March 23, 2007

IN THE OC
Steve Everbach and Doug Deason

Recently, developers Steve Everbach and Doug Deason, partners in the renovation of Lake Cliff Tower, were awarded a 2006 preservation award from Preservation Dallas. It was a well-deserved accolade.

Everbach and Deason purchased the aging, vacant Oak Cliff icon in 2004 after a number of developers failed at their attempts to restore the structure. In the end, they had to strip the inside of Lake Cliff Tower down to the studs and rebuild. The result, as much a labor of love as a real estate investment, is the centerpiece of the Oak Cliff renaissance.

—Peter Simek

How did you become involved in this project?
Deason: Levi Davis, an ex-assistant city manager, brought it to us as a contractor, and we priced it for him. He was going to develop it, but he couldn't get the project done.

Why was it so hard for others to develop?
Deason: One issue was the sale price; it had to be low enough to make it economically feasible. Everybody [that looked into developing Lake Cliff Tower] tried to make it big; everyone wanted to add square feet, but it wouldn't work. Everbach: From a pure economic perspective, the most economic thing to do was demolish it.

Were some of those challenges still present when you took on the project?
Everbach: The construction finance was the most difficult part. There is no condo market south of the Trinity; it is an old building, and the area was unproven. The floors were laminated, the ceilings were Sheetrock. They had used an asbestos glue on the floors that had seeped into the concrete. We also discovered more than 1,000 holes in the ceilings that had been chiseled for electric wiring.

Are you surprised at all the attention Lake Cliff Tower has received?
Everbach: We had no idea it would generate this much interest. It is a beautiful structure. Part of it was that it had been sitting here for so long and so many people had looked for a developer. Lake Cliff Tower serves as a catalyst, helping to regenerate the neighborhood, remove an eyesore, and be a catalyst for development. It is a proven sustainable development.