Photo via cpexecutive.com
New Orleans developer HRI, Inc. will redevelop a Dallas office tower into a hotel and apartment building.
This is the second New Orleans developer to purchase a Dallas office building for repositioning after the KFK group purchased One Main Place, the 32-story building with more than 1 million square feet of office space, earlier this year.
Last Wednesday, HRI Properties closed after purchasing 1600 Pacific Tower from RICCHI Investments. The 2014 value of the property is $5.275 million.
Their purchase of the building had been in the works for more than a year. The black glass tower has been vacant for more than five years.
Ricchi Investments had planned to redevelop it into a hotel-condo complex with a restaurant along with offices and retail space. Their project failed to fully get off of the ground.
HRI is planning an $80 million overhaul of the building, making it into a 171-room Hilton Garden Inn with 186 high-rise apartments on the highest floors. It will also have a parking deck on the bottom floors.
Andres Construction is the contractor and Merriman & Associates is the architect. Construction has already begun and the project is expected to take around 16 months.
The building was originally constructed in 1964, and was the headquarters of LTV Corp. This company filed for bankruptcy in 1986.
The 500,000-square-foot building is located in the Dallas financial district.