New plans for old Elm St. towerNew plans for old Elm St. towerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130642016-05-03T05:00:00Z2016-05-03T15:00:00Z

​​DALLAS – ​​California-based Drever Capital Management has purchased 1401 Elm St. from bankruptcy court for $65 million.

The 52-story, 1.3 million-sf, vacant, marble-and-glass building, built in the 1960s by H.L. Hunt as the Fi​rst National Bank of Dallas, was once the tallest tower west of the Mississippi River and has been vacant for the past six years. 

Drever will apply for state and federal historic tax credits to help pick up the building's stalled redevelopment plans. 1401 Elm was the biggest demolition and abatement project in the state's history, according to Bryan Dorsey, CEO of BDRC Partners. 

Redevelopment plans have been altered slightly with fewer apartments and the addition of a luxury hotel. Instead of 480 apartments, Drever will develop 335 along with a 225-room luxury hotel and spa. Retail, restaurant space and a rooftop entertainment and relaxation deck will also be included.

Construction is scheduled to resume Monday, with completion expected by the end of first quarter 2018.​

Locally based Merriman Associates Architects is the project architect. Andres Construction is the general contractor. CBRE is marketing the retail portion.

Dallas Business Journal
Dallas-Fort Worth-Arlington
http://www.bizjournals.com/dallas/news/2016/05/02/dallas-1401-elm-st-redevelopment-plans-snapped-up.html?ana=e_dal_bn_breakingnews&u=wj%2Ftb8AwP%2BSnbxBqv9bIxA050a1696&t=1462282942&j=72854082Read more at {Source}

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