ilume for sale — presumably to raise equity for second phase of Cedar Springs development

Posted on 08 Apr 2011 at 12:03pm
An artist’s rendering of ilume when it was in the planning stages

The Dallas Morning News reported Thursday that the ilume building on Cedar Springs Road is for sale. A brief story in the newspaper mentioned this fact without much supporting information, merely that another company had it listed for sale.

This would be surprising, though there may be an explanation. On Wednesday night, I spoke with Luke Crosland, owner of the property. Crosland has long promised Phase II of the ilume development, slotted to go up on the lot catty corner from the current building (across Wycliff from the Kroger).

Crosland told me that they would be breaking ground “soon” on the new development. I had previously heard as early as May. Crosland said he was in the process of arranging the equity financing — in the more than $100 million range — for a series of ilume developments across the country. Perhaps sale of the building is part of the package raising that equity?

We have left messages with Crosland seeking more info and will update this post as soon as we have more information.

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