To rebuild one of biggest buildings in the downtown of Dallas, several developers are asking to get much more time before finish their complicated work.
The new owners of the National F. Bank Tower – that was bought by them in this year – in reality are the partners of Drever Capital Management. And now they want to extend the time of construction, necessary for rebuilding the tower – project, that are doing Dallas E. Development Committee. Initially, it was planned by the end of 2018.
It was planned that the city agrees to pay about $50 million to remodeling the big 52-story building, located at 1401 Elm St. Initially, it was planned that this difficult project will be finished in the november or december of 2017.
But we need to say that this work stopped in the last year, when the previous owners, unlucky, could not get the necessary quantity of money and all project was canceled.
Being the representatives of California, Drever Capital bought the project with the building in April, so before long the work was continued.
Drever also are thinking about the plans to convert 51 old office building in almost 348 (or more) apartments, about 236 hotel rooms and, obviously, convert 29,000 of square feet in office space. So, finally this project changed the name: The Denver.
Originally, the work of redevelopment cost about $280 million, and Dallas has just filed the building permits with downtown of Dallas for already $134 million – for the process of tower rebuilding.
It’s planned to reopen the functioning of building at Juny of 2018.
The officials of Dallas are saying that they need more time to complete all works of rebuilding, because it’s was planned by them with the project of redesign. Ultimately, they need to obtain the tax credits and complete the financing.
The downtown district of Tax increment of finance has recommended to give for the developer some extra time.
“We consider that it’s necessary and that this is important step, if we want that this project continues to go forward,” said us J. Crawford with the economic evolution group of Dallas Downtown Inc. “1401 Elm is the important moment of revitalization of all city.”