Property News Magnolia Station BENNETT MILLER COMPANY 20 November 2008 To Magnolia Station Residents - I'm responding to the blog published in “Unfair Park” by Robert Wilonsky. Most everyone knows that Magnolia Station has been on the market for over two years. The owners are all getting older and want to reduce their property investments. Inland-American Corporation had Magnolia under contract for nearly a year. Inland applied for a permit to demolish Building F to allow for greater density, while leaving the other protected structures untouched. Inland cancelled their Agreement a week ago...after the hearing was sched- uled. Inland’s hearing was held and | attended, asking that the Inland re- quest stand, so that another potential purchaser might maintain Magnolia’s financial stability in a time of ever increasing costs. A seventy unit com- plex on over three acres is difficult and expensive to operate (without con- tinual rent increases). As of now, there are no plans for changes to build ings, only a change of ownership should another buyer emerge. Our company has done as much if not more to save deteriorated, con- demned, and abandoned industrial and commercial structures than anyone in the city. A record we are proud of. We are confident that all efforts would be made by a new owner to amply accommodate persons living in Building F should it ever be razed. We hope current Magnolia residents and those objectors from Magnolia Hill will recognize that this loft apart- ment development is not a privately funded museum. and must be operated to provide a reasonable return to the owners. We think we have done this and maintained faith with the commitments made as a City of Dallas Land- mark and the National Register of Historic Places designee. If anyone has further questions or comments, please get in touch with me directly (214-946-8440), or at bonne netunillercem. Sincerely, Bennett Miller