Connect with us

Dallas, TX

Downtown Dallas skyscraper The National taken in foreclosure

Published

on

Downtown Dallas skyscraper The National taken in foreclosure


The lender has taken ownership of The National, a 52-story mixed-use skyscraper in Dallas’ central business district, records show.

Ownership reverted to Starwood Property Trust, an affiliate of Starwood Capital Group, following a foreclosure auction on the steps of the George Allen Courts Building Tuesday. The listed purchase price was $207 million. Existing debt was used to buy the building.

Attempts to contact Starwood before publication were not returned. Dallas developer Shawn Todd, the building’s previous owner, could not be reached for comment.

The foreclosure and Starwood’s acquisition of the tower at 1401 Elm St. was expected.

Advertisement

D-FW Real Estate News

Get the latest real estate news you need to know.

By signing up, you agree to our Terms of Service and Privacy Policy.

In an exclusive interview last month, Todd told The Dallas Morning News that he owed roughly $230 million to Starwood. The lender filed the foreclosure in early January, and Todd said he would not fight the proceedings.

Todd cited high interest rates and lower downtown property values as reasons for the foreclosure. He previously said occupancy in the apartments had fallen below 80%.

Advertisement

Todd said he refinanced with Starwood three years ago, but talks with the lender weren’t enough to save the property from foreclosure.

“With our debt balance, the interest rate environment and property values downtown … We don’t see a path to us recouping our remaining equity,” he said. “We’ve been committed to downtown. We’ve been committed for 20 years. In 35 years, our firm has never lost money — this is the first year that it’s happened.”

Todd and his firm Todd Interests invested more than $460 million in a redo of the former National Bank Tower.

The midcentury tower set empty for a decade before it underwent one of the largest urban restoration projects in the nation. The 1.5 million-square-foot office tower became a combination of apartments, hotel rooms, retail, restaurants and office.

Todd touted the deal in 2019 as the “largest historic tax credit deal in Texas.”

Advertisement

The developers got $100 million in historic tax credits and $50 million in Dallas tax increment financing that made the project viable.

“The values aren’t there. That’s the main reason,” Todd previously said of the foreclosure. “The loan is due, and we’re not going to continue to pay.”

It’s unclear what Starwood plans to do with the property. All six restaurants, including the Italian steakhouse and seafood spot Monarch, will remain open.

Opened in 1965, the downtown skyscraper was designed by noted Dallas architects George Dahl and Thomas Stanley. It was the largest vacant building in North Texas when it closed in 2010.

It was the last of the city’s great skyscrapers to be repurposed, according to previous News reporting.

Advertisement

The foreclosure sales come just months after Todd’s firm offloaded its entire share of the 20-acre East Quarter development on the eastern edge of downtown to partner J.P. Morgan Asset Management for an undisclosed sum.

Todd Interests has been behind some of the city’s preeminent redevelopments. In addition to The National, the firm was behind the $300 million renovation and rebranding of Dallas’ Energy Plaza into The Sinclair.



Source link

Dallas, TX

Study says the real value of a $100K salary in Dallas is…less than that

Published

on

Study says the real value of a 0K salary in Dallas is…less than that


How much do you earn? And how far does that paycheck really go?

In Dallas, a $100,000 salary is a figure that’s more than double the area’s individual median income, but nevertheless a useful benchmark for the region’s burgeoning business community. However — once taxes and the local cost of living is factored in — it has the effective purchasing power of around $80,000 according to a new financial report.

Consumer-focused fintech site SmartAsset worked the numbers on the country’s 69 largest cities, determining the “estimated true value of $100,000 in annual income” in each location by measuring federal, state and local taxes as well as local cost of living data, including on housing, groceries and utilities.

It used its own proprietary figures, as well as information from the Council for Community and Economic Research.

Advertisement

Related

Despite recent research suggesting North Texas has lately been losing some of its famous economic advantage — a major factor behind the region’s explosive growth — Dallas actually fared relatively well in SmartAsset’s analysis. Of the 69 cities, Dallas’ effective purchasing power, of $80,103 on the $100,000 salary, tied with Nashville to rank 22nd highest.

Business Briefing

Become a business insider with the latest news.

By signing up, you agree to our Terms of Service and Privacy Policy.

Advertisement

Like many cities in the report, Dallas also actually saw a year-over-year effective salary bump, likely because of slightly lower effective tax rates and living costs that have hewed closer to the national average. In 2024, the value of a $100,000 salary in Dallas came out to $77,197.

Other large Texas cities fared even better than Dallas. El Paso, where SmartAsset calculated the effective value of the $100,000 salary at nearly $90,300, ranked third highest overall.

