Lazarus Property Kicks off Work for CBD's First For-Sale Condos

DALLAS-Construction crews have descended on a 16-story, 171,000-sf office building that has stood vacant for nearly a decade in the Dallas CBD’s heart, kicking off the CBD’s first for-sale condo project.

Work had kicked off as soon as the final purchase papers for 1505 Elm Place had been inked by Sam Ware’s Lazarus Property Co. The first phase, which will enable the firm to market the condos, will wrap up in 90 days, says Steve Everbach, Lazarus’ new COO. He estimates the spec project will cost $20 million to $30 million before all is said and done.

Lazarus has bought the property from the Greater Dallas Chamber of Commerce, which had undertaken a building remediation, including asbestos removal, to get the structure in shell condition and marketable. Everbach tells GlobeSt.com that purchase talks have been ongoing for a few months although the structure has been on the market for perhaps close to a year.