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Downtown Dallas: The Drever

Tnexster
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Re: Downtown Dallas: The Drever

Postby Tnexster » 09 May 2017 17:10

JohnMcKee wrote:Steve Brown is such a hack it drives me crazy, is he paid by the DMN or the developers that pitch him stories?

The deck renders are OK I guess, but they are just renders and hardly extraordinary.


DBJ did one too.....

http://www.bizjournals.com/dallas/news/ ... ns-to.html

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Jay9398
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Re: Downtown Dallas: The Drever

Postby Jay9398 » 22 May 2017 14:22

Some shots from lunch today. Most of this work is not visible from the street.

Drever2.JPG


Drever1.JPG
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soco
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Re: Downtown Dallas: The Drever

Postby soco » 01 Jun 2017 10:16

The BF has an excellent view of the goings on at the Drever. Crews have been removing the marble tiles from the base of the tower, and it appears they are at least partially dismantling the one story structure. Crews spent the better part of the past few days removing the concrete (or whatever it was) from the roof, exposing the metal panels visible now.

On the street below the construction fence has been installed near the sidewalk edge along Elm Street.

As a special note, if you look way in the distance you can see the final glass panels being installed on the mechanical level of the Park District office tower.
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Tivo_Kenevil
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Re: Downtown Dallas: The Drever

Postby Tivo_Kenevil » 01 Jun 2017 10:22

2018 is going to great for downtown with so many good developments completing and/or kicking off.

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Jay9398
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Re: Downtown Dallas: The Drever

Postby Jay9398 » 21 Jun 2017 08:48

They have removed the roof and most of the support beams. Curiously, the weird four-piece podium thing and most of the glass is intact. I can't tell what their plans are for this, but it has been interesting to watch.
Drever062117.JPG
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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 21 Jun 2017 09:02

They are adding another floor on top its in the renderings. https://thedreverdallas.com/

drever-render1.jpg
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Jay9398
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Re: Downtown Dallas: The Drever

Postby Jay9398 » 21 Jun 2017 09:29

cowboyeagle05 wrote:They are adding another floor on top its in the renderings. https://thedreverdallas.com/

drever-render1.jpg


Thanks for finding that! I actually went to the site the other day to try to figure it out and didn't see that particular picture.

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trueicon
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Re: Downtown Dallas: The Drever

Postby trueicon » 27 Jun 2017 11:36

Not so good news with the Drever -

Dallas Morning News https://www.dallasnews.com/business/real-estate/2017/06/26/downtown-dallas-landmark-projects-asking-time-finish-construction is reporting they're looking to extend the deadline till December 2019, after asking last October to extend the deadline until December 2018 https://www.dallasnews.com/business/business/2016/09/19/developer-asks-city-extra-time-finish-downtown-skyscraper-redo

Lots of troubling news lately, with its partner BDRC abruptly quitting the partnership in March https://www.dmagazine.com/commercial-real-estate/2017/03/bdrc-partners-no-longer-associated-with-the-drever-redevelopment/ and "D CEO" reporters quickly ushered out of the building when they sought to join a tour group in progress https://www.dmagazine.com/business-economy/2017/03/d-ceo-reporters-booted-out-of-tour-at-the-drever/.

Aside from the pictures posted earlier in this thread of work done on their deck, there still isn't any evidence that anything is going on inside the building besides posting concept art to Facebook. It's been almost a year since 1401 Elm has been owned by Drever. Rebar still hangs off the building and windows are still boarded up with plywood. I want this project to succeed, just like everyone else does, but I'm worried that they bit off way more than they could chew.

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Jay9398
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Re: Downtown Dallas: The Drever

Postby Jay9398 » 27 Jun 2017 14:57

trueicon wrote:Aside from the pictures posted earlier in this thread of work done on their deck, there still isn't any evidence that anything is going on inside the building besides posting concept art to Facebook. It's been almost a year since 1401 Elm has been owned by Drever. Rebar still hangs off the building and windows are still boarded up with plywood. I want this project to succeed, just like everyone else does, but I'm worried that they bit off way more than they could chew.


