Photo courtesy of: loopnet.com
Downtown Dallas enthusiasts received some fantastic news this week. 1401 Elm, the pivotal redevelopment project in the CBD is back under construction. I wrote about this project being posted for foreclosure in January after Olympic Property Partners pulled out of the deal. Drever Capital Management out of California is the new owner and they have new plans for the development. Originally slated to be mixed use retail, apartments and office space, Drever has scrapped the office space idea and is instead planning to add a luxury hotel/spa and an entertainment destination along with fewer apartments. The new owner has also increased the $240mm redevelopment budget.
Although we are already seeing increased retail and residential activity along Elm Street, this 1.3mm SF tower will change the landscape in this area of the CBD. Additionally, in my opinion, this property has some of the best views in Downtown. Completion is scheduled for the first quarter of 2018. A project of this magnitude will have a very positive impact on office tenants, retailers and visitors in the area.