A planned sale of downtown Dallas’ decades old YMCA building has fallen through.
The sale of the T. Boone Pickens YMCA building at Akard Street and Ross Avenue has been in the works for several months and was scheduled to be completed in late November.
But officials with the YMCA of Metropolitan Dallas said Monday that the deal will not move ahead.
“In September, I shared with you an update on the potential sale of the building at 601 N. Akard, the current home of the T. Boone Pickens YMCA,” Curt Hazelbaker, president and CEO of YMCA of Metropolitan Dallas, said in a letter to members. “At that time, we were under contract to sell the building, however, the buyer did not move forward as anticipated.
“In light of this, the T. Boone Pickens YMCA will remain open, with normal operations,” he wrote. “While this is an unexpected turn, it speaks to the current market.”
Many commercial real estate transactions are being delayed or canceled because of the current financial environment with high interest rates and tougher lending standards.
The YMCA never identified the potential buyer of the 211,000-square-foot building that has been used by the organization since 1983. The building across from the Fairmont Hotel was constructed in 1940 and previously housed a bank.
The property was first put on the market in 2019 and then again in 2021.
The YMCA said it was hoping to sell the building because it needs millions of dollars in repairs. But the move drew the ire of some members who didn’t want the Y to leave downtown after more than a century in Dallas.
The property was previously valued at around $12 million.
The Y “is not actively selling the building at this time,” a spokesperson for the organization said in an email. “However, if an offer is made that is commensurate with the value of the building, the YMCA’s board of directors would have a fiduciary responsibility to evaluate it.”
Read More: Buyer backs out of downtown Dallas YMCA sale