Todd Interests Becomes Latest in 1M-SF First National Bank Tower Redo

Developer Todd Interests and partner Moriah Real Estate are the latest to take on redevelopment of the First National Bank Tower in downtown Dallas. The Dallas-based developer is planning to spend $450 million on the 1.5-million-square-foot vacant building located at 1401 Elm St. The plan is to convert the building into apartments, hotel rooms, retail and office space.

Redevelopment of the 52-story vacant skyscraper has been ongoing for eight years. The most recent attempt was made by Drever Capital Management, which acquired the half-century old landmark out of bankruptcy in 2016. Drever is remaining a non-managing minority limited partner in the development.

The newest developer indicated that the tower rehab will be completed by the end of 2020. The project needs to be finished by that time to secure almost $100 million in historic tax credits and $50 million in Dallas tax increment financing. Merriman Anderson Architects is handling the design.

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