THE DALLAS MORNING NEWS
Santa Fe Terminal conversion emphasized site south of Commerce.
By: Steve Brown, Real Estate Editor
Downtown’s largest loft apartment building, the Santa Fe Terminal on Jackson Street, will be converted into condominiums, a move that will be closely watched by other developers.
Consumer response to downtown condos has been tepid so far.
Officials at Dallas-based Westmount Realty, which owns the 205-unit building, said Tuesday that they want to take advantage of the market.
“We think that downtown is ready for more home buyers,” said Westmount president Cliff Booth. “With low interest rates, it’s certainly an affordable time to be buying.”
Condos in the building will range from $95,000 to more than $300,000 for a penthouse.
“Most of the units in the property will be less than $200,000,” Mr. Booth said. “We are going to be cheaper than the new condos they are announcing in Uptown.”
With units averating about 1,000 square feet, the project includes a garage and a rooftop pool.
“We are upgrading the lobby, doubling the size of the fitness center and making improvements to the pool area,” Mr. Booth said.
The building will also get a new name – SoCo Urban Loft Condominiums.
“We are trying to build some name identification for the whole south of Commerce Street area,” he said.
Westmount renovated the Santa Fe Terminal from a 1920s warehouse to rental units in 1997. Developers that get tax credits for historic building renovations must wait five years before selling a project – or any part of a project.
The 11-story building is more than 90 percent lesed, according to the landlord.
Westmount said it will honor its rental contracts in the building and convert the property to condos as leases expire. Tenants are also being given first option to buy.
Real estate agents said condo sales in Dallas’ central business district have lagged behind markets surrounding the core.
The 67-unit 1505 Elm building has been on the market for almost two years and has more than a dozen units available. Condos are also available in a project in the West End and in a small building on Field Street at Jackson.
More than 1,600 rental units exist downtown.
“I see downtown as being where we were more than seven years ago in Uptown,” said real estate agent David Griffin. “It’s not like Manhattan down there.”
But Mr. Griffin said urban buyers are curious about downtown.
“The idea of living downtown is very exciting to people,” he said. “But they are questioning the amenities – where do I shop, what kind of nightlife is there, what is the scene downtown?”
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