Developers who are planning to rehab blocks of buildings on the east side of downtown Dallas have completed their purchase.
Todd Interests has been working for several months to acquire a neighborhood of commercial buildings constructed in the early 20th century. The firm plans to convert the old retail and commercial buildings near Deep Ellum into new offices and retail space.
“We have closed on everything — two large development land parcels and 22 buildings,” said Patrick Todd. “We will be starting construction in the next two weeks.
“We already have some letters of intent for leases.”
The new owners plan to market the redeveloped buildings to entrepreneurs and creative and tech companies.
Most of the properties are along Cesar Chavez Boulevard and Commerce and Jackson streets.
Included in project is the pie-shaped Magnolia Oil Service Station at Jackson and Chavez that during the 1960s and 1970s housed KLIF Radio.
The acquisition includes about 200,000 square feet of buildings — about 60,000 square feet of which are not occupied — purchased from four owners.
The buildings Todd Interests will renovate are in the area between the Farmers Market and downtown’s old financial district. The properties are in the same area where the new Harwood Park is planned.
Todd Interests has a track record of renovating old downtown buildings, include Dallas’ historic post office and the I.M. Pei-designed One Dallas Centre tower.