I live across the street from the South face of the building, and work across the street from the West face. There is definitely progress inside. Over the past several months I have watched as they relocated an entire elevator shaft and started framing interior walls. 12 floors of the building are lit up nearly every night with people working inside. I'm no construction expert, but there are ladders, materials, and tools visible on many floors of the building. The windows on the East facing retail side have been cleaned, and what appears to be an old loading dock on the North (the DART platform side) is being rebuilt in some way.

With all that said, the news of the request for a delay is disappointing.

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trueicon
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Re: Downtown Dallas: The Drever

Postby trueicon » 27 Jun 2017 15:42

^ I also live across the street but every time I look over I can count on one hand how many contractors I see in bright yellow vests throughout the building -- I've seen more contractors work on bathroom remodels! Like you, I see the 12 floors of the building lit up (it's the same 12 floors it's been since they first switched the lights on) but I've never seen anyone walking around (or any activity) at night. Yes, there is construction material stacked against the windows, but it's been the same material against the same windows for months now (I compared it to pictures I took months ago) -- I'm almost worried that's just for show! I hope I'm wrong.

Outwardly, there has been little progress here and there (including the framing you mentioned) but it never appeared that they took the original deadline seriously. Of course, there may be more than meets the eye, but the big concern is at best they completely underestimated how much work needed to be done or at worst they're taking the city for fools . They have $50 million in incentives from the city and another $75 million in tax credits from the state and feds, so there is a lot tied to the completion of this project.

There needs to be some oversight with so much at stake.

Edit: I didn't catch this earlier D Magazine article that sheds some light https://www.dmagazine.com/commercial-real-estate/2017/03/spat-between-drever-local-co-developer-winds-up-in-court/
Some subcontractor work on the $240 million-plus mixed-use project has been slowed recently, pending efforts to procure a lower-interest construction loan.

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dukemeredith
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Re: Downtown Dallas: The Drever

Postby dukemeredith » 27 Jun 2017 16:31

I thought I read somewhere that they had secured their new loan and closed on it recently....

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Re: Downtown Dallas: The Drever

Postby DPatel304 » 27 Jun 2017 22:34

Eesh, Dec 2019 is quite the delay. I'm trying to be patient with this one, because I know it'll be worth it, but it's really dragging along.

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 28 Jun 2017 08:45

trueicon wrote:
Of course, there may be more than meets the eye, but the big concern is at best they completely underestimated how much work needed to be done or at worst they're taking the city for fools . They have $50 million in incentives from the city and another $75 million in tax credits from the state and feds, so there is a lot tied to the completion of this project.

There needs to be some oversight with so much at stake.

'

Well the developer cant take the city for fools in the way you seem to think. All that money gets paid out when the developer meets the end goals set forth in the agreement. They could finish the project when ever they want if they decided to abdandon the deadline which means they wouldnt get the agreed upon incentives. Believe me the one thing the various governments do is only pay on completion. The developer gets the construction loans based on things like the paid out incentives that would come after completion. If the developer never finishes the allocated funds go back into the budget to be redvied out to other Downtown projects that apply for funds.

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tamtagon
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Re: Downtown Dallas: The Drever

Postby tamtagon » 28 Jun 2017 09:57

when was the last time one of these package deals was not granted extension or variance when construction delays put the money pot in jeopardy?

The only one I think of is what is the Synn Building. It was one of the first city-backed renovations, getting turned into an art gallery, restaurant, bar and night club deal... but the (Nigerian, I think) owner/visionary got stuff messed up, missed some deadlines, didn't file the right paperwork or whatever and didn't get the whole payout of public-partnership money.

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trueicon
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Re: Downtown Dallas: The Drever

Postby trueicon » 28 Jun 2017 14:46

cowboyeagle05 wrote:Well the developer cant take the city for fools in the way you seem to think. All that money gets paid out when the developer meets the end goals set forth in the agreement. They could finish the project when ever they want if they decided to abdandon the deadline which means they wouldnt get the agreed upon incentives.

