posted on July 02, 2010 00:00
After more than a decade of owning the dirt on which the 42-floor Museum Tower will be built, developers finally stuck a shovel in it at a ceremonial groundbreaking for the project Thursday in Dallas.
The timing is perfect for the highly anticipated $200 million condo tower, with the new AT&T Performing Arts Center and growth within the Arts District, developer John Sughrue told the crowd of more than 100.
"People have asked us, 'Why now?'" Sughrue said. "The answer is easy. Look around you."
Museum Tower is being developed by Sughrue's Brook Partners and Turtle Creek Holdings. They announced the project's revival last week.
Dallas Mayor Tom Leppert said Museum Tower will foster more private real estate development in the area. "I can't wait until we get to the ribbon-cutting," he said.
The condos are expected to be ready for move-in by the end of 2013.
Gerald Brown, chairman of the Dallas Police and Fire Pension System, which is funding Museum Tower, called the project's design "magnificent."
"We think this is going to be the premiere development in the City of Dallas," Brown said after the ceremony, then adding: "I wish I could afford one."
June 24th, 2010 | Bill Hethcock | Dallas Business Journal