A major renovation of the largest vacant building in downtown Dallas is underway to turn the former First National Bank office tower into a mix of apartments, hotel rooms, stores and restaurants.
The 52-story building was the tallest west of the Mississippi River when it opened in 1965. It has been vacant since 2010. The current owners, led by California developer Maxwell Drever, plan to rename the finished project "The Drever."
"The city was already on a great track, and I think this will be the keystone," Maxwell Drever said.
Greek marble used on the exterior and interior hallways is being preserved and reused for the renovation.
"And that's one of our great missions, is to reuse pieces of the building and keep this monument to the city that it's always been and always should be," said local development partner Bryan Dorsey.
The 50th floor observation deck will be open to the public as it was years ago. That public access is one feature in return for the $50 million city investment of Tax Increment Finance money to support the $240 million project.
Plans include a Thompson Brand hotel with 218 rooms.
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"It will be really a magnet for downtown to have the Thompson brand here," Drever said.
The ninth floor outdoor plazas will become an amenity deck with a swimming pool and bar for hotel guests and apartment residents. Street-level retail is also planned.
Several restaurants are planned, targeting downtown customers outside the building.
"We'll have great restaurants that can serve the whole neighborhood here," Drever said.
Investor Ben Patton said he was attracted to the project because it compliments and supports other redevelopment activity in downtown Dallas.
"If we can merge Uptown and downtown and have an exciting project like this one, that's when everyone is going to love it," Patton said. "If it was another office tower, I'm sure it would serve some office tenants, but you wouldn't have that daily traffic. You wouldn't have that nighttime traffic, and this project really does deliver that."
The project is due to open in October 2018.
