Todd Interests is the latest developer to sign on for the redevelopment of a long-vacant tower in downtown Dallas. That's according to a report from the Dallas Morning News.
Dallas-based Todd Interests, alongside Moriah Real Estate, plans to continue the resuscitation of the 52-story First National Bank tower at 1401 Elm Street with plans to complete the project by the end of 2020.
The developer is taking over the project — once dubbed "The Drever" — from Drever Capital Management, which purchased the property out of bankruptcy several years ago. Drever will continue on as an economic, non-managing minority limited partner, according to the Morning News, working in an advisory capacity.
Redevelopment costs for the 1.5-million-square-foot project, which has involved a massive abatement and is one of the biggest adaptive reuse projects in Dallas, have ballooned to $450 million. Initially, with Drever at the helm, the cost was estimated at about $380 million.
Plans call for a mixed-use development that features apartments, a Thompson Hotels property, retail and office space.
The revival of the glass-and-marble skyscraper has been a long road.
Two years ago, Drever expected to have the project completed by the fall of 2018, but financial tumult delayed the work. BRDC Partners, a co-developer in the project, dropped out, and some subcontractors put liens on the property that were later removed. Drever then landed a $67 million bridge loan in November 2017 — dodging foreclosure at the time — and announced that it planned to deliver the project in 2019.
Todd and Moriah must finish the project on a tight timeline in order to secure $95 million in federal and state historic tax credits and $50 million tax incremental financing, the Morning News reported.
Andres Construction is the general contractor for the redevelopment. Merriman Anderson/Architects is the project architect, and Architectural Arts Company is the arts consultancy on the the project.