Filings with the Texas Department of Licensing and Regulation indicate that Dallas-based NexPoint is planning to begin work on the $445 million redevelopment of the 42-story Cityplace Tower before 2026 concludes.
Costs for the first portion of the tower’s redevelopment, dubbed “The Apron,” are pegged at around $100 million, according to the Dallas Morning News. Construction is expected to be completed on the 469-unit apartment buildings in 2029. Total costs for the full redevelopment are expected to be around $445 million, a $145 million uptick from the $300 million it cost to build the tower in the 1980s when it was expected to be a part of a connected two-tower complex. NexPoint acquired the North Central Expressway fixture in 2018.
The Cityplace Tower sits at 2711 North Haskell Avenue along the North Central Expressway. The building is across the street from an LA Fitness and a Bank of America, along with a Target along Weldon Street.
Previous presentations to Dallas city officials said the first phase of the project will focus on six new eight-story retail-focused buildings on the five acres surrounding the tower. Developers will then refocus on the tower itself — converting 27 floors of office space into apartments available for rent. Eight floors will be redeveloped into a 221-key hotel, and there will be a total of 970 apartment units, 194 of which will be income-restricted. NexPoint told investors on a call that Marriott International proposed a pair of brands for the hotel, but the company has not formally decided on a partner yet, according to the publication.
The redevelopment push was partially sparked by the tower losing Neiman Marcus Group corporate headquarters as a tenant due to Saks Global implementing cost saving measures last year. Saks is also shifting its focus outside of the Downtown Dallas area by closing its flagship Neiman Marcus store on 1618 Main Street at the end of September and moving elements of its operation to its NorthPark location.
— Hunter Cooke
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