Downtown Dallas Landmark Projects Asking for More Time to Finish Construction

Developers of downtown Dallas' two largest building redos are asking for more time to get the projects done.The companies renovating the historic Statler Hotel on Commerce Street and the former First National Bank tower on Elm Street are asking downtown's tax increment finance district for another year to finish all construction on the projects.Work on the 61-year-old Statler Hotel was supposed to be complete by October under original terms of the tax increment financing grant agreement with the city that was approved in 2014.Developer Centurion American Group is asking the downtown finance district to extend the completion deadline for the $175 million project until October of 2018.The first residents have already started moving into apartments in the 19-story building.And Hilton will open a 159-room Curio Hotel at the Statler in early 2018.Dallas-based Merriman Anderson/Architects designed the renovations to the landmark building.Developers who spending $240 million to renovate the 52-story First National Bank tower are asking the completion date for the project be extended to December 2019.The project was supposed to be completed no later than December 2018 under terms of the tax increment finance grant agreement with the city.The former office skyscraper is being converted into a mixed-use project with apartments, hotel rooms, retail and offices.San Francisco-based Drever Capital Management acquired the landmark Dallas tower out of bankruptcy last year and restarted construction after the previous owners ran out of cash.City staff is recommending to the tax increment finance board and to the economic development office that both projects be given the extra time to finish up construction.Because of the size of the projects - two of the largest such renovations ever in Dallas - both developments are taking longer than originally anticipated."I know of no reason why these projects will not continue albeit on a new schedule," said John Crawford with Downtown Dallas Inc. "They were a little slow getting everything done on the original schedule thus the request to extend the schedule."The new dates appear achievable and they are working diligently on both projects."  Continue reading...