We’ve reported on the many issues faced by The Mosaic, a downtown Dallas apartment high-rise development at Akard and Bryan streets.
Last year alone, the building was hit hard by the power outage that left many Texans freezing in their homes, caught on fire in the middle of the summer, and was without power and water for days when temperatures soared in the building. Not to mention the security issues that have resulted in the stairwells becoming de-facto homeless encampments and the building management’s unorthodox response to residents that complain.
Originally home to the Fidelity Union Life Insurance Company, the building now consists of two towers. The first tower was built in 1952 the second tower was finished in 1960. The building’s rebirth by Merriman Anderson Architects won a Preservation Achievement Award from Preservation Dallas and is on the National Register of Historic Places.
Today, The Dallas Morning News is reporting that the building is officially for sale. Marcus Millichap Institutional Property Advisors is representing the building in the sale.
“Mosaic Dallas has benefited from an approximately $90 million adaptive reuse plan and multiple renovations throughout the years,” the broker’s marketing pitch says. “Downtown Dallas has experienced extraordinary growth in recent years, and there are currently more than 20 developments totaling $4 billion underway.”
Current owner Olympus Property Company purchased the building in 2014.
