logo


The Dallas Morning News Steve Brown Column: Calatrava Bridge Isn't Only City Project to Be Delayed
Friday, August 29, 2008 11:54 AM


(Source: The Dallas Morning News)trackingBy Steve Brown, The Dallas Morning News

Aug. 29--In December 2005, government officials and dignitaries gathered on the banks of the Trinity River to kick off construction on a city landmark.

But almost three years after the groundbreaking ceremony, there's nothing to show for Dallas' first grand Calatrava bridge but a few steel supports in the muddy river bottom.

If that were not bad enough, now comes word that the project will be delayed further, and it will be sometime in 2011 before the arching white bridge spans the Trinity.

Don't hold your breath.

The planned bridge is one of a series of centerpiece public projects meant to inject more life into Dallas' center.

But while private-sector developers have been busy converting vacant downtown buildings to new uses, public entities that promised grand projects have been slower to get the ball rolling.

Along with the much-delayed bridge -- one of three Calatrava-designed bridges that the city hopes to build over the Trinity -- work on several key downtown parks has lagged.

The full-block Main Street park -- which was supposed to start last spring -- is still just a weed lot.

And the city hasn't even bought the dirt for the planned Belo Garden park on Griffin Street. That project was originally set to start in late 2007.

Meanwhile, construction and land costs have skyrocketed for all these downtown enhancements.

Even more troubling than the holdups is the signal this sends that some things in the public sector are stuck in slow-motion.

The thousands of residents and office workers who are moving downtown expect more than endless delays for promised amenities.

Big foreclosures

Speaking of downtown delays, a Pacific Avenue high-rise set for apartment conversion is now headed to foreclosure auction instead.

Lenders have posted the 1600 Pacific tower for forced sale next month.

Foreclosure filings show more than $9 million in debt on the black glass office tower, which was built in 1964, according to Foreclosure Listing Service.

Investors planned to convert the empty skyscraper into luxury apartments, but the deal hasn't gotten off the drawing boards.

More than 150 commercial properties in the four-county area are scheduled for foreclosure next month.

The largest on the list is the Coit Central Tower office high-rise, on North Central Expressway in North Dallas.

And Six Flags Mall in Arlington is also up for grabs.

Coming to Las Colinas

Colliers International has just finished a complicated transaction in Las Colinas. British Telecom Americas leased 50,000 square feet in Granite Properties' building at 7301 State Highway 161 in Irving.

But to land the deal, a lease termination had to be negotiated with another tenant, Bearingpoint Inc., which agreed to move to another location in the project.

Collier's Noel Hutcheson and Cash McWhorter handled the negotiations with Josh White of Jones Lang LaSalle and Robert Jimenez representing Granite Properties.

-----

To see more of The Dallas Morning News, or to subscribe to the newspaper, go to http://www.dallasnews.com.

Copyright (c) 2008, The Dallas Morning News

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

NYSE:AMX, NYSE:BE, NYSE:JLL,



(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

  
Related Press Releases
Advertisement
Popular Articles
Advertisement
Partner Center
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia