D

Perot Jr. Says New Museum Has Room to Expand

Does Ross Perot Jr. know something we don’t? Speaking at today’s groundbreaking for the new Museum of Nature & Science at Dallas’ struggling Victory Park, which he helped develop, Perot said, “Mr. Mayor! Where is the mayor?!” before pointing to City Councilmember Dwaine Caraway, sitting in the audience down front. Mayor Pro Tem Caraway (pictured at far left with Deputy Mayor Pro Tem Pauline Medrano and Perot) is not quite the mayor yet, but he’ll be well-positioned if Tom Leppert ever steps down to run for the Senate. Leppert, who’s in China, nonetheless made a video appearance at today’s bash for the museum, a $185 million project that got a jump-start when Ross Jr. and his siblings donated $50 million in honor of their parents, Margot and Ross Perot Sr. The 14-story edifice on 4.7 acres can’t hurt the Victory project, which has been attempting lately to attract a better tenant/demographic mix. And, Ross Jr. said, “What people don’t understand is there’s enough room here for the museum to double in size.”

Commercial Realty Honcho: No Recovery Til 2012

About 400 commercial real estate types turned up at the Belo Mansion last night for NTCAR’s annual Stemmons Service Award dinner. That was 150 more than showed up last year. But the bigger turnout may not indicate market optimism, one attendee said, so much as the fact that the brokers had time on their hands and needed something to do. Indeed, bigwig Lee Halford Jr.–who leads a firm founded by the Stemmons family, for whom the prestigious award is named–said the industry is facing rough sledding and won’t fully recover until, gulp, 2012. At the podium, though, Halford tried to buck up the crowd: “If Mr. [John] Stemmons were here tonight, he’d tell all of you to keep on plugging.” The Stemmons firm started in 1928, Halford noted, the year before the big stock market crash, and “it wasn’t until 1946 that anything of significance took place. So perseverance was important.” Then Halford announced this year’s Stemmons winner: Steve Lieberman (pictured) of The Retail Connection.

Southlake Developer: Downtown Dallas Has No Soul

Frank Bliss is executive vice president of Cooper & Stebbins, which developed the phenomenally successful Southlake Town Square. Even as large as that project already is — the size of downtown Fort Worth in terms of acreage — Bliss said they’re still only about 35% finished with their vision. In particular, they have more office and residential offerings in mind.

When I asked his thoughts about Downtown Dallas, he was quick to answer: “Downtown Dallas has no soul … Dallas never planned for a soul.”

To reclaim its soul it needs a true center. As do many others, he cites the construction of the tunnels years ago as one major mistake, sucking away the street life. (more…)

WSJ Takes a Look at Perot Family, Ctd.

Just wanted to add a little fuel to the fire sale: A little over a week ago it came to our attention that Ross Perot Jr., had likely bought a sizable Highland Park lot that was once the spot of Bum Bright’s home. The land was purchased in June and is valued at $9,388,790 by DCAD. It’s a beautiful piece of land in a gorgeous neighborhood. No signs of construction yet, but I’m guessing that’s only a matter of time now.

Staubach To Property Pros: Keep Your Chins Up

At a commercial real estate forum hosted here today by Jones Lang LaSalle, most everyone said this continues to be a “challenging” time for the property business. According to a JLL report rents are down, loans can’t be refinanced and most properties purchased in 2005-07 have no equity left. So it was left to Roger Staubach–the company’s executive chairman, Americas–to give everyone a pep talk. The former Dallas Cowboys QB likened the current climate to the 1971 season, when the ‘Boys sputtered to a 4-3 start because the team hadn’t jelled yet. They were driving Tom Landry crazy, Staubach said, until they suddenly began working together as a team, then proceeded to win 10 games in a row–including the Super Bowl. “When you get the right people in the right places, miracles happen,” Staubach told the crowd of about 300. “Challenges bring out the best in all of us.” He’s right, of course. And it may take a miracle to work through this fix.

Fry Street Still Draws Denton’s Finest

Via Pegasus, we have this video produced by the University of North Texas student newspaper that brings us another dose of Denton nostalgia. The lot where the Tomato once stood sits empty. I’m not sure whether its vacancy makes my heart ache more or less than if it had become the CVS that was originally planned for the corner.

But, seriously, NT Daily, did you put out another casting call for Denton stereotypes? “General studies major?” “A CVS is a drug store, isn’t it?”  A neo-hippie girl with dirty hair?  I smell a mockumentary in the offing.

Woodall Rodgers Park: Where Will Children Play?

Over on Renegade Bus, Peter Simek compares the Woodall Rodgers Park with Millennium Park in Chicago (a comparison the Woodall boosters themselves have made) and asks some good questions. Worth a read.

Cowboys, Not Rangers, Built Arlington’s Field of Dreams

The Ballpark in Arlington opened in 1994. Part of the sales pitch to voters funding its construction was the fantastic new developments that would spring up around it — restaurants, retail, hotels. We know how that story has turned out.

When the same voters approved $325 million for  The Colossus at Arlington next door, a similar vision was presented. But, so far, nothing. Is Arlington Mayor Robert Cluck at all concerned that 15 years from now we’ll be talking about the development around Cowboys Stadium just as we talk about the Ballpark’s failed plans? Of course not, he told me this afternoon. Why not? “Because it’s the Cowboys.”

We (North Texas) don’t love the Texas Rangers the way we love the Cowboys. That’s an indisputable fact. (I say that as someone who much prefers the national pastime to “violence punctuated by committee meetings.”)  But do we hold America’s Team in such high esteem that developers — and the retail, restaurants, and hotels they hope to accommodate –will rush to be associated with the big blue star in a way that they’ve never been compelled to join with the Rangers’ grand ambitions?

If the near-reverence in Cluck’s voice is any indication, the answer is yes. I’m hearing echoes of James Earl Jones: People will come, Jerry. People will most definitely come.

Lead Battle: Morning News vs. Preston Hollow People

In this corner we have Preston Hollow People’s August 21 story about the fight over creating a conservation district in the Disney Streets:

There will be no happy ending for many residents of the Disney Streets.

And over here we have the Sept. 6 story in The Dallas Morning News on the same subject:

The Disney Streets are not, just now, the happiest place on earth.

Both writers employed similar ideas. I’m going to call it a draw.

Leppert: Companies Targeting Dallas for Relocation

At a commercial real estate symposium presented by the North Texas CCIM chapter today, Mayor Tom Leppert said Dallas and Texas are poised to benefit from other states’ economic woes. Touting our low taxes and favorable regulatory climate, Leppert said he just got a letter from the head of a big New Jersey company who said “we’re looking more and more at relocation.” The mayor said he also thinks another large company on the East Coast will move to Dallas, as will a 400-employee company now based in California. Dallas is holding on to companies as well, Leppert said, pointing to one firm that recently considered leaving downtown for the ‘burbs, but decided in the end to stay put. “They need good young people,” he said, “and young people want to live downtown.”

A Dallas Man Buys a House for $12,500

Candy Evans has the scoop on DallasDirt.

D Magazine Moves Downtown: The Update

No one is more interested in our impending move downtown than you are. We know this. Which is why we’ve consolidated our scrapbook of moving pics on this page. Check out the new time-lapse video by Gustav Schmiege, and pay special attention to the :50 mark, at which point they saw a hole in the floor. Also of note is the 1:40 mark. Not sure what happened there. I guess that construction worker decided it was time for his closeup.

And don’t worry. We’ll keep you abreast of future developments. I’m particularly looking forward to the hanging of the outdoor signage.

Lake Highlands Town Center Delayed

Lake Highlands has a strong sense of being a town all its own. But, as I learned in my former life at People Newspapers, one thing they lack in being entirely self-sufficient is a town square, a place that allows them to do most, if not all, their shopping in the neighborhood.

Neighborhood leaders would tell us that they were most likely to drive over to NorthPark Center, or the Galleria area. So there was a lot of excitement about the new Lake Highlands Town Center when plans were unveiled last year. At that time the first phase was supposed to be done by 2010. Now Prescott is saying it won’t be finished until 2012, because of general economic difficulties.

Houston Disses Downtown Dallas

Ouch,  Jeff Moseley, CEO of the Greater Houston Partnership. Sure, you can brag about your fancy medical center, but did you have to pick on the size of downtown Dallas while you did it? You better watch yourself or we’ll ask Jerry to launch his giant space turtle to swallow downtown Houston whole.

