A California company is planning to spend millions to retrofit a former hotel for apartments on Alpha Road.
In a Texas Department of Licensing and Regulation filing, Omni Vision Dallas indicates it will begin construction in April of the former Wyndham Suites Dallas. The project calls for adding kitchens to each room, partially renovating some rooms, and renovating the first floor for building amenities.
With an estimated construction cost of $5 million, the anticipated delivery date for Vision Apartments is April 2025, the filing shows.
The company address and phone number listed on the filing for Omni Vision are the same as Omninet Capital. Artem Demchenko, a project manager for Omninet, is listed as the contact person for the project.
Based in Beverly Hills, Omninet began decades ago as a satellite communications company. It has since expanded to private investment, focusing on distressed commercial and residential markets.
“With experience across all property types, the firm is actively acquiring value-added commercial real estate, as well as multi-family apartment buildings with value-add potential,” reads the company’s website. “Omninet’s real estate strategy leverages the principals’ extensive operating experience to manage a balanced real estate portfolio of commercial and residential assets.”
It is the latest adaptive reuse project in Dallas. Researchers claim, however, that such adaptive reuse projects are unlikely to turn a profit, The Dallas Express reported in January.
In a $116 million project, Cabana Sycamore Development is planning to convert the vacant Cabana Hotel into apartments on Stemmons Freeway in June. The Dallas City Council in September approved up to $41 million in economic development incentives to complete renovations at the 10-story building.
The Cabana Hotel, built in 1962, was frequented by the likes of The Beatles, Jimi Hendrix, Led Zeppelin, and other guests, including President Richard Nixon. But in the 1970s, the hotel ended operations before it was used as a minimum-security jail. In 2017, Centurion American Development Group acquired the high-rise before selling it to Cabana Sycamore Development after the company struggled to create a plan for the site.
