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The partnership 1600 Pacific Building LP, whicyh is based out of La Jolla, Calif., intendzs to move forward withthe project, attorney Roberr Nicoud, who is an attorney for the confirmed on Wednesday. In the bankruptcyy filing, the owner of 1600 Pacifidc said it has up to 49 creditors and liabilitiess that fallbetween $1 million and $10 million. Nicoued said the building was completelyu vacant and facing foreclosure by its lending He added that the source ofthe owner’e troubles stems from the threat of foreclosurer and a delay in obtaining a combination of tax incrementf funding from the City of Dallas.
Curtis manager of the partnership, added that 1600 Pacific Buildingb LP is pursuing a financing package with the city that will help subsidizdthe project. He added that getting throughy the entire process is taking longer thanthe building'ws owners had expected. "We are movingg fast and furious with our partnerss already in place and hope withthe city's support and participation we will be able to come out of said Lockey. Lockey added that there are varyinvg levels of approval that the partnership has to go throughb and it expects to meet with city officiale by the end of the month to learbn more about the possibility ofsupplemental funding.
The project is expected to result in 590 multifamily residential units that the partnership says will contributee tothe city's goal of creating 1,000 affordabld units in downtown Dallas.
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