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Downtown office-to-loft rennovations are getting real-estate investors all giddy about the market. Least they’re not turning them into parking lots.
Dallas is a hot commodity, real-estate-wise. Says so right here, in Commercial Property News, where Meridian Capital Group managing director Alex Katz insists 2007’s shaping up to be a very good year, if 2006 was any indication. Katz figures 350 people are moving to Dallas-Fort Worth a day — seriously? — and, ya know, with numbers like that, yer gonna need the housing.
Not only that, but California investors are laying down some long green on Dallas land; there’s proof of that right here, in a just-posted Dallas Morning News story about how Cali-based Younan Properties Inc. is trying to pick up the 50-story Thanksgiving Tower on Elm Street. And downtown’s perking up with office spaces being turned into “urban lifestyle” lofts — “similar to what you would see in New York or Los Angeles,” says Katz. “Investors believe there is a favorable business climate here, the cost of housing is low, and real estate is relatively inexpensive in comparison to other parts of the country.”
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I’ve always said that oughta be this city’s motto: “Dallas, we may not be better, but we are cheaper.” –Robert Wilonsky
