the interim, the property’s lenders have posted to skyscraper for foreclosure. This is such an important project for the revitalization of Downtown and Elm Street so hopefully foreclosure is delayed. The property is eligible for $50 million in TIF funds from the City of Dallas, features the largest block of retail space in the CBD and also boasts some of the best views in Downtown Dallas.

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