Contentious Dallas City Property Could Become Apartments, Retail
The city of Dallas sold a long-vacant 14-acre medical site at 2929 S. Hampton Road to Option Real Estate for roughly $6.9 million. The Dallas Business Journal reports Options Real Estate has a 90-day due diligence period to inspect the site, with an option to extend for a few more weeks.
Options seeks to invest at least $60 million into the redevelopment efforts. They could turn the property in Oak Cliff into townhomes, apartments and retail space.
Options Real Estate specializes in construction, financing, property management and other real estate services across southern Dallas County and Ellis County.
The city of Dallas acquired the 121,826-square-foot medical property in 2022 for $6.5 million with the intentions of turning the complex into a permanent housing option for homeless individuals. But residents opposed the plan.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout