DALLAS - The 101-year-old eight-story Butler Brothers building, adjacent to Dallas’ City Hall, is scheduled for a $55 million renovation into a multi-use property to include a 220-room hotel, 250 apartments and a school. There will also be about 80,000 sf dedicated to office and retail space. The property has 510,000 sf and has an appraised value of $2.5 million.
Alterra 500 South Ervay LLC, led by Turkish investor Mike Sarimsakci, is in charge of the project. The group of investors is in the process of applying for roughly $8 million in historical tax credits and $6 million in new market tax credits.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.