Iconic Dallas Project Breaks Ground

---

Three years after its grand unveiling, construction is finally set to begin on an ambitious 42-story luxury residential development in Dallas' fast-growing arts district.

This week developers of Museum Tower, the long-delayed and much-discussed development, announced an agreement with the Dallas Police and Fire Pension System to fund construction of the $200 million project. The pension fund will own the tower; developers Brook Partners and Turtle Creek Holdings will retain an "economic interest," according to local coverage.

Museum Tower launched with much fanfare in 2007, part of Dallas' move to a global stage. Marketing plans included an effort to grab some of the international luxury buyers gobbling up high-end properties in cities like New York, San Francisco and Miami.

The site is in the middle of Dallas' art district, a few blocks on the edge of downtown devoted to a collection of high-end museums and art institutions. The project's neighbors include the Nasher Sculpture Gardens and Meyerson Symphony Center, as well as a new park under construction.

"It's a validation for Dallas to deliver an internationally important high-rise," John Sughrue, CEO of co-developer Brook Partners, Inc., said in 2007.

Needless to say, what followed instead was economic collapse, pestilence and a little famine, and Museum Towers joined a long-list of shelved luxury towers.

But Museum Tower didn't die. Construction is set to start as early as next week, thanks to the new funding. Plans call for more than 100 residential units, with prices expected to start at $1 million.

"We very much have confidence in the decision to go ahead and believe this is the right project at the right time for Dallas," Sughrue told the Dallas Morning News.

If nothing else, the funding announcement is good news for the Dallas high-end condo market, which isn't exactly booming, according to local media reports. The House, a 28-story Yoo project, is only 10 percent sold, and a Ritz Carlton tower project is only one-third sold, the Morning News reports.

While some may question the timing, developer Sughrue says the project will be well-positioned in two and a half years, when units hit the market.

"We think we will have the market to ourselves," Sughrue told the Morning News

---