After a long and winding road towards a more certain future, the adaptive reuse mixed-use project at 1401 Elm has locked in a new name—The Drever—after the new owner.
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The 1.5M SF development by BDRC Partners will feature virtually every mixed-use amenity you could imagine. Seriously—the project will have retail, restaurants, multifamily, a hotel, office space, a spa, an event venue, an observation deck and ample parking.
This is mixed-use in its truest form, BDRC CEO Bryan Dorsey (right) tells us. You can rent a unit, get your pets pampered, get on a DART train to the airport, eat great food, host a party in the event space and shop without ever touching your car. This building supports every kind of lifestyle.
Drever Capital Management closed on the previous First National Bank of Dallas tower on May 1 and plans to deliver in 2018. Previous to Drever's involvement, 1401 Elm flirted with bankruptcy, found excessive asbestos in the walls and dealt with all the obstacles of a massive build-back project.
Bryan tells us he's confident in Drever chairman Maxwell Drever's (left) ability to execute plans for the 50-story tower, and feels good about their partnership.
Drever and BDRC will take advantage of some state and federal tax credits. Updated amenities in the new and improved version of 1401 Elm include a 236-room, five-star hotel on floors 11 to 22.
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The hospitality update is a big deal because it reduces the number of multifamily units to 348 and helps prevent the tower from leasing against itself, Bryan tells us.
Maxwell sees the legacy development as a long-term commitment, clearly displayed not only in the tower's new name, but also in improvements to the building's aesthetic appeal. Bryan tells us public art installations will be on full display on the interior and exterior of the tower and will host artist lectures, wine shows and gallery-style tours.
Destination restaurants and specialty retailers will occupy 27k SF, and Class-A office space claims 44k SF within the tower's first eight stories. An open-to-the-public observation deck tops out the tower, which is the 10th-largest building in Dallas.
Merriman Anderson/Architects is designing the reimagined interior and exterior. Andres Construction is construction manager. CBRE / UCR's Jack Gosnell and Amy MacLaren are marketing the building's retail. Architectural Arts Co is serving as the fine arts consultant.
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