Two landmark towers in Dallas are transforming the Dallas skyline with major residential projects that will add hundreds of luxury apartments to downtown and Uptown.
Construction is underway on phase two of the Santander Tower conversion at 1601 Elm St., which will create 105 new apartments across five floors.
The projects signal a broader shift in Dallas real estate as developers reimagine underutilized office space and vacant lots into high-end residential communities. Both developments promise extensive amenities and luxury finishes aimed at attracting affluent residents to the urban core.
Adolfson & Peterson Construction began work on the Peridot Residences this month. The company completed phase one in October 2024, converting 14 floors into 291 apartments.
“The Peridot Residences offer a holistic lifestyle, inspired by comfort and luxury, and the new units will further enhance downtown Dallas’s residential offerings,” says Granger Hassmann, regional president at Adolfson & Peterson. “Santander Tower is a great example of what underutilized office buildings can become, offering hotel, retail, office and luxury apartments.”
Pacific Elm Properties, working with Mintwood Real Estate, is leading the adaptive reuse project. The 50-story tower, built in 1982, was renamed Santander in 2020 after its main tenant.
“The continued transformation of Santander Tower reflects our vision for revitalizing Dallas’ urban core through innovative mixed-use redevelopment,” says Billy Prewitt, CEO of Pacific Elm Properties. “The success of Peridot Residences has shown there’s strong demand for luxury living in the heart of downtown and phase two builds on that momentum, bringing new energy, residents and experiences to one of the city’s most iconic addresses.”
Residents will enjoy a swimming pool, dog park, fitness center, pickleball court and Pilates studio. The mixed-use development includes on-site dining, a boutique hotel, meeting rooms and community lounges.
Meanwhile, California-based Proper Hospitality announced plans for Dallas Proper Hotel and Residences at 2500 Cedar Springs Rd. in Uptown. The 34-story tower combines a 200-room hotel with 80 luxury residences.
Set to open in 2029, the project features architecture by Skidmore, Owings & Merrill and interiors by Kelly Wearstler. Lincoln Property Company acquired the four-acre site in 2024.
“Dallas Proper brings together design, wellness, food, and a deep connection to community,” says Brian De Lowe, president and co-founder of Proper Hospitality. “This is more than a hotel or residential offering. It’s a fully integrated destination for how people want to live and gather today.”
The development will include a 15,000-square-foot wellness center and 6,000-square-foot members-only club. Hotel guests and residents will have access to three restaurants, five bars, a rooftop pool and 22,000 square feet of event space.
Residential units range from one to four bedrooms, including penthouses with city views. Homeowners receive private amenities including a rooftop pool, dining terrace and owners’ lounge.
“This site gave us the rare opportunity to shape a meaningful part of Uptown,” says Clay Duvall, co-CEO of Lincoln Property Company. “Proper’s track record in Texas and beyond, and their approach to design, lifestyle, and wellness made them the ideal partner for creating a landmark.”
Pacific Elm’s portfolio includes seven Class A towers totaling 6.5 million square feet in Dallas and Raleigh. Proper Hospitality operates luxury hotels in Santa Monica, Los Angeles, San Francisco, Austin, and Miami — with Dallas marking its latest Texas expansion and first entry into the Uptown market.
Together, the developments underscore Dallas’ continued evolution as a national destination for high-end urban living.