Construction Update: Museum Tower
Today’s construction update comes from Courtney Foreman, a graduate of Midwestern State University.
As you all might know, the residential high-rise and luxury infused Museum Tower broke ground last year. You might remember FrontBurner’s recap on the groundbreaking ceremony last June, which highlighted the 42-story building that basically offers an elite group of residents the world at their fingertips.
Well, seven months and countless shovels later, construction plans are well on their way.
Progress has reportedly been steady, as the foundation and the concrete placement for the elevated parking decks P-2 and P-1 have been completed this week. Also, the slab on grade at level P-3 has been completed as well. In the coming months, we can look forward to seeing the building structure rise above ground as levels 1 and 2 are scheduled to be complete by the end of February. The goal is to have completed the forming and concrete placement at a rate of one floor per week, reports the co-developers of Museum Tower.
I’ll be checking in on the construction site of Museum Tower on a weekly basis to keep you updated on its progress and what can be expected in the coming months. In the mean time, if you haven’t checked out the website for a virtual tour yet, I highly recommend it. —Courtney Foreman
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4 comments
When this inevitably goes belly up, everyone’s gonna pay the price. The Dallas Police and Fire Pension System’s $200 million is gonna need replacing.
@Sam – It’s actually even a little bit worse than that. The assumptions the City and State use in measuring the Dallas Police and Fire Pension System’s health include an assumed 8% per annum rate of return on all pension fund assets.
What this means is that the project must return all $200 million PLUS an 8% annual rate of return to maintain the status quo. To the extent there is a shortfall on this entire amount (including the 8% per annum return), Dallas Police and Fire as well as the State of Texas will be knocking on the City Hall’s door looking for more cash.
It sill amazes me that the pension fund has invested over 7% of their assets in this one single project (and this after the pension fund was already over-exposed to real estate from an asset allocation standpoint based upon their own investment policy).
Investment managers have been fired for far, far less. This is not going to end well for the City of Dallas.
Better there than at Victory; at least the Arts District has a fighting chance.
And all the well-paid associates with their UTD law degees can hold social court there.
One of the most important aspects of proper concrete placement is the timely use of curing products and procedures. Effective curing is absolutely essential for surface durability.