According to an article in the Dallas Morning News, an LBJ Freeway property that was planned for high-rise development is now in foreclosure .
The article said:
The 15-acre tract next to the Galleria previously housed an automobile dealership.
Last year, developers announced plans for a $1 billion complex on the land that was to include office buildings, a hotel, condominiums and a shopping center. But the development was delayed because of the recession and building slowdown. Now lender RMR Investments Inc. of California has filed for foreclosure on the property, seeking repayment of more than $18 million in debt, according to county records collected by Addison-based Foreclosure Listing Service.
This commercial property foreclosure is the result of twin forces–the credit crunch and the housing slump which has created an environment of fear and extreme caution for lenders. Many commercial property owners are facing foreclosure or even bankruptcy after they are unable to get extensions or refinance real estate debt that is due. And it’s not just luxury office and hotel complexes that are facing foreclosure, many apartment complexes are also coming under the foreclosure axe. Because of these the Dallas-Fort Worth area may begin experiencing more blight due to abandoned and/or foreclosed property.