Last night, I was leaving downtown shortly before 10 o’clock when I espied Museum Tower and what appeared to be about six of its residents still awake and with their lights on. “Either that tower is still very empty,” I thought, “or the folks who live there turn in early.” So, once again, I combed through the numbers in DCAD.
Back in March, the last time I did this, the numbers looked like this: the approximately 14 units sold (some are combined, so it’s not clear) accounted for 57,806 square feet and were on the tax roll for $24,148,610. Now it appears that 27 units have sold, for a total of 108,208 square feet and $57,343,250 of assessed value. Not too shabby. In about five months, Museum Tower has roughly doubled its numbers.
That’s the good news for the Dallas Police and Fire Pension System and the citizens of Dallas. The bad news is that the building has 442,000 square feet, about 370,000 of which appear to be sellable. So the building, which opened in January 2013, 19 months ago, is only 30 percent full. Or, rather, 30 percent sold, because I count at least six LLC-owned investment units. If you’re the one servicing the debt on this building, those aren’t good numbers.