Sava Holdings has acquired an office complex northwest of downtown Dallas, with plans to join the city’s bustling office-to-resi movement.
Sava, which is known for developing boutique hotels, paid an undisclosed amount for the 12-story Stemmons Towers at 2720-2730 North Stemmons Freeway, the Dallas Business Journal reported. Younger Partners brokers John St. Clair and Trae Anderson represented the seller, 2700 Stemmons LP.
Sava aims to convert the four-building, 285,000-square-foot complex into apartments and rename the property the Lumiere. Construction is expected to begin next year. The number of units wasn’t reported. The property is valued at almost $12.3 million, or a little over $43 per square foot, by the Dallas Central Appraisal District.
The firm was drawn to the Stemmons Towers — developed by Trammell Crow and John Stemmons in the 1960s — partly because it offered an opportunity to “take part in the city’s architectural history of the present and future,” principal Suhas Naik told the outlet.
Stemmons Towers’ large windows are part of what made it a candidate for multifamily conversion. Sava plans to add a 13th floor to each building, upgrade landscaping and lighting, and add water features, walking paths and a pool.
The property spans nearly 14 acres and has flexible zoning, allowing for office, retail, hotel or residential.
The impending project further solidifies Dallas’ status as the epicenter of the office-to-resi movement in Texas. Residential conversions are expected to yield 2,000 multifamily units in Big D, according to Downtown Dallas Inc. Developers are primarily targeting older, outdated office buildings, which have struggled to stay afloat in recent years as remote-work trends drive up vacancy rates across the city.
Notable properties undergoing a residential conversion include the iconic 50-story Santander Tower and the Energy Plaza, both of which are in downtown Dallas.
—Quinn Donoghue