Dallas, Texas – Local developer Zachary Krochtengel has revealed plans to purchase and redevelop the historically notable Cabana Hotel into budget-friendly apartments. This news follows his recent bid to construct a mixed-income housing project, Cypress Creek at Forest Lane, in the Lake Highlands area. Despite encountering resistance due to existing deed restrictions, this venture has been repeatedly reworked, finally landing a spot for a council vote in June.
The anticipated conversion of the Cabana Hotel is expected to meet less resistance compared to the Cypress Creek project. This iconic 10-story edifice, located on Stemmons Freeway, has been unoccupied and stripped bare for several years.
In an exclusive conversation with CandysDirt.com, Krochtengel shared his enthusiasm about breathing new life into the significant structure while simultaneously contributing to the mixed-income housing demand in the Design District. He hinted at the distinct design elements of the Cabana Hotel which he believes will bring forth unique apartments offering an unrivaled view of downtown Dallas.
Krochtengel also revealed his intention to seek Low-Income Housing Tax Credits to fund this venture. A proposal unveiled last Friday to the Urban Design Peer Review Panel envisages demolishing the existing parking garage, constructing new additions, and enhancing the pedestrian connection along Slocum Street at the rear of the property.
Constructed in 1962 by Jay Sarno, a notable figure in the world of Caesar’s Palace, the Cabana Hotel is known for its vibrant past, filled with celebrity-filled parties featuring The Beatles and Led Zeppelin. It was later repurposed into a county jail before being purchased by Mehrdad Moayedi’s Centurion American Development Group in 2017 for a reported $8.1 million.
While Sycamore Strategies is in contract to buy the property, the final acquisition price remains undisclosed.
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— DallasMetro.news (@DallasMetroNews) May 29, 2023