Foreclosure and demolition
New owner James Louis Williams purchased the Cotton Exchange Building in 1985 and planned to tear it down to build a new 52-story tower in its place. But due to the savings and loan crisis that began in the late 1980s, Williams ended up in bankruptcy court, which in 1991 cut his debt on the structure from $15 million to $9.9 million. Meanwhile, the original lender on the building, First RepublicBank Corp., had failed in 1988, sending the loan to the Federal Deposit Insurance Corp. In 1991, demolition crews were hired to implode the structure. [2]
City inspectors determined that the Cotton Exchange's precast concrete panels, attached during a 1960s renovation, had a high asbestos content and should be removed before implosion. When these were removed, it was discovered that the building's original 1926 exterior was intact and efforts were initiated to save the building from implosion. Then-Mayor Steve Bartlett attempted to persuade Mr. Williams to seek a buyer who would convert the offices to apartments, but the Dallas City Council did not pass enhanced tax abatements for inner-city housing renovations until October 1993, too late to stop the process. On June 25, 1994, the building was destroyed by implosion.
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