Dallas, TX
Keeping up with the Thakkars, the embattled Dallas developer family
It’s been a month of extremes for Poorvesh Thakkar.
The India-born, Dallas-based developer was slapped with a lawsuit trying to eject him from a Midtown Manhattan office building he bought in 2024.
The legal challenge comes amid unseasonably sunny days for Thakkar, who recently reached a milestone in his Mustang Square development. That’s notable, because, despite launching his real estate development company in 2016, his development chops are still largely untested, as his pitched projects have mostly been delayed or aborted.
Thakkar recently sold a 3.5-acre slice of the mixed-use project in Plano to an entity tied to Carrollton-based Madewell Spaces. The buyer said its plans to build 13 “standalone luxury office condominiums. D.R. Horton bought a swath of homesites at the project.
Thakkar claims the project is “almost fully sold out and developed.”
It’ll be interesting to see what happens with the project, because Thakkar’s legal trouble in New York seems more indicative of his success as a developer than this Plano project.
The saga of the Midtown Manhattan office tower starts with an almost incomprehensible bet on the part of Thakkar:The largely untested developer struggling to get projects off the ground in his hometown of Dallas bought an office building in New York City with plans to turn it into a residential property, a tricky maneuver even for a seasoned developer.
The only thing that can explain the move is the price tag. Thakkar bought the 23-story building at 135 West 50th Street on auction site Ten-X for $8.5 million, a 97 percent discount to its 2006 sale price.
Safehold, which owns the land beneath the building, claims Thakkar’s firm failed to pay $9 million in property taxes that were due Jan. 1, 2025, and has since racked up almost $28 million in unpaid taxes, interest and other penalties.
After Thakkar failed to meet repeated extension deadlines and forbearance agreements, Safehold notified the firm that it was terminating the ground lease and demanded it surrender the building, according to the lawsuit. Thakkar refused to vacate the property, and the land owner is now seeking their immediate ejection, according to the complaint. He dug his heels in further with a countersuit in which he claims the ground landlord iced him out of his planned conversion project.
Thakkar could win his case in New York and completely sell out Mustang Square and he’ll still face question marks as a developer, thanks to the litany of lawsuits he’s faced, with allegations ranging from loan defaults to EB-5 fraud. The legal trouble appears to have peaked with real estate offering fraud charges filed by the SEC in February.
Austin’s Ayn Rand Museum
In case you missed Elon Musk’s recent embrace of Austin, the summer isn’t the only thing that’s hot in Austin. So is libertarianism. As war-tech startups set up camp in nearby Proto-Town, libertarian icon Ayn Rand is getting a museum built in her honor. The foundation dedicated to preserving the manuscripts of the Russia-born philosopher famous for her “Objectivism” theory is building a $30 million monument to Rand in the form of a library, exhibition room, office and “higher education classroom spaces.”
Fifth Third ditches Downtown Dallas
Dallas’ beleaguered downtown is still smarting from the news that anchor tenant AT&T is moving to Plano. To add insult to injury, Fifth Third Bank is ditching downtown, too, after its merger with Comerica Bank. Fifth Third is leaving a 200,000-square-foot vacancy in Comerica Tower. While the Ohio-based bank won’t settle into the still-under-construction site at 8300 Douglas Avenue until late 2028, it will leave its 200,000-square-foot lease at the 60-story Comerica Bank Tower at 1717 Main Street before the end of the summer.
Meet Poorvesh Thakkar, the Dallas owner Safehold is trying to eject from a Manhattan tower
It’s official: Fifth Third Bank will exit Downtown Dallas Comerica Tower after Comerica merger
Austin in line for $30M of libertarian development devoted to Ayn Rand
Read more
Dallas, TX
Former Dallas ISD Superintendent Michael Hinojosa runs for Dallas Mayor
DALLAS – Former Dallas ISD Superintendent Michael Hinojosa announced that he is running for Mayor of Dallas on Monday.
Hinojosa says the city needs experienced leadership to address the budget challenges and pro sports teams leaving Downtown Dallas.
Addressing Dallas’ budget and pro sports team
Local perspective:
Michael Hinojosa served two stints as superintendent of Dallas ISD, totaling 13 years. He told FOX 4 that he officially filed paperwork to enter the race and plans to formally launch his campaign at a Tuesday morning news conference at Dallas City Hall.
