‘Lemon on Stemmons’ is to be offered for sale as-is.
’Lemon on Stemmons’ is to be offered for sale as-is.
‘Lemon on Stemmons’ is to be offered for sale as-is.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Dallas’ mostly unused permitting building on Stemmons Freeway will soon be up for sale.
The Dallas City Council approved putting the 217,911 square feet of “unwanted and unneeded” land up sale in its April 23 meeting. The property will be sold through a public auction or via a two-tier process where the site will be offered for “sale as-is with improvements and as land-only.”
Dallas purchased the Stemmons property from Ricchi Group LLC in August 2022 for approximately $14 million.
The vote comes after an investigation by Dallas City Manager Kimberly Bizor Tolbert found that the city failed to do its due diligence before purchasing the property and performed just a surface level review of the building. Dallas spent about $29 million to purchase and repair the building with the aim of creating a one-stop shop for permitting – something that cost the city about $73,000 per month. The memo estimates that it would take “many millions” to get the property to an occupiable condition.
Read the full story here.