Dallas’ landmark Magnolia Building, known for the iconic flying red “Pegasus” sign, is getting a significant makeover.
Grapevine-based hotel firm NewcrestImage is planning to renovate the city’s historic Magnolia Building with a “three-story addition on the east lot” and a new “main entrance canopy on South Commerce Street,” according to plans recently presented to Dallas’ Landmark Commission (DLC).
The proposed addition is designed to meet Secretary of Interior (SOI) standards required for state and federal tax credits, said Beth Jacob, Ryan LLC’s historic preservation consultant.
For instance, Jacob said one of the reasons the project meets SOI standards is due to the addition having been specifically designed to be “differentiated” from the century-old magnolia building.
“[National Parks Service] discourages new additions that match a historic building too closely because that can convey a false sense of history. Each part of a building should represent its time and place and tell the story of how a building has evolved, and in our case, the addition reads clearly as a new addition to an older historic building,” Jacob explained.
During a November 6 meeting, City staff recommended that revised plans, elevations, and sections of the entry be provided to the National Parks Service for review and approval before the commencement of work. Other recommendations were for the three-story addition to be approved for a certificate of appropriateness.
The DLC, Texas Historical Commission, and National Parks Service all approved the redevelopment project, according to The Dallas Morning News.
Renovations to the historic Dallas high-rise are expected to take about two years to complete. This will not be the first renovation of the historic building, however. In 2022, the Pegasus sign underwent a $360,000 repair to prevent it from toppling over, as previously reported by The Dallas Express.
The Dallas Express contacted NewcrestImage for comment but did not hear back by press time.
