Turkish developer Mukemmel "Mike" Sarimsakci met with city officials last week to present his plans for the redevelopment of 1401 Elm Street in Dallas, TX, a project that required the city to approve $30 million in TIF funds for the contract to purchase the property to move forward. The request was approved unanimously. According to a Dallas Business Journal article, the plot of land currently houses a 52-story, 1.3-million-square-foot office building that has been vacant since January 2010 and is expected to be demolished to make way for the new project this October.
Sarimsakci says construction will be completed in January 2014 under 1401 Elm Street Holdings LLC; part of the TIF fund contingency also stipulates that the developer will invest at least $125,000,000 into the new property which is planned to include ground-level retail, office space and residential apartments. "I think the fact that [Dallas] is pro-business, pro-development, and everyone is eager to create jobs," he told the Dallas Observer.
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