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Banking On Apartments At Republic Tower

MidtownCoog

By MidtownCoog
in Dallas/Fort Worth/Metroplex

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MidtownCoog

MidtownCoog

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Living here seems like a self-imposed hardship. Would y'all live here?

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Banking on apartments at Republic Tower

In about 18 months, the 36-story Republic National Bank tower will become home for hundreds of downtown residents. Downtown Dallas' Republic National Bank tower has been a business landmark for a half-century.

http://www.dallasnews.com/sharedcontent/dw...c.13bc1ebf.html

1223republic.jpg

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Dallasboi

Dallasboi

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It doesn't show in the picture, but doesn't one of the buildings have a rocket-ship spire? The Rebublic Bank logo was incorporated into the metal panels on the side of the towers.

Yeah thats the one.The developer plans to incorporate the history of this building in the promotion for the apartments.

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MidtownCoog

MidtownCoog

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Self imposed hardship as in:

1. Want to walk the dog? Better pack a lunch.

2. No balconies!

3. Bringing home groceries is akin to checking into a hotel.

4. It looks like a prison.

5. It may have history, but it lacks a soul.

6. It's apartments! Who wants to live in an apartment?

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Dallasboi

Dallasboi

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Self imposed hardship as in:

1. Want to walk the dog? Better pack a lunch.

2. No balconies!

3. Bringing home groceries is akin to checking into a hotel.

4. It looks like a prison.

5. It may have history, but it lacks a soul.

6. It's apartments! Who wants to live in an apartment?

This is a picture of the building prior to rennovation of course!!!!!! Common Sense= :P PRICELESS!!!

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Dallasboi

Dallasboi

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Different strokes for different folks. If the people moving here didn't consider all of the things you listed before moving in, then I think that they should have moved to Plano,Richardson, Garland, Rowlett,or any other one of our(as some will say) choking, landlocking,sprawling mammoth sized satelite cities......It will suit them better.

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firstngoal

firstngoal

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No plans for balconies. Only windows that will open. What a concept.

And why would they change the outside if its such a "classic" American design?

Decorative crowns will not fool me.

They may work for you. I bet you also live in an apartment.

I agree with MidtownCoog... AND this is not an anti-Dallas statement (let me go ahead and make that clear from the onset).

I would not live in a former office building... for the same reason I would have no desire to live in the former Rice Hotel in Downtown Houston. I want to live in a residential neighborhood where I can walk out my door and take my dog for a walk and have quick access to the goods and services I use on a frequent basis. I don't want my life connected via elevator to the rest of the world... nor do I want to have to pay a premium (which you will in this redevelopment!) to be inconvenienced and live in a world of concrete and steel. Thanksgiving Plaza is not reason enough for me to live in this section of downtown Dallas. I'm glad Dallas is attempting to redevelop its downtown office buildings... but this concept is just not for me (which was the original question, right?).

Not sure why the "common sense" knock was inserted into this dialogue... I think it makes plenty of sense that some people may not want to rent... or live in a 40-story former office tower.

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firstngoal

firstngoal

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I agree with MidtownCoog... AND this is not an anti-Dallas statement (let me go ahead and make that clear from the onset).

...and I don't live in the suburbs, by the way. Just a very happy resident of the Montrose area... five minutes (by bike) into the heart of the Houston CBD. :)

One last thing (trail of thoughts here, sorry!)...

I lived in Dallas for four years... and was mugged and robbed just three blocks from this Gables redevelopment. While I would never blame Dallas overall for what happened (and I liked living there), I would add public safety as a concern (to MidtownCoog's list) for this immediate area. New housing units will help on the safety front... but for someone that likes to be outside (and has dogs)... I don't think I could recommend walking around these buildings frequently.

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Dallasboi

Dallasboi

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This is not NYC or London. You can still live in the city center without locking yourself in an old office building.

