DALLAS--Hill & Wilkinson General Contractors will draw on its years of experience as it begins work on the $175-million redevelopment of the historic Statler Hilton Hotel in downtown Dallas.

The hotel, built in 1956 and located at 1900 Commerce St., and the adjacent Old Dallas Central Library will be renovated to create a destination-entertainment hub.

The 702,615-square-foot project includes restoration of the buildings' exteriors and the conversion of the upper 11 stories into 229 luxury residential units. Five middle stories will be converted into 164 boutique hotel rooms, and two lower floors will be converted into ballrooms, meeting rooms, hotel services, lobbies, restaurants and retail space. The Jackson Street and basement levels of the Statler and the library will be converted into a 250-car parking garage.

“This is an exciting project for us,” CEO Paul Driscoll of Hill & Wilkinson told GlobeSt.com. “The Statler Hilton is an iconic property, and we have experience in doing extensive renovations of historic properties located on tight sites. Maintaining the integrity of the mid-century architectural elements while undergoing this renovation will be both challenging and rewarding upon completion.”

The project team along for the ride include owner/developer Centurion American Development Group, architect Merriman Associates/Architects Inc. and engineering firm Besharkhah Engineering Inc.

Centurion American Development Group plans to apply for historic tax credits, and the City of Dallas has provided $43.5 million in tax increment financing; the redevelopment is slated for completion in December 2016.