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 this spring's purchase of the 1.5 million-square-foot vacant tower by California-based Drever Capital Management.
Drever bought the high-rise out of bankruptcy after previous owners who planned to convert the building to a mixed-use development couldn't obtain funding.
Since paying $65 million for the Elm Street 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.
"The Drever is a legacy for my family and the generations to come," said Maxwell Drever, chairman of Drever Capital. "This is a long-term commitment for us.
"We have a responsibility to bring this beautiful building back to what it was built to be: the center of a vibrant and growing urban core," he said.
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 Drever will have an outdoor terrace rooftop deck, with pool, fire pits, rain showers, fitness center and dog park.
The eight-story base of the tower will be converted into a more than 27,000-square-foot retail space, 44,000 square feet of office space, and the hotel and residents' lobbies.
Plans call for the 50th floor to have a public observation deck.
Dallas-based Merriman Anderson Architects is the designer of the redevelopment, and Andres Construction is the general contractor.
CBRE / UCR is marketing the retail portion of the building.
BDRC Partners of Dallas is the local partner on the project.
The 51-year-old tower has been vacant since 2010.
"The rebranding of this project fits in well as part of the evolution of this important landmark," said John Crawford with Downtown Dallas Inc. "Maxwell Drever has committed to making a difference in downtown and brings with him major changes consistent with our plans for continued urban revitalization."
The previous owners "” a New York development partnership "” bought the building in 2014 and planned to spend up to $240 million redeveloping the high-rise.
It's the largest such redevelopment in Dallas.
Originally the developers had hoped to have the project done by the summer of 2016.
The city of Dallas has earmarked $50 million in economic incentives to help the deal along.