The Santander Tower, a 50-story high-rise in downtown Dallas, will soon receive a transformative renovation that will convert nearly a dozen floors into more than 200 multifamily apartment units, according to D Magazine.
The 1.4 million-square-foot mixed-use building (formerly known as Thanksgiving Tower) will be reworked to include one and two-bedroom unit floorplans and common area amenities such as a swimming pool, dog park, fitness room, and meeting spaces with their own kitchens.
Jonas Woods, president and CEO of building-owner Woods Capital, expressed his excitement at seeing the project come to life. “By converting vacant office space into luxury, multifamily housing, we can create a more vibrant, mixed-use neighborhood and meet the growing demand caused by migration to the area,” he stated, per D Magazine.
As reported previously in The Dallas Express, in addition to the Santander Tower project, Woods Capital is also planning on converting half of its other downtown property, Bryan Tower, into luxury apartments, following a growing trend in the Dallas central business district, which Will Pender, president of construction firm AP Gulf States, called “ripe for office-to-residential conversions.”
“Adaptive reuse is a thrilling trend in today’s real estate industry,” said Pender.
Following the onset of the COVID-19 pandemic, the dramatic turn toward remote work is proving resilient and may be here to stay, at least according to reporting by Forbes. This trend has left a lot of empty office space across the country.
Still, more housing will be welcomed by new arrivals to the city. Dallas, and the rest of the North Texas area, for that matter, have been seeing explosive population growth over the past several years.
Domestic migration into the region has pumped up a red-hot housing market that is only now beginning to cool because of skyrocketing inflation and economic uncertainty, as reported previously by The Dallas Express.
Work on the Santander Tower renovation will begin this summer. The project is a joint venture between Woods Capital, Dallas-based Mintwood Real Estate, and AP Gulf States. Completion of the project is expected in the Fall of 2023.