Wednesday, December 03, 2014
New Orleans developer HRI will lead Akard Street apartment project in downtown Dallas
A New Orleans-based developer that already has one redevelopment in downtown Dallas will be doing the apartment project in the 411 N. Akard building.
The 50-year-old former Mayflower Building at Akard and Patterson Street has been owned by California State Teachers Retirement System for two years. The pension fund bought the vacant office building to utilize hundreds of parking spaces in the basement for its Ross Tower located across the street.
The redevelopment plan in the works would sell part of the 10-story building to HRI Properties.
HRI is the same company that’s redeveloping the 32-story 1600 Pacific office tower into a combination of residential units and hotel space.
HRI project manager Richard Allen said that his firm “is under contract to buy the upper floors of the property.”
CalSTRS would retain ownership of the bottom levels of the building including the underground parking.
The top six floors of the blue metal clad office building will be remodeled into 215 apartments with an interior atrium.
Merriman Associates Architects is handling the redesign.
The office building was constructed in 1965 as the Mayflower Building and later became known as Insurance Plaza.