Developer Behind 1401 Elm Redo Says Plans Call For "Early March" Construction Start

1401ElmRendering.jpg
Merriman Associates Architects
So, maybe you noticed: On Monday we checked in to see how progress, or whatever, was going with efforts to redo 1401 Elm Street. That's the George Dahl-designed building Mike Sarimsakci was going to spruce up with $30 million in TIF money from Dallas City Hall. Except, turns out, the Turk's parted ways with Istanbul-based developer Polidev and turned his attention to 500 South Ervay next to City Hall. We'll get back to that one later. Monday, probably. Waiting on some emails from Istanbul (not Constantinople).

Anyway. About 1401 Elm. We got an email today from Atil Karagoz, executive veep at Polidev, who took notice of Monday's item and wanted to fill in a few blanks. I sent him a missive this morning asking a few more questions; haven't heard back. Till then, though, this is what he says about how Polidev intends to proceed with the former Elm Place, which was shuttered two years ago:
As per 1401 Elm Street, our plans will shape up upon reviewing HBU [highest and best use] studies done for us by CBRE and A&M. We expect to reach a definitive "Use Plan" for the building as well as the specifications corresponding to each use, be it Residential, Retail, Hospitality, and/or Office within February.

Our plans call for starting the construction within early March, with completion in 18-24 months depending on the level of renovations called for.

TIF agreement with the City will be signed and delivered to them end of this Month. We will also share the HBU studies, and our plans with the City officials, and involve them in the process so that what we create for Dallas is in line with their vision as well.
So now you know what we know. Oh -- and that rendering above, also known as Page 38,282 in my upcoming coffee-table book The Dallas We Were Promised ? It won an award in November. The one below? I've had dreams like that.
1401ElmRendering2.jpg

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13 comments
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Rangers100
Rangers100

Speaking of They Might Be Giants, Feb. 2nd at the Granada.

Viper
Viper

All these downtown foreign Investors seem to do is ask for city handouts, talk a big game, move around piles of dirt and deliver nothing

Grumpy Demo
Grumpy Demo

Wait a minute, how are you going to  be "starting the construction within early March, with completion in 18-24 months depending on the level of renovations called for." when you still don't know what you're going to build since,  "our plans will shape up upon reviewing HBU [highest and best use] studies done for us by CBRE and A&M." This is a big hairy project you can't draw up plans in a couple of weeks.

These guys are either very incompetent or liars. Still the group has no money, no experience, no record and the City is partnering with them?

Dano
Dano

"These guys are either very incompetent or liars. Still the group has no money, no experience, no record and the City is partnering with them?"

What BETTER group for the CITY OF DALLAS to give millions to.  Is anyone really surprised?

Po
Po

When they state they will start construction, they are not talking about building anything! I amsure they are just going to get the idiots at city hall to fund demo and abatement! Just like Trevino @ 1600 Pacific!

NotTheSuburbs
NotTheSuburbs

and the Statler Hilton too.  Based on what I see, Ricchi appears to be totally underfunded and way over their heads.

DowntownBillyBrown
DowntownBillyBrown

What do you expect from a grocer/produce guy (Ricchi/Trevino) ??? 

And Mike S. from 1401 Elm was a furniture guy..........I guess City Hall is getting the best they can..............pretty sad commentary..........

LaceyB
LaceyB

When Dallas & Elm Street start looking like the above rendering with the pink swoosh and white sparkles, I'll forget that downtown dies around 7pm. Res, Restaurant, and Sparkles? I'm all in.

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