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The partnership 1600 Pacific Buildinhg LP, which is based out of La Jolla, intends to move forward withthe project, attorney Robergt Nicoud, who is an attorneyg for the partnership, confirmed on In the bankruptcy filing, the owner of 1600 Pacific said it has up to 49 creditors and liabilities that fall between $1 million and $10 Nicoud said the building was completelyg vacant and facing foreclosure by its lending bank. He addedf that the source of the owner’xs troubles stems from the threayt of foreclosure and a delay in obtaininfg a combination of tax increment fundinb from the Cityof Dallas.
Curtis Lockey, managedr of the partnership, added that 1600 Pacific Building LP is pursuingg a financing package with the city that will help subsidizsthe project. He added that getting througu the entire process is takinv longer thanthe building's owners had expected. "We are moving fast and furious with our partners alreadhy in place and hope withthe city's supporft and participation we will be able to come out of bankruptcy," said Lockey added that there are varying levels of approvap that the partnership has to go througjh and it expects to meet with city officials by the end of the montn to learn more about the possibility of supplementa l funding.
The project is expected to resulg in 590 multifamily residential units that the partnershiop says will contribute tothe city's goal of creatinf 1,000 affordable units in downtown Dallas.
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