An iconic Dallas office complex has been snapped up by an Irving developer with plans to turn it into apartments.
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Sava Holdings will rebrand Stemmons Towers, a four-building office complex located at 2700 N. Stemmons Freeway, as the Lumiere, according to a news release.
The property was built by John Stemmons and Trammell Crow and was inspired by post-war buildings the developers had seen while traveling in Europe and South America, The Dallas Morning News reported.
“We found the Stemmons Towers site very appealing as it allows us to take part in the city’s architectural history of the present and future,” Sava Holdings principal Suhas Naik said in a statement. “The buildings may look identical, but each has its own unique footprint. We love the concept of allowing them to stand alone together.”
Sava Holdings is best known as a hotel developer, and some of its projects have involved conversions, including its Aloft Dallas Downtown project. The company has designed and developed nine properties in the DFW area, according to its website.
Younger Partners has been marketing Stemmons Towers for sale since 2019. A 13th floor will be added to all four buildings, and zoning on the 14-acre property would also allow for office, retail or hotel uses.
“The buyers demonstrated their ability to look past the age of the buildings, the obsolescence and all of the accompanying issues that come with buildings developed in the 60s,” Younger Partners Executive Managing Director John St. Clair said in a statement. “It would have been a shame to see the buildings razed.”
Extensive renovations on the property are expected to begin in mid-to-late 2024. The project joins a slew of other office-to-resi conversions happening across the city, but primarily in the downtown area.
Conversions in the works or underway are expected to produce nearly 2,000 new apartments, according to Downtown Dallas Inc. data reported by Texas Tribune.
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