Interesting, thank you for explaining that. In that case, the only ulterior motive I could think for dragging their feet would be if they intend to punt the building to another developer as the last developable plots of land near the urban core are gobbled up. Certainly it's more valuable (and marketable) now with the asbestos removal complete, the Thompson hotel commitment, and the liens removed. Again, I hope I'm wrong but the more time they're given the more lucrative that scenario would be.

Actually scratch that, I don't care who's name is on the building as long as the thing opens.

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dukemeredith
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Re: Downtown Dallas: The Drever

Postby dukemeredith » 28 Jun 2017 18:15


Tnexster
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Re: Downtown Dallas: The Drever

Postby Tnexster » 28 Jun 2017 22:03

379 million is a hefty price tag for this, I can start to understand the delay and it does sound like they are at least trying to make it work. Time will tell.

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JohnMcKee
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Re: Downtown Dallas: The Drever

Postby JohnMcKee » 05 Jul 2017 15:01

Image

Sorry, not the best photo but they lit up the windows the last two nights with a giant red, white and blue 4. Seems rather odd to put that much effort into something rather trivial when this project is so troubled.

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trueicon
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Re: Downtown Dallas: The Drever

Postby trueicon » 05 Jul 2017 16:32

Thanks for posting that!

I actually posted about that in /r/downtowndallas 4 days ago before the lights were turned on. The drever has nothing to do with it and isn't paying any money. It's a demonstration of OlightO technology that is looking to enter the outdoor advertising industry -- I saw their pitch last week. Here is their web site. The problem is that their technology (little christmas tree-like lights) require the entire window, making it impossible to look out the window. So, the concept only really works for abandoned buildings like the Drever.

I took pictures this week of the Drever removing some of the old plywood covering windows on the opposite side of the building, replacing the pulled boards with [drum roll] -- new plywood. Pictures are below.

I wouldn't view the new light installation as too much of a positive sign.

Before:
before.png

After:
after.png
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Re: Downtown Dallas: The Drever

Postby Pinhi » 06 Jul 2017 23:48

The Trump Organization should finish this project.

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Re: Downtown Dallas: The Drever

Postby DPatel304 » 17 Jul 2017 15:29

Drever said by the end of August the models of the hotel rooms and rental units will be complete.

"We will have our construction loan we think by the end of August," he said. "We're looking for completion of the construction in the first quarter of 2019".

https://www.dallasnews.com/business/rea ... ready-soon

Another article mentioning the delay, but it sounds like this are still progressing. Is it normal for these buildings to have 'model units'? This is the first I'm hearing of this for any of the recent buildings.

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JohnMcKee
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Re: Downtown Dallas: The Drever

Postby JohnMcKee » 17 Jul 2017 16:04

No, it also mentions that they don't have the money yet, probably hoping to use the models to drum up interest from investors.

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Re: Downtown Dallas: The Drever

Postby Tnexster » 17 Jul 2017 16:12

I have heard of model units before, I know people have posted pictures from other developments. As for the loan, this is a huge project and much more expensive than proposed, let's all hope they get the money and make it happen. This one needs to go through.

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dukemeredith
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Re: Downtown Dallas: The Drever

Postby dukemeredith » 17 Jul 2017 18:49

Didn't the Statler also have model units 6+ months before the residences were opened?

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Re: Downtown Dallas: The Drever

Postby Tnexster » 17 Jul 2017 22:04

dukemeredith wrote:Didn't the Statler also have model units 6+ months before the residences were opened?


I believe that was one of them.

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JohnMcKee
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Re: Downtown Dallas: The Drever

Postby JohnMcKee » 18 Jul 2017 09:26

The Statler also had incredibly shaky financing and is under a criminal probe over their financing.

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 18 Jul 2017 16:04

The model units at the Statler were built by the previous developer who cleaned the building out down to the studs. He built model units to get another developer interested. That developer American Centurion eventually took over and is building what you see now at the Statler. A lot of people said the ceilings were too low, the building was too old etc so they built a few units to show what was possible inside the existing historical shell. The Drever very well could be building demo units so that banks can see what real estate professionals will say about potential condos here. Build demo unit, show unit to real estate professionals to gauge their reaction and then decide if a building full of these units is worth the investment.

