“By converting vacant office space into luxury, multifamily housing, we can create a more vibrant, mixed-use neighborhood and meet the growing demand caused by migration to the area.”
Jonas Woods
CEO
Woods Capital
.…on why empty offices are becoming apartments in Texas’ big cities, via Texas Monthly.
Writing in Texas Monthly, Glenn Hunter takes a look at how office buildings across the state are turning into luxury multifamily homes for tower dwellers, in yet another evolving trend in the future of office space.
He notes that Woods Capital is transforming the top half of Dallas’ 40-story Bryan Tower into downtown apartments, as well as turning multiple floors in the 50-story Santander Tower into 228 luxe living quarters.
Elsewhere in Dallas, Dallas’ Todd Interests is turning the I.M. Pei-designed Energy Plaza tower into the National—500K square feet of modernized offices, along with 293 luxury apartments. Todd Interests also helped turn Dallas’ 51-story First National Bank Tower into a mixed-use Mecca featuring 324 luxury apartments, along with restaurants, a hotel, and offices.
In his article, Hunter also looks at office-to-apartment conversion stories in Fort Worth, Houston, and San Antonio.
“I think it checks all the boxes,” Chuck Dannis, an adjunct professor of practice in real estate at SMU, tells Hunter of the office-to-apartment trend. “You get empty space filled, and you get some people back into the inner city and you increase the tax rolls. I think all of that is good.”
PLUS: Check out Dallas Innovate’s first look at the mixed-use makeover of the iconic 50-story Santander tower.
For more on what’s new and next in North Texas, check out Every Last Word.
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R E A D N E X T
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Woods Capital has selected the contractor for the high-rise project that will convert nearly a dozen floors into residential units. The 50-story Santander Tower in downtown Dallas—formerly known as Thanksgiving Tower—is getting a mixed-use makeover, including indoor and exterior amenities. Here's a first look.
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Two nonprofits will each receive $250,000 in grant funding. The Capital One grants are part of a $3.5 million commitment to 12 nonprofit organizations.
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Dallas' Boss Women Media and Capital One are presenting the fourth consecutive Black Girl Magic Digital Summit. This year they aim to reach more entrepreneurs than ever before by premiering the pre-recorded event on Amazon's Prime Video. The summit will feature 26 founders, CEOs, and executives with advice on how to turn your side hustle into a main hustle, and much more. From a $100K pitch competition (apply by August 12!) and live watch parties across the U.S., get ready for the magic.
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In this week’s roundup of hires, promotions, and accolades in North Texas, you’ll also find news from UTD's Center for Brainhealth, DART, Enseo, LiquidAgents/StaffDNA, Alpine Advanced Materials, Runway Growth Capital, Optic Gaming, Dallas Thrives, Downtown Dallas Inc., TechGenies, Kainos Capital, Texas Motor Speedway, and more.
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The Dallas firms are among 14 Texas shops "that founders will love" on Inc.'s 2021 list of private equity and venture capital firms. Inc.'s list of 146 founder-friendly investors is its biggest yet.
