A buyer plans to purchase the Faulkner Tower building on Gaston Avenue and renovate the building into new office space.
Carl Anderson, co-founder of commercial real estate developer Larkspur Capital, says he expects to complete the purchase of the property and its parking lot farther south on Paulus Avenue within two months. Anderson said contract terms prohibit him from disclosing how much he’s paying for the property.
This isn’t the first time the property has been in play. The Advocate previously reported the seven-story tower at 6220 Gaston Avenue was under contract in April 2017, but the buyer wasn’t identified at the time. The property went on the market in May 2016. Ebby Halliday agent Rob Biesel, son of longtime owner Jerry Biesel, posted the then-$6 million listing.
The tower previously had been under contract to Grant Guest in late 2015. His plan was to tear down the tower and construct apartments on top of retail. He also wanted to build a low-rise complex on the parking lot on Paulus behind the tower, but Guest failed to close on the property.
Anderson says once the purchase is complete, he plans to begin renovations on the 34,900-square-foot building. He’s still evaluating different options for the building, but office space is a sure bet in any scenario, he says.
Another possibility is to develop half the space into luxury apartments. On each residential floor, Anderson is considering three 1,300-square-foot apartments built to condominium specifications. A retail area on the ground floor could also include a restaurant or small shops, such as a boutique or art gallery, he says.
“The good news is you can do anything with it, given how sound the structure is,” Anderson says. “The plan is to do a gut renovation of the building. All the windows will be replaced. The brutal-looking concrete would go away. It’s extremely dated. It will look brand new when it’s done.”
Anderson is still working with the City of Dallas to obtain permits, but he says the project would not require any zoning changes.
Over the years, there has been plenty of neighborhood speculation about the property. Among the questions: Would a Faulkner Tower buyer also purchase the adjacent commercial properties on Paulus to extend the design of the Lakewood Shopping Center and create a mixed-use space? Rather than create a megaspace, some neighbors hoped the smaller individual lots would remain zoned as a transition area between the shopping center and adjacent homes in a historic district.
“I did entertain that idea, but it’s really tough to assemble multiple parcels from different owners,” Anderson says. “And it was clear the neighborhood didn’t want anything with zoning changes.”
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