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Re: Downtown Dallas: The Drever

Postby Tnexster » 24 Jul 2017 14:50

Landmark Dallas skyscraper exterior will be taking a vacation in Florida for the next year

https://www.dallasnews.com/business/rea ... -next-year

Over the next year, the stone on the outside of the 52-year-old landmark will be taken down, shipped out of state and restored with a high-tech manufacturing process.

Each of the inch or more thick marble slabs that cover the 1.5 million-square-foot high-rise will be sliced into two or more identical slabs, glued to a metal honeycomb backing and then replaced on the outside of the building.


The result is a stone exterior that looks as new as when the skyscraper was constructed in 1965.
All of the original marble came from the same quarry in Greece where the stone from the Parthenon was quarried, Slain said.

"We've bought some more stone out of that same quarry in case we need it," he said.

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Re: Downtown Dallas: The Drever

Postby Tnexster » 24 Jul 2017 14:58

So looking at the pictures from the article above I see what appears to lots of windows removed from the side of the building. Are those going to be balconies?

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Re: Downtown Dallas: The Drever

Postby LBK2013 » 24 Jul 2017 15:08

I don't think so. It says they are removing glass and cleaning it in the article. Since this building is a National Landmark it has to be restored to it's original look.

All the original glass on the outside of the skyscraper will be cleaned and resealed and left in place.

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Re: Downtown Dallas: The Drever

Postby Tnexster » 24 Jul 2017 15:17

Ah, ok thanks, I missed that. I can't wait to see what the marble looks like when it's fresh. I bet the entire building will be a stunning tribute to architecture from that era.

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Jay9398
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Re: Downtown Dallas: The Drever

Postby Jay9398 » 05 Oct 2017 15:33

So a lot has been going on with this building that isn't really obvious from the street. They have been removing marble from the West and South sides of the building. They built a model hotel room that I can see from my place, but it's not really a great photo opp because mostly what I can see is drapes.

But this week they started rebuilding the structure on the plaza area on the East side. They spent months cutting apart and demo-ing the existing steel structure, and rebuilding the supports, and now they are putting together the new two story restaurant/bar space. I've attached an image. I can take more if anyone is interested.

Drever10_5.JPG
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Re: Downtown Dallas: The Drever

Postby maconahey » 30 Oct 2017 16:47

Image

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 31 Oct 2017 09:47

We knew it would get worse before it gets better. Let's hope that the drama they have had in funding stays contained until they get the marble back and reinstalled. I do hope they finish their plans but I def don't want the marble to be removed and then they flop.

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whi5125
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Re: Downtown Dallas: The Drever

Postby whi5125 » 01 Nov 2017 08:40

Jesus how hard is it to secure funding for stuff like this? This is clearly a worth while investment but it seems Dallas just attracts half assed investment firms and corporations to take on projects like this with no intention of actually doing anything or paying for anything themselves, just to go do some prelim work and the run to the city for funding.

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Re: Downtown Dallas: The Drever

Postby lakewoodhobo » 09 Nov 2017 09:32

Not sure if I should be excited or terrified, but most of the marble is now gone.

Image

Inside, framing for the apartments per The Drever's Twitter account.

Image

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muncien
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Re: Downtown Dallas: The Drever

Postby muncien » 09 Nov 2017 09:50

Whoa.... Looks very Soviet...
"He doesn't know how to use the three seashells..."

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 09 Nov 2017 10:03

Like I said its gonna get worse before it gets better. Let's just hope their financing drama is over until they at least get the marble reattached. The last thing we need is the laser cutters in Florida withholding the white marble for a lack of payment. Then we would be stuck with one hell of an eyesore for a long time.

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whi5125
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Re: Downtown Dallas: The Drever

Postby whi5125 » 09 Nov 2017 14:09

Its Dallas, that is exactly what is going to happen and it will sit for 20 years in that state.

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Re: Downtown Dallas: The Drever

Postby Cbdallas » 09 Nov 2017 15:11

My architect friend said that he was surprised that they were even going to try to keep the marble and not just resurface with a new material. Much cheaper and easier. It is apparent that they are not taking the easier cheaper way out with this project and that progress is happening so I am going to give them the slack and time to proceed and open it up right.

