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Downtown Dallas Skyscraper to Undergo $380M Redevelopment

Drever Capital Management recently landed a $67 million bridge loan to move forward with the redevelopment of its flagship property in downtown Dallas.

DALLAS — The Drever, a 52-story mixed-use property in downtown Dallas, will undergo a redevelopment project valued at approximately $380 million, according to the Dallas Business Journal. The outlet also reports that developer Drever Capital Management recently landed a $67 million bridge loan through Starwood Property Trust, enabling it to move forward with the redevelopment. The project will convert the 1.5 million-square-foot building into a development comprising a 324-unit high-rise apartment tower, a 218-room Thompson hotel and undisclosed amounts of office and retail space. Dallas-based Merriman Anderson is providing architectural and design services for the project and Andres Construction is serving as general contractor. The project is expected to be complete by the end of 2018.

 

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