|By Steve Brown, The Dallas Morning
NewsMcClatchy-Tribune Regional News
July 01, 2011--Developers of the Southside on Lamar complex near downtown Dallas are starting work next week on a boutique hotel.
The project, which has been in the works for years, will be finished in 11 to 12 months, developer Jack Matthews said Friday.
"As of today we closed all the financing," he said. "It was a complicated financing, and we are very happy it's going ahead."
The 76-room hotel at Lamar and Bellevue streets will be operated by Nylo Hotels, which already has properties in Plano and Las Colinas.
"We think it will be a great addition to the neighborhood," Matthews said.
5G Architecture designed the makeover of the five-story brick commercial building, which has been empty for more than a decade. Azteca Enterprises is the general contractor.
Built in 1911, the building that will house the new hotel was originally occupied by a casket maker. Later it became part of Sears Roebuck and Co.'s huge warehousing and retail complex on South Lamar.
Matthews Southwest bought the historic Sears properties in 1997, and the first apartment tenants moved into the remodeled central building in 2000.
Matthews Southwest is also the developer of the city of Dallas' new convention hotel under construction at Young and Lamar streets in downtown Dallas. The 1,000-room hotel will open late this year.
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