May 3, 2016
Dallas: Glass half full! 52-story vacant tower under $240M development
DALLAS – Big plans for an already massive redevelopment of the 52-story, 1.3 million-sf vacant tower at 1401 Elm St are set by longtime real estate investor Maxwell Drever.His vision includes...
DALLAS – Big plans for an already massive redevelopment of the 52-story, 1.3 million-sf vacant tower at 1401 Elm St are set by longtime real estate investor Maxwell Drever.
His vision includes adding 335 apartments, a 225-room luxury hotel and spa, retail shops, restaurants and an amenity deck for residents and a relaxation deck in the middle of Dallas’ central business district.
Over the years, New York-based Olympic Property Partners LLC and Dorsey’s BDRC Partners teamed up on a $240 million proposed redevelopment and Polidev International had initially planned to turn the vacant tower into apartments before selling the property in 2013.
Now, the new owners are upgrading redevelopment plans to include 335 apartments with luxury finishes ranging from one-bedroom apartments to top floor penthouses.
Construction on the redevelopment got underway again after months of delay. The tower is slated for completion in first quarter 2018.
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