BDRC No Longer Associated With Drever Redevelopment As Rumors Swirl
In a somewhat surprising turn of events for the Downtown skyscraper with a checkered past, BDRC Partners has removed itself from The Drever and all related entities.
“After 45 months of blood, sweat and many tears, this decision was painful,” BDRC president and CEO Bryan Dorsey said. Dorsey declined to comment on specifics.
Drever chairman Maxwell Drever believes BDRC moved on to focus on other interests. “We appreciate the work BDRC provided, and we wish them well,” he said. “We have a responsibility to develop this iconic Dallas building. That is, and will continue to be, our focus.”
Dallas-based BDRC has been involved in redevelopment of the vacant 50-story tower since its then-partner, Olympic Property Partners, planned to redevelop the property. When Olympic withdrew from the redevelopment in 2015 after more than two years of planning, the tower was scheduled for foreclosure. When Drever Capital acquired the property out of bankruptcy last summer, BDRC stayed on to provide consulting services.
For the last five months, The Drever has employed an on-site asset manager to oversee the project.
In August, Dorsey told Bisnow he was confident in Maxwell Drever’s ability to execute the redevelopment and felt their partnership was stable. More recently, rumors have swirled about the project’s finances, including its ability to pay subcontractors and general contractors.
Drever Capital expects commitments for full funding of the project within the next 45 days. It it working with lenders and institutional and private investors now. The city has also provided $50M in economic incentives. Federal and state historic tax credits stand at about $75M.
The Drever is putting the finishing touches on the largest abatement and demolition project in Texas history.
The 50-story tower that was once the tallest building west of the Mississippi River will have 25K SF of retail, 35K SF of office space, a 218-room Thompson Dallas hotel, 324 units of multifamily and a public observation tower.
The fourth floor of the 1.5M SF project will have 13K SF of ballroom and meeting space in the former First National Bank lobby. Two restaurants — one on the 10th floor with indoor and outdoor space, and another on the 49th floor — could be operated by the hotel flag. The top floor will have a public observation tower and snack and drink bar. Three levels of parking on the sixth through eighth floors have 885 spaces.
Drever Capital does not expect BDRC’s removal from the project will delay its late 2018 delivery.
“1404 Elm has my heart and soul,” Dorsey said. “Anyone who came in contact with me or the building knows what I’m talking about.”