The massive $170 million redevelopment of 1401 Elm St., a 52-story, 1.3 million-square-foot tower, which sits on an entire city block in downtown Dallas is moving forward as planned.
“We’re starting the job,” said Seth Weinstein, a principal at New York-based Olympic Property Partners LLC, of what he said is his most expansive venture ever. “We are putting up our construction tents. We have abatement and demolition specs out to bid and we expect to actively start working on the project by the end of May.”
Weinstein said the development group, which includes Robert Friedman of Olympic Property Partners and Bryan Dorsey of Fort Worth-based BDRC, plans to bid out the abatement and demolition work for the longtime vacant property by early May.
Dallas-based Merriman Architects Associates is the project architect. The abatement and demolition work is scheduled to take eight or nine months, Weinstein told me.
But the developers won’t wait until it’s finished before they send out requests-for-proposals to general contractors.
“We plan to begin bidding out the general construction work to finish the building by late summer or early fall,” Weinstein told me. “We want to be ready for occupancy in the third quarter of 2016.
“We are almost exactly right on schedule,” he added.
Plans call for more than 500 apartments with floor-to-ceiling windows, an urban indoor-outdoor rooftop deck featuring an infinity pool, a multimedia theater and a public observation deck on the 50th floor.
As part of the redevelopment process, Weinstein said the group plans to alert passersby to updates on the redevelopment, which will help engage the neighborhood in the project.
Source: Dallas Business Journal