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]
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