1401 Elm Gets Second Reprieve From Foreclosure
On Tuesday, the massive, empty skyscraper at 1401 Elm in downtown Dallas was set to go to auction, but didn't. The same thing happened last month.
George Roddy, president of Addison-based Foreclosure Listing Service, told the Dallas Business Journal it's turned into a cat-and-mouse game between the owner and lender that's made the outcome difficult to predict because it isn't following standard procedures.
The skyscraper has undergone extensive abatement work in preparation for a $240M renovation project that would see it become a complex of offices, retail and apartments. But Olympic Property Partners, one of the investors, pulled out of the deal at the last minute, leaving Dallas-based BDRC without the cash to finish the project.
BDRC is still looking for an investor to step in and salvage the project or buy it outright. [DBJ]