North Dallas: Midtown

[Addison]

I'm not saying Beck is particularly credible, but Sears did just come out of bankruptcy per https://therealdeal.com/2022/11/08/sears-crawls-out-of-bankruptcy-in-tatters/ and per that article, Seritage is looking to sell it's assets individually due to the bankruptcy, because it got 0 offers on an attempt to sell the entire portfolio.

It's a bit more complicated than that.

Seritage is a completely separate, publicly-traded entity that was spun off from Sears prior to its bankruptcy. This was done in hopes of protecting Sears' former real estate from forced liquidation.

The decision to sell their property at Valley View was made before the shareholders voted to sell all of the entity's property last month.

It is true, however, that Eddie Lampert is Seritage's largest shareholder. It is also true that many of the institutions that were burned by Sears' bankruptcy also have a significant stake in Seritage.

[Tucy]

I'm not saying Beck is particularly credible, but Sears did just come out of bankruptcy per https://therealdeal.com/2022/11/08/sears-crawls-out-of-bankruptcy-in-tatters/ and per that article, Seritage is looking to sell it's assets individually due to the bankruptcy, because it got 0 offers on an attempt to sell the entire portfolio.

Sears is not Seritage. Yes, Sears just "came out of" bankruptcy (and is very nearly dead). But Sears has not owned the Valley View property since mid-2015.

Yes, Seritage is trying to sell properties because they didn't find any buyers for the whole company, but that is not really related to the Sears bankruptcy case (which has been going on for years). Bottom line, Seritage owns the property, not Sears (Seritage has not owned it since mid-2015). And Seritage is not in bankruptcy (but the property IS for sale and has been since August). One would presume that Beck is trying to buy it; if not, it tells us a lot.

[Addison]

I'm not saying Beck is particularly credible, but Sears did just come out of bankruptcy per https://therealdeal.com/2022/11/08/sears-crawls-out-of-bankruptcy-in-tatters/ and per that article, Seritage is looking to sell it's assets individually due to the bankruptcy, because it got 0 offers on an attempt to sell the entire portfolio.

Sears is not Seritage. Yes, Sears just "came out of" bankruptcy (and is very nearly dead). But Sears has not owned the Valley View property since mid-2015.

Yes, Seritage is trying to sell properties because they didn't find any buyers for the whole company, but that is not really related to the Sears bankruptcy case (which has been going on for years). Bottom line, Seritage owns the property, not Sears (Seritage has not owned it since mid-2015). And Seritage is not in bankruptcy (but the property IS for sale and has been since August). One would presume that Beck is trying to buy it; if not, it tells us a lot.

The bolded is not accurate.

Although Lampert tried his damndest to delay the inevitable as long as he could, the writing was on the wall in 2015 that Sears was headed into bankruptcy.

What Lampert didn't want, however, was for the bakruptcy judge to force Sears to fire sale all of its prime real estate at a loss. At least now, Seritage can attempt to command FMV for the property.

So his solution? Spin it all off into a brand new corporation in which he owned the largest proportion of shares.

[The_Overdog]

Right. Saying Seritage is not Sears when the former Sears CEO spun it off and became CEO of Seritage is kind of quibbling. Beck was speaking for a news article, it's close enough.

[Tucy]

Right. Saying Seritage is not Sears when the former Sears CEO spun it off and became CEO of Seritage is kind of quibbling. Beck was speaking for a news article, it's close enough.

Lampert was never CEO of Seritage. As of earlier this year, he is no longer Chairman or even on the board. It is not just quibbling. To say the owner of the former Sears property filed for bankruptcy (as the article claims Beck said) is just false. And the Sears bankruptcy is completely irrelevant to the current status of the Valley View property.

[Addison]

lol...

In latest ultimatum to Valley View owner, Dallas demands demolition be done by end of July


https://www.dallasnews.com/news/comment ... d-of-july/

How Dallas is this?

Our city’s longest-running hostage crisis involves real estate — the remains of Valley View Center, rotting away on its prime and pricey gravesite at LBJ Freeway and Preston Road.

