Ray Washburne confirmed Thursday that South Side developer Jack Matthews is working with him to redesign the former Dallas Morning News headquarters.
DallasNews Corporation has granted Washburne an extension of payments on its $ 28 million purchase of 508 Young Street. The original two-year US $ 22.4 million bond with parent company The Dallas Morning News has been extended to June 30, 2022.
The building housed the Dallas Morning News from 1949 to 2017.
Washburne, the co-owner of Highland Park Village, has gutted the interior of the building but retained the exterior, which was designed by noted North Texas architect George Dahl.
His company planned to start construction in the spring of 2020 but the pandemic delayed it, Washburne said, which led him to request the one-year extension.
“The note is current and nothing has changed other than adding a year as life has returned to normal,” Washburne said in an email.
Matthews, who also developed the Omni Dallas Hotel next door to the Kay Bailey Hutchison Convention Center, is now a partner in the 508 Young St ..
Final plans are still ongoing, Washburne said, adding it would try to “rethink” from Young Street all the way down Southside.
Washburne and Matthews have not yet announced their current plans for the location, but previous proposals included a boutique hotel and entertainment and dining options in buildings adjacent to the Convention Center and the Omni.
At the southern end of the site, Washburne was talking about building apartment and hotel towers.
Matthews is the largest landowner in the area south of downtown, across from Interstate 30 from the Convention Center.
It is the area in which the terminal for the planned high-speed line from Dallas to Houston is to be built. That project took off in June when developers signed contracts with construction companies and the Texas Supreme Court dismissed a lawsuit against private development company Texas Central. The five-year dispute centered on safeguarding land rights along the 240-mile route.
The high-speed line promises to connect the state’s two largest metro areas in a 90-minute journey.
Washburnes charter DMN Holdings LP agreed to purchase the former headquarters of The Dallas Morning News in May 2019. The $ 28 million sale included a cash payment of $ 5.6 million to close with the balance paid two years later, on Wednesday. The note is secured by the property.
In exchange for more time, Washburne has agreed to pay in full a $ 375,000 secondary note, made up of April 2020 deferred interest and property taxes. Under the new terms, Washburne will pay 4.5% quarterly interest on the unpaid $ 22.4 million note every quarter for the next year.
Twitter: @MariaHalkias and @SteveBrownDMN
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