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Selim Kiralp -
Progress at Kiralp's Beaumont apartment complex as of Sept. 18, 2020 -
Enforce construction supplies still sit at the site after the workers were dismissed by Kiralp 'last year.' -
A Denton County Tax Office statement addressing Kiralp’s Lewisville home shows he owes $14,367.88 in back taxes. When asked about the matter, Kiralp said his accountants ‘handle that,’ and it could be a ‘mistake at the tax office.’ -
Progress on Kiralp's development as of July 19, 2022 -
Progress on Kiralp's development as of July 19, 2022 -
The Palms at Cardinal is now leasing units, like the one pictured -
Supplies left at 'The Palms' -
All manner of supplies and tools are left at the construction site, which has remained devoid of workers for months of observation by The Examiner
An investigation by The Examiner has revealed the investor interested in purchasing the former AT&T building for $3 million already has one languishing development in the city and owes multiple county tax offices thousands of dollars, including $14,367.88 for a rather notable property – his home.
Claiming to be “one of the most trusted” faces in the Texas real estate game, Selim Kiralp’s personal webpage displays a portfolio purporting projects of his that, when questioned about, he “preferred not to share.”
Beaumont City Council members say the Istanbul-born, Dallas-based real estate developer Kiralp sent them an unsolicited offer to buy the city-owned 555 Main Street property for $3 million in May – promising to spend between $9 million and $12 million dollars to develop. The city bought the building for approximately $2 million July 2021.
Prior to sitting down with Kiralp for a July 20 interview, The Examiner uncovered more than $19,847 in back taxes he owes to McLennan and Denton counties – something about which he initially claimed to know “nothing.” According to the Denton County Tax Office, Kiralp owes $14,367.88 in taxes for his $600,000 Lewisville home. Additionally, a delinquent tax statement summary addressed to Kiralp’s home shows that SK Investment Properties LLC is $5,479.26 in arrears to the McLennan County tax assessor-collector.
While Kiralp readily answered questions about his vision for the former AT&T building, floating ideas of opening luxury apartments and a rooftop restaurant, the man’s candor wavered when prodded about his previous projects and real estate dealings in his native Turkey, as well as an apartment complex he allegedly owns in Waco.
Envisioning the future, veiling the past
After going to college in South Korea, Kiralp started and sold an import-export company, as well as a frozen food factory, he said. “With some money in his pocket,” Kiralp said he settled on real estate development as his next venture. The budding entrepreneur then moved to Texas in 2016 after research revealed the state to be a boon to burgeoning businesses.
“I see a lot of potential in Beaumont for improving itself,” Kiralp said when asked about his vision for his Beaumont projects. “I don’t like to invest in big cities like Dallas, Houston. I like to invest in mid-sized cities, like Beaumont and Waco. Waco and Beaumont would be the only two places (in Texas) where I have property, but I have several properties in both cities.”
When asked about the names of those numerous properties, Kiralp answered with a question of his own: “Is it ok if I don’t share those?”
A search in McLennan County of all Texas corporations and his name only showed three properties owned by SK Investment Properties LLC. According to delinquent tax statements on those properties, the company owes approximately $6,500 to the McLennan County Tax Office.
As far as the “properties” Kiralp owns in Beaumont, The Examiner found only one. Kiralp bought a lot at 1030 West Cardinal Drive in 2019 in an effort to build “The Palms at Cardinal,” a 100-unit apartment complex catering to Lamar students. However, construction progress has waned to a standstill, and a lawsuit lingers over the heads of the first contracting company hired to complete the job.
Video surveillance reviewed by The Examiner provided by evercam.com shows progress made on the property from Sept. 18, 2020, through Dec. 15, 2020. Despite saying the project was moving along smoothly, multiple trips by The Examiner to the site over the past four months indicate little-to-no progress has been made since the end of 2020. All manner of supplies and tools could be seen at the property on July 19, including bags of cement, hammers, shovels and wiring.
“I’m building in Beaumont now,” explained the 36-year-old developer.
“I was going to open it in August, but I decided to change my general contractor on that because the general contractor wasn’t meeting my company’s quality and needs,” he continued, referring to Oneforce Construction LLC. “So, I decided to go with a bigger and better contractor.”
When asked who the new general contracting company was, Kiralp again said he preferred not to share that information, but said the complex should be completed by the end of 2022.
According to a suit filed in the Jefferson County Court at Law No. 1, Coburn Supply Co. INC., is suing Oneforce in an attempt to reap $8,657.73 they claim to be owed by the construction company Kiralp employed to build The Palms at Cardinal.
Addressing the lawsuit filed against the construction company he conscripted to develop his first Beaumont investment, Kiralp at first claimed ignorance before deciding: “That has nothing to do with me.”
Kiralp told The Examiner he owns approximately six “big properties” in his home of Istanbul, the most populous city in Europe. Kiralp’s website, selimkiralp.com, shows 13 photos of projects under the caption, “Proudly sharing some of our investments.” Upon further inspection, clarity begins to fade.
For instance, two apartment complex renderings are captioned as offering 120 and 172 units, but there is no indication of where these apartments are located, when they’ll be finished – or if they’re already completed. More photos display a light fixture, a bed, a bathroom, as well as the stone facade of some unnamed building. None of the photos offer more than a one-sentence explanation, and Kiralp refused to tell The Examiner the names of the Istanbulite hotels he claims to own.
A Google image search conducted on one of the photos reveals it to be the facade of a six-room hotel in the Karaköy district of Istanbul. Tripadvisor.com lists the location as “Utarit Taksim,” with reviewers ranking it as the 84th best “specialty lodging” destination in Istanbul.
“I prefer not to share my property names,” he offered. “We don’t put the brand names (on the website). I have contracts with the management companies. I don’t manage them. I own the property; I build the hotel; then, I give it to a brand-management company. I’m more on the development side of the business.”
“The way my company is structured is: I only do my investments. I don’t pool money. I don’t take investments. It’s all my expense.”
The ever-changing fate of 555 Main
Beaumont City Council members moved June 19 to divert their original contract-bound plan to demolish the building at 555 Main Street and convert the space into a riverfront park – all based on an unsolicited proposal to purchase the property from a real estate agent who has left a trail of debt in his wake from Waco to Beaumont.
According to Interim City Manager Chris Boone on July 19, a request for proposal will be sent out for the building in the next 30 days. The action will open up the floor for any investor to bid on the project; however, Boone said, no one else has expressed interest.
The Examiner will continue to monitor this story.