Dallas' 1600 Pacific view of hotel, apartments in the futureDallas' 1600 Pacific view of hotel, apartments in the futurehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=42942014-05-02T09:05:00Z2014-05-02T00:00:00Z

DALLAS - HRI Properties has purchased the 32-story 1600 Pacific office tower. Built in 1964 as the headquarters of LTV Corp., the almost 500,000-sf building is in the heart of Dallas’ financial district.

The New Orleans-based firm will convert the tower into a combination of residential units and hotel space.

The project will cost almost $70 million and is being partially funded with incentives from the City of Dallas.

Construction will start on the project almost immediately, said Steve Nance, HRI’s vice president.

The lower 14 floors of the tower will be used for parking and 171 hotel rooms. The remaining 18 floors will be redeveloped into 186 apartments. An outdoor recreation and lounge area for the apartment residents will be constructed on top of the tower on the 32nd floor.

The hotel will be branded as a Hilton Garden Inn, and plans include a restaurant and bar on the ground floor.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/commercial-real-estate/headlines/20140430-downtown-dallas-1600-pacific-tower-sells-to-new-orleans-developer-whos-starting-reconstruction.eceRead more at {Source}

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