Here’s an update from Dallas’ Only Daily Newspaper on a project we’ve been following since last May. Lou Reese, whose family owns the old Arcadia property on lower Greenville, says construction is almost ready to begin on the 32,000-square-foot building and could be completed within 12 months. The cost is estimated at $4-$6 million.
Reese says the building is 65 percent pre-leased, though he declined to name tenants. One of its goals, though, was to have non-bar tenants. Reese did say that a restaurant and what he described as a “community market” will lease 14,000 square feet. The family’s property company plans to occupy nearly half of the second floor.
Here’s how difficult the real estate market is: The Reese family discusses its projects about as often as the Cowboys make the playoffs. That it’s doing so is significant. Also noteworthy is that the Reeses will lease the second floor of the building, which apparently made it easier for them to line up financing. And if anyone had told me the Reese family would do a green building, which this is supposed to be, I would have laughed and laughed and laughed.
