HRI Properties Acquires Former LTV Tower; Statler Hilton Redevelopment Gets $43.5M Boost
- May 08, 2014
The strategic revitalization of Downtown Dallas continues with two new redevelopment projects ready for takeoff.
New Orleans-based HRI Properties has acquired 1600 Pacific, a 32-story tower in downtown Dallas, in a deal that removes more than 500,000 square feet of empty office space from downtown’s vacant building inventory. The seller was an entity affiliated with Ricchi Investments of San Antonio, as reported by the Dallas Business Journal.
Originally built in 1964 as the headquarters of LTV Corp., the high-rise was mainly used by different companies as office space but has been standing vacant for a few years now. HRI plans to give the property an extensive makeover and turn it into a mixed-use build-out featuring hospitality and residential real estate.
Construction will start this month, with redevelopment expected to be complete within 16 months. Dallas-based Merriman Associates/Architects Inc. is the project architect and Andres Construction serves as general contractor.
The adaptive reuse project will result in a premier property offering 171 hotel rooms, 186 apartments and ample parking. Additionally, the building will feature approximately 2,000 square feet of meeting space, a pool, as well as an outdoor recreation and lounge area for the apartment residents.
The project bears a $70 million price tag and is being partially funded with incentives from the city of Dallas, the Dallas Morning News reports.
Founded in 1982, HRI Properties is a full-service real estate development company and a national leader in the adaptive reuse of historic structures and creation of large-scale mixed-use projects. HRI and its affiliates have reportedly completed 64 large-scale projects nationwide totaling $1.78 billion in development costs, including 4,897 apartment units and condominiums; 3,961 hotel rooms; and more than 1.2 million square feet of office and retail space.
San Antonio-based Ricchi Investments is also selling the historic Statler Hilton hotel in downtown Dallas to Carrollton-based Centurion American Development Group for a $175 million redevelopment project. The deal includes the acquisition of the old Dallas central library, which sits next door to the long-vacant hotel.
Designed by New York architect William Tabler, Statler Hilton is located at 1914 Commerce St., directly adjacent to the Main Street Garden Park and the old Dallas Municipal Courthouse.
Centurion American plans to transform the 589,457-square-foot property into a high-end mixed-use development, to include hotel and residential space. Merriman Associates/Architects Inc. is the architect of the redevelopment.
The restoration project received $43.5 million in tax increment financing funds from the city, according to the Dallas Business Journal.
Photo credit: 1600 Pacific via dallasarchitecture.info