Countdown Begins in Favorite R.E. Blog Contest

OK, so Candy Evans’ DallasDirt is in the finals to be named the favorite real estate blog in Texas. The winner will be named next Tuesday. Hit this link to check out the competition–scroll down to the last item–and then follow the instructions and vote. For Candy, of course.

Colonial Bank To Be Busted Wednesday, Ctd.

A bankruptcy law-practicing FrontBurnvian has the answers. The bottom line: In Texas, pay your mortage, no matter who owns it:

(more…)

Will NorthPark Mall Belong to the Caruth Family?

I just stumbled across an interesting fact: in 1965, Ray Nasher built NorthPark on land he leased from W.W. Caruth. Something like that would be a — what — 99-year lease? Does that mean in 2064 (or whenever) when the lease runs out, the Caruth family will own the improvements made to their land? Great excuse to turn on comments.

Update: the answer is now in the comments section. Spoiler alert: the answer is no.

Expert: No Quick Recovery For Real Estate

It could be four more years before the real estate market stabilizes, a leading expert said in Fort Worth. Texas A&M’s Dr. Mark Dotzour also explained that, when it comes to property, the banking industry’s mantra these days is: “Extend and pretend.”

Leading Off (7/31/09)

1. The City Council kicked off its retreat at Garrett Creek Ranch in Paradise, where members will try to figure out how to solve the city’s budget deficit, set priorities for the new year, and see if Tripper can lead them to a victory over the rich jerks from Camp Mohawk.

2. The Dallas Zoo could get new ownership, as the City Council seems open to a plan to have it run by the Dallas Zoological Society. Dallas would still have to contribute annual lump-sum payments—which sound suspiciously to me like elephant loans.

3. And, high-end condo sales in Dallas are still suffering. This news brought to you by the years 2008 to 2011.

Dallas Missed America’s Biggest Real Estate Boom?

This chart of Case-Shiller home prices, from The Mess That Greenspan Made, shows some interesting things, and judging by the title of their site, not what its creators intended. If we were feeling superior, we could look at it and say, “Gosh, look at those poor folks in LA and San Francisco and Las Vegas and Phoenix who suffered through such a big bubble.” Or we could look at it and go, “Wait a minute.” The cities whose home prices spiralled into never-never land seem to be ending up, at least as of May, at a higher overall indexed price than Dallas is. All the cities, for purposes of comparison, start out in 2000 at an indexed value of 100. Nine years later, Dallas ends up back at 100 or near it. New York, in the meantime, ends up 1t 174. Miami — Miami! — ends up at around 150. So who was the sucker here? Quiet, careful Dallas? Or all those wildly speculating, high-risk mortgage-getting cities that went through the boom and bust of the Bubble Economy?

Dallas Home Prices Up For Third Month In A Row

The most positive spin the NYTimes could put on the latest Case-Shiller report is, “Slide in Home Prices Is Slowing Down, Index Shows.”  Dallas, however, showed modest growth for the third consecutive month, rising in May 1.7  percent over April.

National Association of Realtors Screws Up North Texas Data

It’s a little unclear what, exactly, went down. But Josh Hixson over on DallasDirt has the story about the National Association of Realtors goofing up when it said how many homes had been sold in the first quarter compared to the same period last year. Hey, mistakes happen.

Duncanville Tops Money’s “25 Most Affordable Towns” List

With a median family income of $72,243, the little southern Dallas suburb carries an average home price of only $99,648. The Money blurb also notes:

“With a warm climate, the town is also becoming a popular spot for retirees.”

Yes, the climate is warm. Nice and warm. A little toasty even. Sometimes even a little like burnt toast.

7-Eleven (With Cigarettes) Launches Major Expansion

A crash in commercial real estate is a good opportunity to grab some desirable retail locations. The NYTimes today tells exactly how and where 7-Eleven is doing just that.

Dallas Dogged in Wall Street Journal by “Water Hog” Label

I’m reading this story about how North Texas needs more water. About how we’ve got about 6 million residents right now, but come 2060, we’ll have more than 13 million. About how we’re looking around to dam up some rivers to accommodate all those new residents (and their lawns). About how the people on those rivers don’t particularly cotton to our scheming. And I’m thinking: gee, this sounds familiar.

Here’s looking at you, Rod Davis.