Developer Unveils $45 Million Plan to Turn Two Vacant Downtown Landmarks Into Condos

Categories: Development

Thumbnail image for TowerPetroleum.JPG
Wikipedia
Tower Petroleum
Back in April, the DMN, noted that John Kirtland had snapped up both the Tower Petroleum Building and Corrigan Tower downtown. There weren't many details then, just that Kirtland planned to do something with the two vacant art deco structures, but now we know exactly what.

Kirtland, who in addition to owning a record label and being the former drummer for Deep Blue Something helps run the family-owned EFO Holdings, unveiled his plans this morning.

Kirtland's idea is to split 258 residential units between the two adjacent buildings, with a small park sandwiched in between. The ground floor will have some retail along Elm and St. Paul, and a car elevator leading to a 137-car garage. The facades will be cleaned up, the windows on the Corrigan Building replaced, and the terrazzo flooring left intact. The sidewalk will be done in a colored star-burst style to match the historic pattern you can still see faintly. The developers have no control over the second-floor skywalk, which will remain in place.

Thumbnail image for Corrigan Tower.jpg
Corrigan Tower

The whole shebang will cost $44.7 million with, pending City Council approval, $10.3 million kicked in by the downtown tax-increment financing district. But as Downtown Dallas Inc. President John Crawford pointed out yesterday, Kirtland will have to get in line behind a couple of dozen other projects that have been approved but are waiting for funding. Right now, it's looking to be 2018 before there's money for Tower Petroleum and Corrigan Tower.

Not that it will stall the current renovation plans. The $10.3 million will be reimbursement, and Kirtland said he already has financing lined up, with $9 million or so in the form of private equity and the rest in loans. Under TIF rules, he'll have to get demolition permits by January 2013 and a certificate of occupancy by March 2015, but Kirtland told the TIF board this morning things will be starting much, much sooner than that.

There were renderings and floor plans at this morning's meeting, but they were on 5-foot-tall posters. Kirtland has promised to email me digital copies.


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6 comments
Ahoy
Ahoy

Since we are talking in the future tense, that is where Zipcar comes in.  It is a fungible alternative to personally owned private transportation.  I saw Zip bikes in use all over a couple big cities in France earlier this month.  Very cool but THAT would never work here.

ahoy
ahoy

Cheers to that!  WIth >90% residential occupancy rates downtown, maybe just maybe it will come.

Branden Helms
Branden Helms

I too live downtown and get by with one car. If there was a Zipcar in Dallas, I'd get by with no cars.

Mr. Nuts
Mr. Nuts

2 miles in one direction is a long distance in the heat and humidity -- especially if you're one of the touchy feely no car types.

Ggard333
Ggard333

That grocery was a joke! Get a real grocery store in there and I won't be driving to Uptown Albertsons to shop. This grocery store uproar I've been hearing so much about, who cares, uptown is what, 2 miles from Downtown?

GGard333
GGard333

My Apartment building, The Element, in The Mercantile on Main is at 95% capacity. All of Downtown apartment buildings are thriving, as is a reinvigorated Downtown. They will make there 15 million back on property tax and we have another building in decay, brought back to life.

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