Drever Capital Management has closed on 1401 Elm, rendered here. The beleaguered 50-story, 1.3M SF Downtown tower has been the subject of several foreclosure actions, only to have the mortgage lender give a last-minute reprieve.
The former First National Bank of Texas building has stood vacant for six years. It was bought by a partnership to redevelop into an exciting mixed-use project with residences, retail and offices. Olympic Property Partners backed out, however, and left Dallas' BDRC with no capital to start the job.
Drever Capital acquired the Downtown tower for $65M, according to the Dallas Business Journal. Principal Maxwell Drever has increased the previous $240M redevelopment budget and plans to create a complex with 335 apartments, a 225-key luxury hotel and spa, floors of retail and restaurant space, and a rooftop amenity deck.
Construction is set to resume on Monday, and is expected to be complete Q1 2018. [DBJ]
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