Go ahead given for Cabana Hotel conversion
The Dallas City Council has approved $41 million to be given to Sycamore Strategies' subsidiary Caban Sycamore Development Inc., to assist it in turning the old historic Cabana Hotel into a 160-unit mixed-income apartment building.
The Cabana, at 899 Stemmons Freeway, was erected in 1962 by Jay Sarno, an entrepreneur who also developed Circus Cirus and Caesars Palace in Las Vegas. The Hotel has a long and storied past, including stays by President Richard Nixon, the Who, Led Zeppelin, and the Beatles. The total cost to transform the historic hotel into apartments is estimated to be $116 million.
Redevelopment of a commercial property sometimes necessitates a new logo design.
Previously, an incentive amounting to $15.5 million was approved for the former owners Centurion American Development Group in 2019 for renovation that would have transformed the building in luxury rentals. The project stood ideal after the hotel was gutted by Centurion.
The $41 million will be paid via tax increment financing (TIF) by the Design District upon completion of the project. TIF enables municipalities to subsidize developers through diverting or refunding some of their taxes.
Ed Oakley, a former city council member, pointed out during the September 27 council meeting that at $116 million, the per unit cost would be a staggering $725,000. Council member Omar Narvaez countered by reminding those in attendance of the serious need for mixed income housing for those working in the Design District.
The Cabana, at 899 Stemmons Freeway, was erected in 1962 by Jay Sarno, an entrepreneur who also developed Circus Cirus and Caesars Palace in Las Vegas. The Hotel has a long and storied past, including stays by President Richard Nixon, the Who, Led Zeppelin, and the Beatles. The total cost to transform the historic hotel into apartments is estimated to be $116 million.
Redevelopment of a commercial property sometimes necessitates a new logo design.
Previously, an incentive amounting to $15.5 million was approved for the former owners Centurion American Development Group in 2019 for renovation that would have transformed the building in luxury rentals. The project stood ideal after the hotel was gutted by Centurion.
The $41 million will be paid via tax increment financing (TIF) by the Design District upon completion of the project. TIF enables municipalities to subsidize developers through diverting or refunding some of their taxes.
Ed Oakley, a former city council member, pointed out during the September 27 council meeting that at $116 million, the per unit cost would be a staggering $725,000. Council member Omar Narvaez countered by reminding those in attendance of the serious need for mixed income housing for those working in the Design District.