Hinojosa points to financial track record at Dallas ISD
What they’re saying:
Hinojosa cited his tenure leading Dallas ISD as evidence of his financial management experience, saying the district’s reserves grew from about $32 million when he took over in 2005 to nearly $1 billion in obligated and unobligated fund balances by the time he left.
“I think that it’s really important for this community to know that we’re at an inflection point and that the city and the community need a strong, proven leader,” Hinojosa said.
He pointed to the city’s budget shortfall, employee furloughs and concerns over major sports franchises potentially leaving downtown as examples of challenges facing Dallas.
He said solving the city’s challenges would require coalition-building and pledged to focus on issues important to residents, taxpayers and businesses.
“I believe that a vision is a dream with a deadline,” Hinojosa said, adding that if elected he would aim to address the city’s biggest challenges within two terms.
Campaign announcement at Dallas City Hall
What’s next:
Hinojosa said he will outline his priorities during a 10 a.m. campaign announcement on Tuesday, July 14, at Dallas City Hall.
The Source: Information in this article was provided by an interview conducted by FOX 4’s Shaun Rabb.
Dallas, TX
Viral East Dallas coffee shop fears major sales drop amid six-week road closure
Construction plans disrupt business in East Dallas. Just a few days ago, the owners of Juju’s Coffee off La Vista Drive in Dallas were informed by Oncor that the street on which their shop is located will be closed.
One of the owners, Nick Rocha, said the closure will last six weeks, but if there are any delays, it could be extended until October.
The coffee shop, which opened in 2023, has recently gained a lot of popularity. One of their drinks, called the “do-si-dos,” has gone viral, and now they have lines out the door on a regular basis.
“It’s a peanut butter milk latte… We probably doubled our sales or more if I had to be honest,” said Rocha.
Since the drink’s release in April, the flow of customers has been nonstop.
“We were like, ‘We’ll go viral and then we’ll die out.’ Then we’re like, ‘Well, when is it going to be over, because we’re just getting slammed?’ We were both doing like 60- to 70-hour weeks… And it just kept going, and it turned from like, ‘Okay, we’re scared of it,’ to, ‘Okay, we can do this,’” said Rojas.
Rojas says that just as they were adjusting to the new normal, the notice from Oncor came.
“They were just like, ‘Yeah, so we’re going to close the street, sorry.’ That was tough… because we’re in the middle of dreaming and vision casting for what’s coming and what’s next,” said Rojas.
Starting July 20, La Vista Drive will be closed, sidewalk accessibility will be difficult, and street visibility will be too. Rojas believes the impact could drop their sales by about 50%. He says they’ve had meetings with the city and Oncor, but says there’s nothing they can do, and now their only plea is to their customers.
“Anybody that comes in and supports, it’s a genuine gratitude from us,” said Rojas.
Dallas, TX
3 unanswered questions before training camp: Dallas Cowboys edition
For the Dallas Cowboys and their owner, Jerry Jones, the hope is always that the changes made will improve the product on the field. Every team heading into training camp will have questions to answer, and the Dallas Cowboys are first on our list with 3 of the biggest ones. This will be an ongoing series for the next couple of weeks until camp starts, and answers start to reveal themselves in real time.
Another season of change for the Dallas Cowboys. Will it make a difference this time around to end the drought? Jerry Jones sure hopes so. Dallas hasn’t had a title in 30 years, and Jerry Jones promised to look in the mirror and make much-needed dramatic changes. The 34-year-old Christian Parker, who has no defensive coordinator experience, must embody the change upfront. Veterans were added, and Dak Prescott is back and healthy, running a new scheme. We shall see.
I wouldn’t worry about whether CeeDee Lamb and George Pickens can coexist long-term. I’m more concerned about whether you can keep them happy with the culture and get them to commit long-term. They declined to negotiate with Pickens and instead slapped him with the franchise tag. If Dak Prescott continues to spread the ball around, he should be able to keep them happy, but it comes at a cost: winning in the playoffs or a Super Bowl title.
Tight end Jake Ferguson’s role could diminish during the upcoming season. Even after signing a four-year, $52 million extension, former undrafted free agent Brevyn Spann-Ford is a better blocker and could have a major impact on the Cowboys’ offense in 2026.
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