Developer in Dallas Backs Out of Deal After Amazon Goes Elsewhere

According to the Dallas Morning News, the developers KDC and Hoque Global are canceling plans to buy and redevelop what used to be the 7-acre campus headquarters of the Dallas Morning News. The sale price was set at $33 million and apparently was contingent on Amazon opening it's second headquarters in Dallas and making use of the site. "We are disappointed that this transaction will not close as anticipated, and A. H. Belo will work with its broker to actively market the property beginning now," said Katy Murray, senior vice president and chief financial officer of Belo, the parent company of the Dallas Morning News.

A. H. Belo disclosed the contract termination in a regulatory filing Monday morning. KDC officials and Hoque Global CEO Mike Hoque declined to comment. The 69-year-old former newspaper offices and printing plant has been empty since last year when The News relocated its offices to the historic Dallas Public Library building on Commerce Street downtown. The property at 508 Young Street is next door to the Dallas Convention Center and across the street from a rail transit hub at Union Station.

The News building was designed by noted architect George Dahl and is considered a candidate for redevelopment. The property is one of the largest development sites in downtown Dallas, with the potential for several million square feet of construction. KDC is one of Texas' biggest developers, specializing in corporate office campuses and mixed-use projects, including the $3 billion Legacy West development in Plano.