The newest development in Dallas’s Uptown neighborhood is scheduled to be finished and completed by July 1, 2010.  The office tower, which is connected to its sister tower Park Seventeen, offers 361,524 square feet of Class AA office space.  The 19-story property will also contain roughly 6,500 square feet of space for a bank lobby, 9,000 square feet of restaurant space and around 6,000 square feet of retail space.  Granite Properties is the owner and developer. 

The residential tower will offer 292 luxury apartments by Gable Residential.  Covering 19 stories and 343,000 square feet, the residential property will boast some enticing amenities such as scenic views of the Dallas Arts District and Downtown skyline, the soon to come Woodall Rogers Park and a one-acre park deck with pool and 4,000 square foot fitness center.

Hotel Foreclosures continue

The Dallas Morning News has reported that Dallas/Fort Worth area hotels are seeing higher numbers of distressed properties being sent into foreclosure this year.   Data from Foreclosure Listing Service shows that this year has already eclipsed 2009 in terms of foreclosed hotels operating in the Dallas/Fort Worth area.

Hotel properties going into foreclosure this year are touching both ends of the spectrum – from high end hotels holding up to $183 million in debt to small motels with up to $1 million in debt.  With occupancy around 45%, the U.S. hotel industry has not seen times this bad since the 1930′s.

• 2008 – 18 foreclosures
• 2009 – 41 foreclosures
• Q1 of 2010 – 43 foreclosures

George Roddy with Foreclosure Listing Service says that the Dallas/Fort Worth hotel market was “overbuilt and overfinanced”.  The hotel industry currently has a higher proportion of distressed properties than any other real estate asset class nationwide.