Tuesday, September 08, 2015

HRI Properties gets underway with massive $56M redo of historic downtown Dallas building

New Orleans-based developer HRI Properties has begun an extensive $56 million redevelopment of the historic Mayflower Building in downtown Dallas, which will convert the building into an apartment and retail building.

The Mayflower Building at 411 N. Akard St. is blocks away from the LTV Tower in downtown Dallas, which HRI Properties also owns. The Akard Street building will be converted into 215 apartments, 14,000 square feet of retail space and on-site parking.

"We are excited to announce our plans to redevelop this historic property into a mixed-use building with luxury apartments and ground floor retail space," said Tom Leonhard, the firm's president and COO, in a statement.

"The building's convenient downtown location will offer both residents and guests of Dallas another quality property that complements the exciting resurgence of downtown Dallas into a 24-hour neighborhood," he added.

Dallas-based Merriman Associates/Architects Inc. is the project architect. Andres Construction Services LLC is the general contractor on the project.

The redevelopment will turn the historic building in a luxury apartment property with condo-level finishes that include stone countertops, hardwood floors and stainless steel appliances.

The apartment community will also include a fitness center, community room, rooftop kitchen and an outdoor kitchen.

The 14,000 square feet of retail space will be managed by Dallas-based E. Smith Realty Partners. Emmitt Smith said the Mayflower Building's redevelopment will play a vital role in the revitalization of downtown Dallas.

Financing for the $56 million redevelopment was provided by Capital One, AEGON and Stonehenge Capital. Earlier this year, HRI Properties received $10 million in a tax increment financing grant from the City of Dallas.

Candace Carlisle/Dallas Business Journal