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 09 Nov 2017 15:22

Cbdallas wrote:My architect friend said that he was surprised that they were even going to try to keep the marble and not just resurface with a new material. Much cheaper and easier. It is apparent that they are not taking the easier cheaper way out with this project and that progress is happening so I am going to give them the slack and time to proceed and open it up right.


Are they using historical tax credit money on this project? If so that's probably why. The approval process for historical tax credits don't usually like you replacing a significant amount of the exterior with new materials even if the original was dangerous to the public health.

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Re: Downtown Dallas: The Drever

Postby Tivo_Kenevil » 09 Nov 2017 16:36

cowboyeagle05 wrote:
Cbdallas wrote:My architect friend said that he was surprised that they were even going to try to keep the marble and not just resurface with a new material. Much cheaper and easier. It is apparent that they are not taking the easier cheaper way out with this project and that progress is happening so I am going to give them the slack and time to proceed and open it up right.


Are they using historical tax credit money on this project? If so that's probably why. The approval process for historical tax credits don't usually like you replacing a significant amount of the exterior with new materials even if the original was dangerous to the public health.


I think you're correct. I believe they have historical credits... C'mon marble is nice... Although Quartz probably would have been a better material.

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 10 Nov 2017 13:14

Since they are preserving the architecture they have to use the same materials and not update it. I think where they have room to update is the lighting. Much like those old renderings a previous developer did with the LED lights where the light pinstripes used to be.

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Re: Downtown Dallas: The Drever

Postby lakewoodhobo » 14 Nov 2017 14:21

Lender behind $380M project in downtown Dallas says developer has 'defaulted' on loan
https://www.bizjournals.com/dallas/news ... -says.html

I can't get past the paywall, but the headline says it all.

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Re: Downtown Dallas: The Drever

Postby dallaz » 14 Nov 2017 14:29

lakewoodhobo wrote:Lender behind $380M project in downtown Dallas says developer has 'defaulted' on loan
https://www.bizjournals.com/dallas/news ... -says.html

I can't get passed the paywall, but the headline says it all.

Oh lord...not again!

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JohnMcKee
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Re: Downtown Dallas: The Drever

Postby JohnMcKee » 14 Nov 2017 14:43

lakewoodhobo wrote:Lender behind $380M project in downtown Dallas says developer has 'defaulted' on loan
https://www.bizjournals.com/dallas/news ... -says.html

I can't get passed the paywall, but the headline says it all.


Disable Javascript on www.bizjournal.com

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Tivo_Kenevil
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Re: Downtown Dallas: The Drever

Postby Tivo_Kenevil » 14 Nov 2017 15:01

That sucks. GAME OVER

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whi5125
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Re: Downtown Dallas: The Drever

Postby whi5125 » 14 Nov 2017 15:29

....ANNNNNDDDDD CALLED IT!!!

Classic Dallas, and after all of the facade was taken off too.

Now the City will have to bail them out of course, that is what they will go crying to City Hall for.

Well then, I guess we can start the wait of another financier stepping in. I mean christ all of the hard work is done, its basically just paying your damn bills and wait a few years to get the benefits. Its a pretty obvious good investment but the circus still keeps going

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Re: Downtown Dallas: The Drever

Postby dukemeredith » 14 Nov 2017 16:00

Tough pill to swallow :/

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Re: Downtown Dallas: The Drever

Postby cowboyeagle05 » 14 Nov 2017 16:01

I think people just have to be realistic with this property its a major project almost as equal to building something brand new. Completely redoing a skyscraper this large takes a lot of capitol to float and not many developers have that much that they can float for such a long construction time on one project. Not to mention even if the building was office space again you would need some major tenants to satisfy lenders for such a redo. Drever Capital could still pull this out but now I worry whats gonna happen to all the marble now sent to Florida for laser cutting. If Drever doesn't resolve the funding shortage that company doing the laser cutting could sell off the marble to recoup what they lost on the project. Then not only would we have a building looking like crap but the materials could be sold off in pieces and we would never get it back.


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