This is a very exciting prospect for downtown Dallas. This development has the potential to be a great conduit for new businesses in the downtown area and can really reinvigorate such an iconic piece of Dallas real estate.
Dallas, TX (PRWEB) June 06, 2014
Wonderful opportunities for growth and development just keep on coming to Dallas. Prudential Texas Properties reports that after years of uncertainty regarding its future, the historic Statler Hilton has found a buyer in developer Centurion American. City officials are ecstatic for the sale as the developer has repeatedly promised to transform this historic Dallas staple into a bustling destination for area residents and tourists.
Reports indicate that Centurion American, a development company that specializes in resort-style communities, has purchased the 589,457-square-foot vacant hotel and an adjacent 131,800-square-foot building that once housed the Central Library.
The buildings are slated to be a part of a $175-million makeover project that will transform the area into a mixed-use center. Although plans have not been confirmed, the development hopes to add residential units, hotel rooms, restaurants, retail and office spaces.
The Statler Hilton hotel is an icon among Dallas’ downtown architectural sprawl. The luxury hotel was built in 1956 and helped to establish Dallas as a business center of the Southwest. It has been vacant since 2001, leaving city officials wondering if the space would ever realize its true potential.
“This is a very exciting prospect for downtown Dallas,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “This development has the potential to be a great conduit for new businesses in the downtown area and can really reinvigorate such an iconic piece of Dallas real estate.”
The Dallas City Council seems to be in agreement as well. Just last month it approved a motion to give Centurion $46 million from the Downtown Connection TIF. Approximately $43.5 million of the TIF will come in the form of an economic development TIF grant.
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