ARLINGTON -- The real estate broker listing the vacant Eastern Star Home property south of Cowboys Stadium in Arlington has asked the city for a demolition permit to allow a new owner to tear down the site's last remaining structure, which was built 88 years ago.
The request has been stayed for 30 days by the city's Landmark Preservation Commission, but its chairman, Ron Reber, says the days are numbered for the red-brick building, which has been vacant since 2001."It's a losing proposition," Reber said. "It's too little, too late, I'm afraid. Our job is trying to save historic structures and that's one of the most historic around."The commission is required to hear the request again before it goes to the City Council, likely in late September. Reber said he doesn't think there's enough support on the council to turn down the request."They want progress," Reber said.Providence Bank in Columbia, Mo., took ownership of the 28.5-acre site in January as part of the bankruptcy of the former owner, South of the Stadium Llc., which filed for Chapter 11 reorganization more than a year ago. The group wanted to redevelop the property with residences, shops and restaurants.Providence obtained the loan on the property when it took over the failed Premier Bank in Jefferson City, Mo. Premier loaned the project's owners $9.2 million in 2007 to buy the property at 1111 E. Division St. Mehrdad Moayedi, a Carrollton-based real estate developer who headed South of the Stadium, testified that he was renegotiating the loan when Premier failed. He said he tried to negotiate with Providence Bank but was unsuccessful. Providence Bank did not approve the reorganization plan.A few months ago, Providence Bank hired Larry McCorkle, an executive vice president with Jones Lang LaSalle commercial brokerage, to list the property. The asking price is $11.5 million. Moayedi once listed the property for sale for $25 million.McCorkle said Wednesday that the bank will not demolish the structure, a former retirement home built by the Order of the Eastern Star, a Masonic-related fraternity. Rather, McCorkle said, he has asked for the permit because some potential buyers have asked what can be done with the structure. He said the building is in "substantial disrepair.""We just wanted to get the process started," McCorkle said. "This way we at least have an answer. I don't want a buyer waiting. I don't want to start this process then. Our goal is to sell it."Bank executives did not return phone calls seeking comment.Reber said he's hoping a buyer will want to save the structure as part of a redevelopment.McCorkle, Reber and Councilman Charlie Parker, whose district includes the Eastern Star Home site, recently visited the property.Parker said that the inside of the building is "totally trashed" and that very little appears to be salvageable. He said he doesn't think there will be much council support to turn down the demolition permit."There's not much we can do with this," Parker said. "It is a prime piece of real estate. I certainly don't want to see a parking lot there, but hopefully something good is in its future."The home was built in 1924 and expanded in 1931, 1954 and 1966. Those additions have since been torn down. In 2005, the building was used to house Hurricane Katrina evacuees. In 2006, the property was named to Preservation Texas's Most Endangered Property List.Sandra Baker, 817-390-7727Twitter: @SandraBakerFWSTHave more to add? News tip? Tell us
