Tallest falls the hardest? Or is it just a brave new world?

So this just happened:

The winning bidder was one of Burnett Plaza’s lenders: Pinnacle Bank Texas bought back the building at this month’s auction with a bid of $12.3M, according to a report in the Dallas Business Journal.

The previous owner, an affiliate of NYC-based Opal Holdings, defaulted on a $13M loan from Pinnacle and set off a foreclosure of Burnett Plaza, which is located at 801 Cherry Street, the report said. Opal bought for tower for $138M in 2021.

The Tarrant Appraisal District has assessed Burnett Plaza’s taxable value at about $104M.

Makes me wonder if this is on the horizon?

If you google turning office space into residential units you will find not just an article or two, but pages upon pages with practically every publication begging for it to happen. Now there are several that argue the costs are just too high to justify the transformation. But the powers that be have all the journo’s in the coop squawking about it.

And we all know some heavy hitters want to do this:

Ah yes, I sometimes think calling these smart cities is like nicknaming the big guy “Tiny” in your group of friends. Time will tell.

PREDICTION:

Look out for both government and possible bank programs (backed by Uncle Sam) that are for specifically converting office to residential. This will give a reason to print more cash to help subsidise the projects. We already see Uber and DoorDash not make any money, but rewarded for collecting data and changing the behavior of society. Oh Aldous Huxley would be proud! Why is Aldous as a name not more popular and there are nine differently spelled Jayden’s in my kids class?