Dallas’ Landmark Magnolia Building Set for $200M Facelift

Dallas’ landmark Magnolia Building, known for the iconic flying red “Pegasus” sign, is getting a significant makeover.

Hotel firm NewcrestImage plans to renovate the city’s historic building. The 29-story, 325-room hotel will get a new glass-entry canopy and upgrades to 270 rooms and the entire exterior. It will also get a three-level east wing with a street-level loading dock, kitchen, and meeting space, along with an adjacent restaurant. The renovations are expected to cost $200 million. Gensler designed exterior renovations.

The Dallas Landmarks Committee, Texas Historical Commission, and National Parks Service all approved the redevelopment project.

Renovations to the historic Dallas high-rise are expected to take about two years to complete. This will not be the first renovation of the historic building, however. In 2022, the Pegasus sign underwent a $360,000 repair to prevent it from toppling over.