Westmount Realty to convert Santa Fe Terminal into lofts

DALLAS BUSINESS JOURNAL
Published August 6, 2004

Dallas-based Westmount Realty Capital LLC has already started work to convert the Santa Fe Terminal building in Downtown Dallas into 205 loft apartments in a project it calls the SoCo Urban Loft Condominums.

The 300,000-square-foot former warehouse was built in 1924 and is on the National Register of Historic Places.

To do its part in accelerating the redevelopment of the neighborhood around the Santa Fe Terminal building and to promote the new apartment complex, Westmount Realty has come up with a name for the area that sits south of Commerce Street -- "SoCo." The SoCo district extends west to I-35, east to I-75/45, and to Commerce Street on the north, with an undefined southern border. It sits due south of the burgeoning Main Street District, where some $95 million has been spent on revitalization since 2000 with another $55 million in investments expected by 2005, according to the Dallas Convention & Visitors Bureau.

"SoCo can be the gateway neighborhood that leads downtown redevelopment precisely in the direction it is most needed, south," said Cliff Booth, Westmount's president.

To promote the idea, Westmount Realty has developed a special SoCo logo that it will offer to the City of Dallas for possible use on street signs and other visual media, such as banners.

The SoCo lofts, which will start at $95,000, will be available in a number of floor plans, including two-story penthouses with private roof decks. Up-front discounts and special financing will be available for a limited time to existing residents until Sept. 8, at which time the units will be available to the general public.

Westmount Realty has been active in the renaissance of Downtown Dallas, successfully completing or in the process of redeveloping several office/warehouse, multi-family residential and retail buildings within the Downtown Dallas core. A fully integrated real estate company, Westmount says it regards the conversion of the loft apartments in the Santa Fe Terminal to condos as a logical next step on the long road to bringing the downtown area fully back to life.

"Property owners have the highest commitment to their dwellings and to the nearby surroundings," Booth said "By changing the residents of the Santa Fe Terminal from renters to owners, we increase their stake in the neighborhood. Over the long run that attitude shift can only support the revitalization of the entire downtown area."

Westmount is a privately-held commercial real estate investment company with activities in development, management and lending. The group has built a diverse portfolio including industrial properties, retail centers, office buildings, multi-family communities and several historic buildings in downtown Dallas.