San Antonio, where the effective value was around $86,400, ranked eighth. Houston, where the figure was around $84,800, ranked 10th, and Austin, where the figure was $82,400, ranked 17th.

Oklahoma City topped SmartAsset’s value ranking, with an effective salary of around $91,900, and Manhattan, which the website considered as its own city, came in with the lowest value, at around $29,400.

Dallas’ relatively strong effective value score won’t necessarily translate to the good life: Another financial report, published in November by the website Upgraded Points, determined that even a single adult with no kids needs a pre-tax salary of at least $107,000 to live “comfortably” in the Metroplex.

Advertisement



Source link

Continue Reading

Dallas, TX

Public frustration grows as Dallas leaders debate billion‑dollar City Hall fix or relocation

Published

on

Public frustration grows as Dallas leaders debate billion‑dollar City Hall fix or relocation


Dallas City Council members spent the day hearing hours of public criticism as they weigh whether to spend roughly $1 billion to repair the aging, 50‑year‑old City Hall or pursue a plan to move out entirely. The meeting grew tense as residents voiced mistrust over the council’s motives, prompting members to suspend normal rules and allow anyone in the chamber to speak. Speakers questioned whether the push to relocate serves the public or private developers, while city staff prepared to present cost and feasibility details during what is expected to be a long evening session.



Source link

Continue Reading

Dallas, TX

Hip-hop hitmaker Cardi B coming to AAC in Dallas

Published

on

Hip-hop hitmaker Cardi B coming to AAC in Dallas


Cardi B, one of hip-hop’s most outsize personalities — and one of its most reliable hitmakers — is coming to Dallas.

The New York City-born rapper broke through in 2017 with the hit single “Bodak Yellow,” launching a chart-topping run that soon included “I Like It” and the blockbuster hit “WAP.” Her Grammy-winning debut album, Invasion of Privacy, cemented her as a defining voice in contemporary rap, blending brash humor, confessional storytelling and club-ready production.

The 33-year-old’s success helped boost the profile of women in a genre long dominated by men, encouraging record labels to sign more female rappers. She has frequently teamed up with rising female artists, including GloRilla, FendiDa Rappa and “WAP” collaborator Megan Thee Stallion.

Cardi’s stop at American Airlines Center is part of the arena run supporting her second studio album, 2025’s Am I the Drama? Recent shows in the “Little Miss Drama Tour” have leaned into spectacle, with elaborate staging, surprise guest appearances and a set list that spans her entire career.

Advertisement

News Roundups

Catch up on the day’s news you need to know.

By signing up, you agree to our Terms of Service and Privacy Policy.

Fans can expect a high-energy performance built around booming trap beats, pop hooks and Cardi’s signature unfiltered banter — the same mix that has helped her sell out dates across the tour and turn concerts into party-like events.

DETAILS: March 7 at 7:30 p.m. at American Airlines Center in Dallas. Tickets start at $334.10, but some verified resale tickets are cheaper. ticketmaster.com.

Advertisement

Pop legend Diana Ross performs March 7 at the WinStar World Casino in Thackerville, Oklahoma.

Sarah Hepola

OTHER CONCERTS

Bluesy psychedelic rock band All Them Witches performs March 7 at House of Blues Dallas.

Bluesy psychedelic rock band All Them Witches performs March 7 at House of Blues Dallas.

Travis Pinson

ALL THEM WITCHES March 7 at 8 p.m. at House of Blues Dallas. ticketmaster.com.

Advertisement

DIANA ROSS March 7 at 8 p.m. at WinStar World Casino in Thackerville, Okla. winstar.com.

RICH BRIAN March 7 at 8 p.m. at The Bomb Factory in Deep Ellum. axs.com.

TRACE ADKINS March 7 at 10 p.m. at Billy Bob’s Texas in Fort Worth. billybobstexas.com.

AFROJACK March 8 at 3 p.m. at It’ll Do Club in Deep Ellum. eventbrite.com.

LITHE March 8 at 8 p.m. at House of Blues Dallas. ticketmaster.com.

Advertisement

CONAN GRAY March 10 at 8 p.m. at Dickies Arena in Fort Worth. ticketmaster.com.

MATISYAHU March 10 at 8 p.m. at the Granada Theater in Dallas. prekindle.com.

OUR LADY PEACE, WITH THE VERVE PIPE March 12 at 8 p.m. at Tannahill’s Tavern and Music Hall in Fort Worth. ticketmaster.com.

PAUL WALL March 12 at 9 p.m. and March 13 at 10 p.m. at Billy Bob’s Texas in Fort Worth. billybobstexas.com.



Source link

Advertisement
Continue Reading

Trending