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Dallas Gives Final Nod to 1,000-Key Hotel Site

DALLAS-With council's action, Chavez Properties sets a June 19 closing to turn over its 8.34-acre parking lot on the convention center's doorstep for the $400-million-plus plan.

By Connie Gore | Updated on May 21, 2008

DALLAS-Clearing yet another hurdle for a convention center hotel, Dallas City Council yesterday agreed to buy an 8.34-acre parking lot from Chavez Properties, which has been waiting 20 years for the deal to gel. The seller tentatively has penciled June 19 as the closing date.

The clock has been ticking on a land option since mid-February when council plunked down $500,000 of earnest money for the Young Street lot. The 8.34-acre lot, which generates $800,000 annually, is being sold for $109.32 per sf. Council will finance the acquisition by issuing $42 million of certificates of obligation, which also got approved at yesterday’s meeting.

Meanwhile, council and its team have narrowed the list of developers to Austin-based FaulknerUSA and Woodbine Development Corp., Matthews Southwest and Hamilton Properties Corp., all from Dallas. The two proposed operators are Irving, TX-based Omni Hotels Inc. and Marriott International Inc. of Bethesda, MD. A decision could be made by mid-June.

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