Landmark Dallas skyscraper new name, new plan

DALLAS – A familiar downtown Dallas skyscraper is getting a new name as part of its redevelopment.

New owners of the landmark First National Bank building at 1401 Elm St. are rebranding the 52-story tower as The Drever.

The name change comes after the spring’s purchase the 1.5 million-sf vacant tower by California-based Drever Capital Management.

Since paying $65 million for the Elm St. tower, Drever has been tinkering with redevelopment plans for downtown’s largest empty building.

The developer says the skyscraper will be redeveloped into "a luxury high-rise combining residential, hotel, spa, retail, office and restaurant."

The tower is scheduled to reopen in 2018.

Specifics of the project include a 236-room five-star hotel, 348 apartment units, a spa and wellness center plus restaurants, retail and entertainment.

​The eight-story base of the tower will be converted into a more than 27,000-sf retail space, 44,000-sf of office space, and the hotel and residents’ lobbies.