A landmark Dallas office tower development will get new life as a residential community.
These buildings were put up by iconic developers Trammell Crow and John Stemmons in the 1960s — early examples of high-rises outside of downtown. But now they are showing their age, while questions swirl about the future of office space.
“The buyers demonstrated their ability to look past the age of the buildings, the obsolescence and all of the accompanying issues that come with buildings developed in the ’60s,” one of the brokers involved says. “It would have been a shame to see the buildings razed.”
The Stemmons Towers northwest of downtown were originally built by legendary Dallas developers John Stemmons and Trammell Crow. The white concrete and glass towers were patterned after post-World War II modern buildings the developers had toured in Europe and South America. Several of the buildings have small floors with wide roof overhangs between each level.
The more than 13-acre office campus on Stemmons Freeway just sold to Sava Holdings Ltd., an Irving-based hotel development firm. Sava Holdings plans to convert the four office high-rises into an apartment project called the Lumiere.
It’s the latest example of developers reusing older office buildings in Dallas for new residential space.
The first building at Stemmons Towers opened in 1962 and the project grew with additional high-rises added to total 285,312 square feet.
Source: Dallas Morning News.
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