Caven Enterprises has entered into an agreement with developer PegasusAblon to develop two residential-mixed use buildings on land now owned by the the company that operates several bars on Cedar Springs Road.
Caven, which owns TMC–The Mining Company, Sue Ellen’s, JR.’s Bar & Grill and Station 4, will sell its properties to PegasusAblon but continue to own and operate its bars. The sale involves property on the west side of Cedar Springs Road, from Reagan to Throckmorton Street, and at 4001 Cedar Springs Road.
PegasusAblon’s principal is Mike Ablon, who ran for mayor in 2019 and is best known for developing property in the Design District, changing the area from industrial to residential, restaurants and retail.
Development will be done in two phases, with the building behind S4 going up first. The possibly 20-story building will feature a waterfall and add parking to the neighborhood. The building will be separated from the bars by a covered “pocket park” that Ablon said he hopes will become a meeting place for the community. Several new retail or restaurant spaces will add to the ambiance of the space.
Caven CEO Gregg Kilhoffer said over the years many developers have come to him with offers, and each involved buying out the property and tearing down the buildings along Cedar Springs. He said Ablon’s offer was entirely different because, as a condition of the sale to PegasusAblon, the bars must remain to become an integral part of the new development.
Ablon said the property has more value to him with the neighborhood being kept intact.
Caven board member Ed Oakley said, “This will take Caven property to the next level.”
More information about the development in Friday’s Dallas Voice.
— David Taffet