The news that the developers of the historic Lake Cliff Tower have decided to sell the project — even though two-thirds of the luxury condo units don’t have owners — can’t bode well for the rash of similar upscale apartments either for sale, under construction, or planned in this area.
Why am I making such a big deal out of 33 unsold units in Oak Cliff? Because Oak Cliff is supposed to be hot, hip, happening and trendy — and, notes The News story, Trinity River improvements should make the Lake Cliff location even more attractive. Yet the developers say things haven’t gone according to plan — and they had $4 million in city TIF money to work with.
This is not about being negative; rather, it’s about trying to identify something that might happen, so we can figure out what to do. There was, oddly enough, a recent story in Dallas’ Only Daily Newspaper that discussed TIFs and how they affect taxing districts (in this case, the DISD). If the condo and town house market slump, will we need to re-examine how we spend TIF money? Are there better ways to spend tax money to spur development?
