Dallas-based developer NexPoint is pushing forward with plans to redevelop a 42-story city skyscraper.
NexPoint filed plans with Dallas’ Economic Development Committee Friday outlining its efforts to build 970 residential units within Cityplace Tower and on vacant land around the site.
Estimated project costs are more than $445 million, and construction is expected to begin near the end of the year. The firm is seeking property tax abatements for the project, NexPoint said.
It was on the Dallas’ EDC briefing memos for its Monday meeting, but the project was not discussed and the board took no action. Plans are expected to appear before the Dallas City Council later this month.
The project’s first phase will include six new, 8-story buildings on more than 5 acres surrounding the tower.
Called “The Apron,” it will include 465 apartments, a ground-floor commercial space, tenant amenities like a pool, and various site improvements.
The project’s second phase calls for converting roughly 27 floors of empty office space into rental condos. Five floors of the tower will remain office space. Eight floors will be converted into a hotel. Branding and other hotel details will be released at a later date, NexPoint said.
Of the 970 units, 194 will be income-restricted, according to the firm and public documents.
The city estimates it will forgo more than $13.8 million in tax revenue if the abatements are approved.
Plans for the conversion and redevelopment have been in the works for years. The latest iteration is focused more heavily on residential.
Earlier this year, Saks Global shuttered the Neiman Marcus corporate headquarters at the tower as part of cost-saving efforts.
Plans were announced in 2020 for a 5-star InterContinental Hotel to be built inside the tower at North Central Expressway and Haskell Avenue. However, the project was delayed during the COVID-19 pandemic. NexPoint said hotel details have changed as the focus of the redevelopment has shifted.
“The original luxury hotel concept catering to business travelers is no longer suitable,” said NexPoint spokesperson Lucy Bannon. “We are revising hotel plans to align with the project’s intended uses, market demands, and surrounding area development.”
NexPoint Diversified Real Estate Trust has owned the office tower since 2018. The firm paid $195.75 million for the property, according to Dallas Morning News archives.
The 42-story Cityplace Tower cost about $300 million to build in the 1980s.
“Current plans at Cityplace have changed significantly from the original vision in 2018,” Bannon said. “With this evolution, the project now has the potential to have an outsized impact on the surrounding area and address critical demand for housing amid Dallas’s rapid growth.”
