Price for Dallas’ SouthGlenn: affordable or not?

BARCLAYS Center near the number one ranked field house in the United States, Stanley Black & Decker’s Houston headquarters, and the finished midtown gas station tower and city blocks rising up along Westheimer, has many Dallasites saying enough is enough.

SouthGlenn is one of the most vexing neighborhoods in Dallas, with so many directions vying for attention. Is the 805-acre oasis with its nearly 20,000 luxury homes, health club and three golf courses, a financial resort or a neighborhood? And who owns it?

The sweeping foreclosure and bankruptcy in 2009 now has 1,600 owners, spreading the project out among more than 1,000 attorneys, small and large. Now, as much of the retail sector here and the city continues to struggle, SouthGlenn’s complex by the Park is becoming less attractive as an investment.

As the case of Midtown Federal Bank goes to trial before U.S. Bankruptcy Judge Allan Goodman next month, the bank’s motion to dismiss the foreclosure case will focus on a similar twist in SouthGlenn’s ownership.

John Riegel, an attorney representing Midtown Federal Bank, suggested Thursday that as SouthGlenn struggles, the only thing clear in the ownership debate is that creditors can unload their titles during a bankruptcy proceeding.

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