The former Ambassador Hotel will soon be transformed into 103 micro-units. Developer Jim Lake Cos. will spend $24M redeveloping it into multifamily and is working to name the property a historic landmark, the Dallas Business Journal reports.

Jim Lake Jr., CEO of his father’s namesake company, anticipates starting work in early 2018. Each unit will average 500 SF. Merriman Anderson/Architects is designing the redevelopment. 

If Lake secures historic tax credits, he intends to reopen in 2019. 

Jim Lake bought the property in the Cedars neighborhood in March 2015 with plans to convert it into residential units and hotel rooms. Now only micro-units will be developed on the site, although a potential second phase with Interstate 30 frontage could have a hotel.

Lake is working with the city to connect the 2.4-acre Dallas Heritage Village property with the redevelopment, but that would require abandoning St. Paul Street and making Ervay Street two-way. 

One major amenity to the redevelopment will be the Ambassador Swim Club with Downtown views. The property will also have a 4K SF co-working space, a tenant lounge, a rooftop lounge and a basement speakeasy. A 3K SF restaurant will be open to residents and the public. 

The six-story building on South Ervay Street was touted as Dallas’ most luxurious hotel when it opened in 1905 as the Majestic Hotel. Since it closed in the 1950s, owners changed hands frequently. 

For the past few years, Jim Lake Cos. has been focusing on redevelopment projects in the Bishop Arts District and Downtown Waxahachie. It also owns many properties in the Design District and Trinity Industrial District.