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Statler Hilton and Old Dallas Library sold for redevelopment

Statler Hilton and Old Dallas Library sold for redevelopment

DALLAS, TX – –  The Multifamily Investments Division of Henry S. Miller Brokerage is proud to announce the disposition of the Statler Hilton hotel and Dallas Central Library in Downtown Dallas. This afternoon, Executive Vice President, Lew Wood and Associates Andrew Doster and Darden Orand were on hand at SenderaTitle to represent their client Leobardo Trevino and to witness history; the sale of the Statler Hilton hotel and Dallas Central Library to Centurion American. “We are extremely honored to have been chosen as the brokerage team to represent such an iconic, Dallas real estate offering. For 35 years I have been involved in a variety of historical renovation transactions and could not be more proud of our contribution in this notable Downtown Dallas deal.” said Lew Wood.

In July of 2013, the owner Leobardo Trevino, awarded Lew and his team the Statler Hilton hotel and Dallas Central Library, dual property listing. “We knew that we were in for a colossal challenge, but this is our specialty; finding a well-qualified buyer for an offering of this magnitude and historical sensitivity is what we do best. Trevino was extremely professional and trusted us to find the right buyer.” said Doster. Trevino is a well-known property owner in the Dallas area who has had much success buying, selling and developing quality real estate. Recently Trevino sold 1600 Pacific Avenue in Downtown Dallas. “The Statler is a Dallas icon.  Out of all the groups that presented us offers, I know that this icon has found its match with Centurion American.” said Trevino.

The Statler Hilton hotel and the adjacent Dallas Central Library properties are located at the SEC of St. Paul Street and Commerce Street in the heart of Main Street District of Downtown Dallas. The ±589,457 square foot Statler Hilton hotel and the ±131,800 square foot Dallas Central Library make up a total of ±721,000 square feet on ±80,000 square feet of land. Centurion American plans to redevelop the property into a mixed-use city center, but details about the development have not been confirmed. Centurion American was the most qualified candidate for the Statler Hilton and proved to be the winning buyer. Centurion has created some of the most impressive master planned communities throughout North Texas. Their resort-style communities feature single-family home development, multifamily development, retail and beautiful golf courses. “Centurion American was the most viable buyer for the Statler Hilton hotel and Dallas Central Library. Their professionalism, experience and in-depth due diligence throughout the transaction was just a small sampling of what they will potentially create at this site. They are truly a quality investor and developer and we look forward to working with them again, soon!” said Lew Wood.

The redevelopment of the Statler Hilton hotel and old Dallas Central Library could mean the revitalization of two large, aging properties that sit adjacent to the Main Street Garden. The city is excited about the potential for redevelopment on this particular side of Downtown Dallas and has already approved millions in tax increment financing.