I want to address the comment that someone made on the article about the collapsed deal between the developer and the city of Irving for a Las Colinas hotel. In it the commenter states that the city of Irving tends to fall for the sweet talk, which is why they haven’t been able to seal anything for the convention center or have stalled with any further development in Las Colinas.
The commenter also doubts that one of the developers involved, Rick Lazes of The Entertainment complex (original name, I know) will be a good go to developer to sweep in and pick up the pieces. Mostly because of the shoddy recycled set up they’re responsible for called the NC Music factory in Charlotte.
Sure it’s using old warehouses, but it’s no different from the Dallas Music Complex we have here and really at this point, with previous plans to break ground next month before the developer Mortenson Development couldn’t raise the money. Already it seems like a pretty sweet deal for Lazes’ purse to get a unheard of low-front that covers 10%.
The article reads in a way that makes me embarrassed for Mortenson. Why were they missing their deadlines? Was it that much trouble to find an investor? How much of a risk is there to double down on this thing? If they give it to Lazes (which has to be the next step) then it will be cost effective and very greatly needed. Because since the lofts opened up nearby, there can be nothing is worst than leaving a bunch of hip young business professionals stranded in the middle of and aging business district with nothing to do.