Epic office tower debt refinanced after Uber departure
Dallas Business Journal
The North Texas region's source for local business news & events. Part of the American City Business Journals network.
The owner of a large office tower in Deep Ellum once partially occupied by?Uber?has secured an infusion of debt financing that could help it lease up the building.
It was announced this week that Dallas-based Westdale Real Estate Investment and Management received the loan of more than $115 million from undisclosed Israeli investors to refinance three of its assets in Texas.
More than $63 million, or about 55% of the overall amount, will go toward refinancing debt owed on Epic I, a 282,873-square-foot?office tower at 2550 Pacific Ave., according to?Amir Giryes, who helped arrange the loan.
Read more here. ??
Plus, a luxury fashion designer will open its first Texas store in North Dallas; Southwest Airlines ’s big seating changes has mixed reactions; DFW’s largest commercial property owners are ranked; and DBJ reveals the Best Places to Work in North Texas.
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Panther Island’s path forward
Fort Worth officials describe Panther Island as a once-in-a-lifetime opportunity: more than 500 acres of developable land, both publicly and privately owned, just a stone's throw from downtown.
But uncertainty around the timeline for necessary flood control measures and infrastructure improvements has largely prevented developers from making solid plans.
That's starting to change. | Read more about Panther Island’s development here.?
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Major Pizza Hut franchisee files for Chapter 11 bankruptcy
An Irving-based franchise operator of more than 130?Pizza Hut?restaurants filed this week for bankruptcy protection, a fresh challenge for the restaurant chain based in Plano.
Franchisee EYM Group, Inc. filed for Chapter 11 bankruptcy protection on July 22 in the Eastern District of Texas.
The filing listed creditors including Los Angeles-based Manufacturers Bank, a state-chartered commercial bank, and Pizza Hut LLC. EYM owes the bank more than $20 million and owes Pizza Hut $2.2 million, according to the filing.
The Chapter 11 filing by EYM, one of Pizza Hut's largest franchisees,?follows lawsuits between the franchisor and franchisee. | Read more.
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Villages at Gateway to transform Forney shopping scene starting soon
Pieces are falling into place for the Villages at Gateway, a retail development that is expected to supercharge Forney's consumer economy. New public documents indicate construction on the first big-box retailer could start this month.
The Villages at Gateway is a 143-acre development planned near North Gateway Boulevard and U.S. Highway 80, anchored by?H-E-B,?Target?and?Home Depot. There will also be plenty of room for other retailers as well as restaurants: hundreds of thousands of square feet are planned overall in what would likely be the largest retail center in the?fast-growing city?east of Dallas.
In exchange, developer Street Level Investments is in line for more than $34 million in incentives, according to documents obtained by Dallas Business Journal . | Read when the developments will break ground here.
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Tom Thumb at RedBird mall redevelopment to begin construction
Construction on the 50,000-square-foot Tom Thumb Supermarket grocery store coming to the RedBird mall redevelopment should start in September.
Work on the store is estimated to cost roughly $7.75 million with delivery anticipated in November 2025. Located at the southeast corner of Camp Wisdom and Westmoreland roads, the Tom Thumb is expected to create at least 90 jobs. The store last year received Dallas City Council approval for a $5.8 million incentives package.
The new details about the project surfaced in an?July 26 filing?with the state and developer Peter Brodsky provided some additional details about the highly anticipated addition to an already high-profile project. | Read more.
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