cowboyeagle05 wrote:Just adds to the continuing density the area is seeing. There seems to be some solid action from developers around the Galleria despite Midtown's slow progress. Many open sites are being swooped up for multi-family with ground floor retail spaces so I am certainly not complaining.
cowboyeagle05 wrote:It's too bad it could fail hard if they cant get the mall torn down and move forward. I don't think this hotel would be able to hold out for a generation like the W Hotel did when Victory Park tripped and fell the first time.
NdoorTX wrote:The AC looks great! Love that quasi Mid Century facade.
Matt777 wrote:NdoorTX wrote:The AC looks great! Love that quasi Mid Century facade.
I agree. Too bad the Modera apartments look like crap! What a bland design. Looks like an accountant drew a design on a paper napkin and handed it off to the builders. Shame.
The_Overdog wrote:According to Google Maps, this location (13675 Noel Road) is north of The Galleria, is mostly already developed with a parking garage, Toy R Us, Dicks Sporting Goods, a parking lot, and a multi-story office looking buildings, and strip mall with a Starbucks across from The Galleria. It is across Alpha Road, which is a multi-lane collector so there won't be much connectivity to Midtown.
If I had to guess, if they are building anything, it would be on the empty lot right next to the office building at 13675 Noel Road.
Not sure why they'd use a stock photo of The Galleria instead of the actual building at the address. This would not be considered part of Midtown, which is to the east of The Galleria. But close enough for the thread.
ContriveDallasite wrote:I'm ignorant and don't live in Dallas anymore, but can someone explain the reasoning in delaying the demo of the entire mall. Isn't it cheaper to front the demolition costs than to cover the property taxes of the mall until a 1/1,000 deal gets inked?
Isn't it cheaper to front the demolition costs than to cover the property taxes of the mall until a 1/1,000 deal gets inked?
Contradictory logic But thanks for the insight!
The_Overdog wrote:Contradictory logic But thanks for the insight!
The value of the Valley View mall building is $0 according to DCAD, and probably only because it can't be a negative value. Yeah, $0 improvement value for a huge mostly functional building. Commercial property assessment is totally fair I tell you.
The assessment merely reflects the reality that the land is worth more without the (functionally obsolete) building than it is with it.
The_Overdog wrote:The assessment merely reflects the reality that the land is worth more without the (functionally obsolete) building than it is with it.
I completely agree that the land is worth more than the building, but those are separate categories on the assessment, and the assessment doesn't make any assumptions or recommendations about the highest or best use for the land. Also my own property, older than Valley View Mall, is not valued at $0 for the structure nor is the empty Wal-Mart down the street, even though the land the empty-for-15-years Wal-Mart is on is valued at more (way more) than the land under Valley View mall.
That is the unfair part.
The zero appraisal on the improvements tells us the improvements are functionally obsolete. And the fact that the owners plan to demolish all of the buildings strongly suggests the appraisal is correct on that point. Still not sure what exactly is the unfair part about any of that.
The_Overdog wrote:The zero appraisal on the improvements tells us the improvements are functionally obsolete. And the fact that the owners plan to demolish all of the buildings strongly suggests the appraisal is correct on that point. Still not sure what exactly is the unfair part about any of that.
Valley View is not empty, it may be functionally obsolete but it is still open and sales are still occurring there. https://www.dmagazine.com/frontburner/2 ... /#image-51
Therefore it's current value as retail is not zero and the fact that they *plan to demolish it* is totally irrelevant.
Hannibal Lecter wrote:Back in the '80s I handled some bank REO assets in west Texas that had negative appraised values. You would have to spend money on environment remediation and/or demolition before you could even give the property away for free.
I recall once getting a call from the Fire Chief in Floydada, texas to to let me know that an old gas station we handled had burned down. He half-joked that it property increased the value of the property.
Tnexster wrote:Valley View Center — and the plan to revive the area — is in shambles
https://www.dallasnews.com/opinion/comm ... e-shambles
Brettoj wrote:Tnexster wrote:Valley View Center — and the plan to revive the area — is in shambles
https://www.dallasnews.com/opinion/comm ... e-shambles
So sad to watch. The Beck's need to sell to someone who has the ability to execute. They have shown they are inept to pull this one off.
Tucy wrote:Another article about "that giant code violation sitting at LBJ Freeway and Preston Road called Valley View Center":
https://www.dallasnews.com/opinion/comm ... believable
Cbdallas wrote:As much as I would love to see this project get going ( I work across the street) I think maybe a delay is ok if we continue to see the absorption downtown and around it of more apartments and offices so it can max out and define itself as the urban center of Dallas. If this one takes another 5 years maybe it can secure a large office tenant or a few and then kick off and redevelop all the way from Galleria to Preston and north to Spring Valley.