I agree with you totaly, It's probablyThousands of people that feel the same way you do. But when this thing sells out, then we will know that there is at least 500 people that feel different. :D

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MidtownCoog

MidtownCoog

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I keep reading about Dallas' CBD and how so many firms have left for the burbs (Frito Lay, EDS, JCP, MCI).

In Houston, a major selling point of living in the city is to be close to work.

I wonder if Republic Tower residents will live downtown to be near work, or just becuase its neat?

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Subdude

Subdude

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Apparently the economics of rehabilitating old office buildings into apartments can be pretty good, since the structural elements stay in place. With any luck this will inspire more projects, like the old Holiday Inn downtown.

I really love the metal facing on the exterior. Houston has a similar design with the Travis Tower (old Conoco building).

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slfunk

slfunk

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I should also mention that I would not live in the converted buildings in downtown Houston, either.

My original question was from a quality of life perspective, and from the perspective of the investors.

Would you gamble $46mil on this?

This is hardly a gamble for a couple of reasons. One it is the Gables name, which has proven to provide quality apts and service. Second the occupancy of the rehab of office buildings in downtown Dallas proves to have a very high occupancy level with some of the properties reaching 98 percent with in less then a year of being open. These would include:

Davis Building

Interurban building

Kirby

Dallas Power and Light Complex

503 Elm Street Condos

1501 Elm Condos

1900 Main

Wilson Building

On the board:

1600 Main (a condo conversion of an office building that is just now starting construction with a sell out of condos in 6 weeks of their first phase)

Republic Center

Union Bank Complex

1900 Pacific Ave (debating to go condo or for rent)

Third rail lofts on Main Street

These are just off the top of my head, and with the exception of the Kirby, Wilson, and 503 Elm have come on board in the past 3 yrs. The newer developments are getting larger. There is only one project that I know of that is having trouble leasing and that is 1001 Ross Avenue. A new ground up building near the West End that has some rather "funky" floor plans that are not good for people looking to have roommates. They opened late last fall and were hoping to have 50 percent occupancy by 2005 before starting their second phase. They continued to give incentives (like free parking) and last I heard started dropping rents.

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MidtownCoog

MidtownCoog

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Sounds like a bit of a gamble to me. There is no such thing as a sure-thing.

But when the Gables folks looked around the country for skyscrapers switched to rental housing, they came up with just a handful of examples.

"There have been only four or five like this

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slfunk

slfunk

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And the second question remains the same:

Would you gamble $46mil on this?

I most certainly would knowing that other projects around downtown are costing more and have seen returns already. Also knowing that I have the city's support in tax incentives for this project. That is part of the 46 mil dollars.

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slfunk

slfunk

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So neither of you answered my original question:

Would you live there?

Yes...knowing what these conversions have to offer in way of amentities, leaving my car behind...etc. etc.... These are very nice developments being built for the urban dweller.

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RedScare

RedScare

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No, I want a balcony, a big balcony.

Thank you for a voice of reality, tamtagon. The Dallas uber alles bias of the other two posters does not allow them to admit the fact that high rise living without balconies is a miserable existence in ANY city, not just Dallas. The reuse of a historic building is admirable, but you wouldn't find me in it either, if all I can do is open a window for "fresh air".

funk and dallasboi, we are not trashing Dallas, but a rather poorly designed redo.

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nmainguy

nmainguy

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Here's my take on office buiding conversions to residential. I just got back fron NYC where we had a great Christmas celebration with my niece in her parent's converted office building. It now has a balcony with a view you could not buy with a billion dollars. [i'll post pics when I get them back]

I agree with the others who see an outside area as essential when living in a high rise.

This is in no way a slam on Dallas. I know many people who have no problem living in a completely contained environment. Drive down San Felipe to Four-Leaf Towers. The place is maxed out and has-I believe-a penthouse with balconys. There is enough diversity in the market to support both lifestyles.

There seems to be a trend to high-rise living and there seems to be a style to fit everyone's wants.

B)

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