DALLAS - The 52-story Elm Place tower has been sold. The 1.5 million-sf skyscraper at 1401 Elm St. was sold to New York-based Olympic Property Partners.The downtown Dallas skyscraper will be converted to a mixed-used development to be named Olympic Tower.
The redevelopment will include a $170 million remodel of the tower into a combination of office, residential, and retail space. "The buyer is still working on the details of the project, but I've heard it will have a major residential component," said John Crawford, president and CEO of Downtown Dallas Inc.
The City of Dallas provided $50 million in economic incentives to help finalize the deal.
Elm Place was originally constructed in 1965, and has been vacant since 2010.
Read more at the Dallas Morning News, Dallas Business Journal and GlobeSt.com.
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