Want to Own a Downtown Club? Buildings Housing Plush and Skye Bar Are For Sale.

Categories: Real Estate
insideplush.jpg
Inside Plush
Back in late '08, developer Bryan Foster went to Dallas City Hall to see about getting $475,000 in City Center Tax Increment Financing District reimbursements, which he said were needed to give 1400 Main Street, then a 1954 building in sorry shape, an $4-plus-million extreme makeover. The end result: Plush, which bills itself as "The Premier Dallas Nightclub."

But a Friend of Unfair Park directs our attention to the LoopNet listing placed last week: 1400 Main's on the market now, the asking price a cool $4.5 million. But Realtor Ken Nwokedi tells Unfair Park this morning "just the building is for sale. The club will remain." (DCAD has the property valued at $2.3 million.)

He says Foster will lease the property from whoever buys the building -- if somebody buys the building -- and that Plush will, in fact, stay open as part of the deal. Bryan McCann is no doubt relieved.

But that's not all: I see Nwokedi is also repping the Palestine, Texas-based owner of 1217 Main Street -- otherwise known as Skye Bar -- who's asking $4.7 million for a property on the tax rolls for $2 million.
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Rich Strategic
Rich Strategic

"Right from the Horses Mouth" People should not portray them selves as a public voice, and speak about subjects they don't understand. First, Plush or 1400 Main never received a penny from the City of Dallas. nor was the money allotted to the building of a night club. The "Tiff" was given for the restoration of the facade of the building as a part of beautifying the downtown. So what is fair? I tell you whats not fair. The fact that Plush and Skye Bar brought millions of dollars in investment money to downtown, created 100's of jobs, and pays over $600,000.00 in taxes a year, and I have to hear that a Bloger getting his "Rock solid info" from an over zealous Real-estate agent that has no Idea what the history of these properties are - is stirring it up about the under appraisal of these properties. Hey do us all a favor. Stick to facebook updates about why your spending another Saturday Night at home alone!

bobby
bobby

Second what Hannibal said: Wylie you must not know very much about real estate. The taxable value and the market value are two very different things.

Wylie H.
Wylie H.

Yet two more examples of the chronic under-assessment of commercial real estate in Dallas County:- 1400 Main St. ($4.5 million asking price vs. $2.3 million DCAD valuation); and- 1217 Main St. ($4.7 million asking price vs. $2.0 million DCAD valuation).

If commercial real estate in Dallas County was appraised at something approaching market value, the City of Dallas would actually be in somewhat decent financial shape.

md
md

The city of Dallas asked for more than $30 million for Crozier Tech.

Years later it sold for around $6 million.

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