Historical and Cultural Icon Revs Redevelopment Engine

A rendering shows the design for the re-energized office building of TV character, J.R. Ewing.

DALLAS—The 50-story downtown tower at 1401 Elm, solidly constructed with Greek marble and glass in 1965 by oilman, H.L. Hunt, for the First National Bank of Dallas, was designed to look like a banker’s pinstriped suit. In the first of a two-part article, GlobeSt.com looks at one of the most iconic buildings in Dallas’ history. This is not only Dallas, the city, but also the television show of the same name. Because, in fact, the building was the fictional leather-trimmed office of wheeler-dealer J.R. Ewing on the “Dallas” series. And now, it has been acquired out of bankruptcy by Drever Capital Management of Tiburon, CA. It was sold by a partnership between New York City-based Olympic Property Partners and BDRC Partners, a Dallas development company. The price was not disclosed.

Even before the sale closed, the property had been saddled with problems. The 1.5 million square-foot architectural landmark sat vacant for the last five years. Drever pre-emptively launched an increased redevelopment budget to jump-start a conversion into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops, restaurants, plus a rooftop entertainment and relaxation deck.