Fitness enthusiasts in downtown Dallas can breathe a sigh of relief. A mystery buyer who made a bid for his YMCA building in downtown Dallas has declined after months of negotiations.
The Y has stopped listing the property at 601 N. Akard St. and is currently considering renovating the location.
The sale was reported to be an all-cash deal and was expected to be completed by November 25th.
However, YMCA members were informed on Nov. 13 by CEO Kurt Hazelbaker that the buyer who intended to convert it into a mixed-use residential building has pulled out and the Y building will remain open for the time being. received a letter. A YMCA spokesperson confirmed this, saying in an email that “the building will not be put back on the market.”
The $12 million deal is a boon for patrons, who pay dues based on their income.
It is reported that repairs to the building will cost $8 million. Y spokeswoman Nicole Rosales said in his email that repairs that have been postponed may be considered as the sale approaches.
“We are currently evaluating our building needs moving forward with our current space and plan to do what makes the most sense financially for our members’ needs and our organization,” she said.
The building was first listed for sale in 2019. At the time, the Y issued a press release honoring Pickens, who passed away the same year, and pledging to maintain his presence downtown.
The sale was put on hold until 2021, but the proposal was opposed by some YMCA board members who said it was “contrary to the YMCA's mission” and was a loss for downtown Dallas, which had been there for more than a year. century.
The YMCA of Metropolitan Dallas, which has 16 branches in six counties, is a nonprofit organization that saw revenue jump to $83.7 million last year, up from $56.5 million in 2021.
The current location is 200,000 square feet and opened in 1982 and has become the go-to destination for fitness fans in the downtown core, including those who work in the area and live elsewhere. The Y has two locations in South Dallas and one each in White Rock and Highland Park, all within 10 miles of the downtown store.
The branch was named after oil magnate T. Boone Pickens in 2009 after he donated $5 million for the downtown location. This allowed for major upgrades to the facility, including updated locker rooms, Wi-Fi upgrades, and new racquetball. basketball court.
