Thursday, February 13, 2014

Bright Future for First National Bank Tower

The former First National Bank tower opened in 1965. (DMN files)
A New York-based real estate investor and developer has made good on its plans to buy a landmark Dallas skyscraper. Olympic Property Partners closed its acquisition of the 52-story former First National Bank tower at 1401 Elm Street. The 49-year-old office skyscraper has been vacant since 2010.
Several groups looked at redeveloping the tower before Olympic Property came forward last fall with its proposals for the building. The new owners say they want to remodel the tower into a combination of office, residential and retail space. The entire project would cost more than $150 million. The City of Dallas has earmarked $50 million in economic incentives to help the deal along.
- Steve Brown, Dallas Morning News