Looking at the future of the upscale condo market

The news that the developers of the historic Lake Cliff Tower have decided to sell the project -- even though two-thirds of the luxury condo units don't have owners -- can't bode well for the rash of similar upscale apartments either for sale, under construction, or planned in this area.

Why am I making such a big deal out of 33 unsold units in Oak Cliff? Because Oak Cliff is supposed to be hot, hip, happening and trendy -- and, notes The News story, Trinity River improvements should make the Lake Cliff location even more attractive. Yet the developers say things haven't gone according to plan -- and they had $4 million in city TIF money to work with.

This is not about being negative; rather, it's about trying to identify something that might happen, so we can figure out what to do. There was, oddly enough, a recent story in Dallas' Only Daily Newspaper that discussed TIFs and how they affect taxing districts (in this case, the DISD). If the condo and town house market slump, will we need to re-examine how we spend TIF money? Are there better ways to spend tax money to spur development?

Comments

[Norman Alston]

The problem with the DMN story on the TIF's and DISD is that it fails to mention that this is only the latest excuse for a problem that dogs virtually all large school districts and always has. Schools are frightfully expensive and take years to put in place whereas major population shifts seem to happen almost overnight. Conrad is a great example. Twenty years ago or less, the Fair Oaks neighborhood consisted of block after block of apartments catering to young singles. (Anyone remember Mad Hatters, the popular watering hole frequented by teams that had just competed on the nearby Fair Oaks Park playing fields?). Through a number of developments, including changes in Fair Housing laws, the area transformed to include a very large number of families, many low income. Now, it's changed again. It didn't need a school, then it did, now it doesn't, all within the space of 3 school bond programs.

I suspect there are better ways to do most things, but even this story demonstrates that TIFs can be very powerful. We must remember, however, that virtually all incentive programs are an investment, which is really a synonym for gambling. Put money up now hoping for future benefits. No one hits a home run on every investment. Even a successful program will have disappointments.

[Robert]

What is "transforming" those neighborhoods over night is the ghastly level of immigration (legal and not). Unfortuntely the new immigratant groups (mostly hispanic) can't afford the uptown, McKinnney, and Park City neighborhoods. So they land in places like the Fair Oaks neighborhod, "transforming" it in qucik time.

Get a grip on immigration and our neighborhoods will have time to breath and play catch up. Not to mention time for assimilation.

[Alex]

Hey Robert,

Wrong place to toot your horn. Your lack of institutional knowledge of Dallas could be forgiven if it weren't for the hatefulness with which you spew your wherewithal.

Save it for Dallasblog

[Robert]

Hey Alex:

Nice try with the labeling of "hatefullness." Just an honest viewpoint of what is transforming our neighborhoods. It is total ignornace as to the facts if you say areas like the Fair Oaks neighborhood haven't been "transformed" by immigration.

Stop with the stupid name calling.

[Alex]

Fair Oaks was transformed by a court ruling. Transformed into an African American neighborhood from a singles only neighborhood. That's who Conrad and the other schools were built for. The "immigrant" neighborhood you perceive is a reaction to African American movement from the area. However, the new population does not have as many children and does not need the same number of classrooms as were needed 10-15 years ago (and it didn't happen "overnight"). That is Norman's point, which you misconstrued.

As a lifelong Dallas resident, it upsets me when people who are not from the region try to use anecdotal evidence to explain to me how an issue effects the city. Nothing is as cut and dry as you think, there are always more factors in play. And hatefulness has only one 'L'.

[Robert]

Gosh, some people certainly have a high opinon of themselves, thinking that Dallas residency gives them status with respect to understanding neighborhood dynamics. I guess I need to quiet down and defer to their judgements because I am not "from this region" ?

Talk about eliteism at it's core.

Now that is a new twist on Nativism!

And thanks for the typo commets, you really got me with that one. What a zinger.

The hate you refer to must be within your own soul; so before this dialogue spirals down even further I will let you have the last word. Go ahead write another zinger.