This monument to urban blight — a crumbling mall and its surrounding asphalt wasteland — has outlasted mayors, council members, even newspaper columnists as majority-owner Beck Ventures and City Hall play round after round of chicken.

Foot-dragging developer Scott Beck has the upper hand in this six-year battle. He’s sitting on a gold mine, a 430-acre property that is among the few remaining large and developable sites left in North Dallas.

Recently comes word of a break in the hostage-taking. At least that’s what they say. We’ve heard this before — many times.

The City Attorney’s Office sent Beck a letter late last month demanding removal of the last hunk of the still-sorta-standing mall. The latest final deadlines to avoid going back to court: Get the asbestos abatement finished by March 16 and the site completely cleared by July 28, 2023.

“We’re looking for partners, not opportunists,” is how Assistant City Manager Majed Al-Ghafry assessed the state of when he returned my call Sunday...

[Tucy]

LOL That article reminds me of one of the more hilarious clips from the prior story we were discussing up-thread -- where Beck claimed the project is ahead of schedule. ROFLMAO

[rono3849]

LOL That article reminds me of one of the more hilarious clips from the prior story we were discussing up-thread -- where Beck claimed the project is ahead of schedule. ROFLMAO

The eyesore that once was Valley View Mall is like an open wound in North Dallas. This is a huge embarrassment for the City and its so-called leaders. I can't imagine what horrors are going on inside of the remains of the mall. I'm sure there are homeless encampments and all sorts of disgusting activity going on there.

[willyk]

This is a serious question: What more can a city do to get a derelict site under development when the owner refuses to act? The City has given him great zoning already. I fear that we are in a situation where private property rights will prevail.

And I have to say that as attractive as this site is, the Galleria market is not really a top market office anymore. Lately the highest and best use has been stick wraps. The big investments northward along the Tollroad are being made at Preston Center and 121. Valley View is taking a big chance on missing the window of opportunity for this site.

[Addison]

This is a serious question: What more can a city do to get a derelict site under development when the owner refuses to act? The City has given him great zoning already. I fear that we are in a situation where private property rights will prevail.

And I have to say that as attractive as this site is, the Galleria market is not really a top market office anymore. Lately the highest and best use has been stick wraps. The big investments northward along the Tollroad are being made at Preston Center and 121. Valley View is taking a big chance on missing the window of opportunity for this site.

Agreed on all points. It's a sad situation.

The only real option the city has is to tie him up in so much litigation that he finally just walks away from the land.

The Valley View could be something really great and reinvigorate the Galleria area, but it would take a competent developer to accomplish this.

It's not just the Valley View site either. So many of the big projects in this area (Alpha West, Plush Hotel, Galleria redevelopment, etc.) have all hopelessly stalled because of shitty developers.

[mhainli]

Is it too much to ask for a local (or any) developer to try and buy up the entire VV site and do it right? Seritage is selling. Why aren’t Beck and the other landowner wanting to sell?

[IcedCowboyCoffee]

"Valley View mall site is a disaster, and City Hall is responsible" - Dallas Morning News

In November, the city told developer Beck Ventures it had until July 28 to have the structure completely torn down and removed, or face going back to court. But after 50 firefighters spent four hours putting out two fires there, the city attorney’s office bumped up the demolition deadline to June 1, Dallas City Council member Jaynie Schultz told us.

https://www.dallasnews.com/opinion/editorials/2023/02/15/valley-view-mall-site-is-a-disaster-and-city-hall-is-responsible/

[Addison]

"Valley View mall site is a disaster, and City Hall is responsible" - Dallas Morning News

In November, the city told developer Beck Ventures it had until July 28 to have the structure completely torn down and removed, or face going back to court. But after 50 firefighters spent four hours putting out two fires there, the city attorney’s office bumped up the demolition deadline to June 1, Dallas City Council member Jaynie Schultz told us.

https://www.dallasnews.com/opinion/editorials/2023/02/15/valley-view-mall-site-is-a-disaster-and-city-hall-is-responsible/

As critical as I am about Scott Beck, that article is definitely spot on. The city of Dallas enabled this for too long.

Slumlords are gonna slumlord when you don't hold them accountable...

[rono3849]

What a massive failure by the City of Dallas to allow this horror to continue to plague one of the most prominent sites in the city. It's a disgrace to see that virtually nothing good has happened here for years. It's an open wound that has festered to just ugliness. No excuses are acceptable.

[tamtagon]

What a massive failure by the City of Dallas to allow this horror to continue to plague one of the most prominent sites in the city. It's a disgrace to see that virtually nothing good has happened here for years. It's an open wound that has festered to just ugliness. No excuses are acceptable.

Word

[mhainli]

What a massive failure by the City of Dallas to allow this horror to continue to plague one of the most prominent sites in the city. It's a disgrace to see that virtually nothing good has happened here for years. It's an open wound that has festered to just ugliness. No excuses are acceptable.

Word

To think this site may have missed the biggest boom real estate cycle in many years…And undoubtedly the ugliness has affected this whole area of town from an investment standpoint. There has to be lessons learned here for the city and for these developers with grand plans that don’t have the financial means or control of the site. Keeping a huge partially demolished structure in place for years for the sake of one lease holder (AMC)?? This screams of penny pinching and is not a good sign.

[lakewoodhobo]

Even if work came to a screeching halt at Red Bird, I'd still be shocked that this happened in Southern Dallas while Midtown looks like a scene from The Last of Us.

Screen Shot 2023-02-22 at 11.06.09 AM.jpg

[Addison]

Dallas slaps Valley View Center owners with habitual criminal property designation

https://www.dallasnews.com/news/comment ... signation/

[rono3849]

Dallas slaps Valley View Center owners with habitual criminal property designation

https://www.dallasnews.com/news/comment ... signation/

The situation at this location is a horror show. The blight is everywhere and the internal activities are obviously dystopian. The homeless & criminals have taken over this site. The city either implodes this mess or it allows the nightmare to live on. Dallas should be ashamed.

[Hannibal Lecter]

Demolition begins at Dallas’ Valley View Center after firefighters injured in blaze

A demolition company has begun tearing down the remains of the former Valley View Center on Thursday after two firefighters were injured while trying to put out a blaze at the site earlier in the day, city officials say.

Dallas Chief Community Prosecutor Jill Haning told The Dallas Morning News, “Demolition started today!”

The 300,000 square foot building remains on the corner of Lyndon B. Johnson Freeway and Preston Road was planned to be demolished starting next week after asbestos removal was scheduled to be finished, according to City Council member Jaynie Schultz, who represents the area. She said the abatement of the toxic mineral began in December and around 90% done.

The demolition company contracted to tear down the building came on site Thursday due to the reported fire, Schultz said. The company successfully petitioned the state department of health, who is overseeing the asbestos abatement, to move up the tear down after two firefighters were taken to a hospital with non-life-threatening injuries.

https://www.dallasnews.com/news/politic ... -in-blaze/

[dallaz]

According to this NBC 5 news clip, the project is moving forward. Scott Beck said this many times before, I’ll believe it when I see it. What do y’all think?

https://www.nbcdfw.com/news/local/final ... d/3217508/

[Addison]

According to this NBC 5 news clip, the project is moving forward. Scott Beck said this many times before, I’ll believe it when I see it. What do y’all think?

https://www.nbcdfw.com/news/local/final ... d/3217508/

Scott Beck is full of shit.

[dallaz]

According to this NBC 5 news clip, the project is moving forward. Scott Beck said this many times before, I’ll believe it when I see it. What do y’all think?

https://www.nbcdfw.com/news/local/final ... d/3217508/

Scott Beck is full of shit.

Right.

Here are a few news clips over the years saying the project is moving forward.

news clip from early 2017 - https://youtu.be/8FRDuQM4waA

news clip from mid 2017 - https://youtu.be/8KN4DTAIupU

news clip from 2019 - https://youtu.be/l2nBI0ulrDo

news clip from 2021 - https://youtu.be/F7rhToaWVsU

It just sound like a continuation IMO. Hard to take it serious…