Dallas Landmark Revived by $116M Transformation, Market briefs

In Dallas, The Cabana Hotel, a long vacant building developed by Caesars Palace founder Jay Sarno, has been transformed into a 175-unit apartment redevelopment.

Hunt Capital Partners and Sycamore Development reported the opening of Cabana Design District, a $116 million mixed-income housing development at 899 N. Stemmons Freeway in the Design District near downtown Dallas.

Built in 1962, the 10-story former hotel in its heyday hosted famous guests including The Beatles and Richard Nixon. Following financial trouble in the late 1960s, the hotel went through several changes in ownership and use. The building, which has been vacant for more than a decade, once served as a Dallas County jail.

About 70 apartments (40% of the units) at Cabana Design District are designated as affordable housing for families earning between 30% and 80% of the area median income, as stated by the developers.

The City of Dallas provided $41 million in subsidies through the Design District Tax Increment Financing District. Financing also included federal and state historic tax credits.