New owners unveil plans for $170M redevelopment of 1401 Elm St.

Olympic 1401 Elm Associates LLC, recently purchased the 52-story, 1.3 million-square-foot tower at 1401 Elm St in downtown Dallas.

The joint venture between Seth G. Weinstein of New York-based Olympic Property Partners and Bryan Dorsey of Fort Worth-based BDRC,is planning a $170 million renovation of the long-vacant tower into a multiuse residential, retail and office tower. In January the City of Dallas offered $45 million in tax increment financing funds and up to $5 million in interest.

The redevelopment will include more than 500 residential apartments with floor-to-ceiling windows and unobstructed views of downtown, an urban indoor-outdoor rooftop deck featuring an infinity pool, a multimedia theater and a public-access observation deck on the 50th floor.

At the time of its completion in 1964, it was the tallest building west of the Mississippi River.

Source: Dallas Business Journal, February 13, 2014.

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