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SOURCE HRI Properties
Mid-1960s structure will be converted to first combination apartment/hotel complex in Dallas and launch downtown as a residential neighborhood
NEW ORLEANS, May 29, 2014 /PRNewswire/ -- Led by Dallas Mayor Mike Rawlings, New Orleans-based HRI Properties will officially mark the launch of the LTV Building's $80 million conversion into downtown Dallas's first mixed-use hotel and residential complex.
New Orleans-based HRI Properties, LLC (HRI) recently completed the purchase of one of the most storied buildings in downtown Dallas and will convert it to an innovative mixed-use complex that will include a 171-room Hilton Garden Inn Hotel and 186 luxury apartments.
While multi-use residential conversions are still relatively rare in the U.S. outside of New York City, this will be the sixth such development by HRI. The company has converted similar projects in New Orleans, Houston, Jackson, MS and Richmond, VA. Currently, HRI is also redeveloping the 225 Baronne Building in downtown New Orleans into a 188-room Aloft Hotel and 192 apartments.
"HRI Properties is a well respected developer out of New Orleans that has a successful track record in developing residential and hotel projects, and their plans for residential, hotel and retail will add greatly to the fun, vibrancy and quality of life creating a more urban environment Downtown," said John Crawford, CEO of Downtown Dallas, Inc.
"The redevelopment of 1600 Pacific is giving our downtown revitalization efforts another real boost and serves as yet another example of the importance of public/private partnerships to achieve mutual goals and objectives," Crawford added.
"Today represents another accomplishment in our commitment to revitalize downtown," Mayor Rawlings said. "This project will help attract more urban residents of all ages, incomes and backgrounds to downtown and continue to establish it as a vibrant neighborhood."
The building, constructed in 1964, was known for many years as the LTV Building, headquarters of the former Ling-Temco-Vought company. The building's facade created the world's largest electronic signboard at the time. Thirty windows on each of the upper 25 floors were individually controlled and could be configured to shapes, letters and messages.
"In the thirty years since our founding, we have established a unique expertise in revitalizing urban centers through adaptive redevelopment of historic buildings," said Tom Leonhard, CEO of HRI. "Communities as varied as Richmond and Jackson have enthusiastically welcomed our capabilities in reviving their downtown centers, and we look forward to replicating that success in a major market like Dallas," he said.
"The cooperation of local officials and partners is absolutely essential in a project of this nature," said Leonhard. "This would not have come to a successful closing without the enthusiastic support from Mayor Rawlings, the City of Dallas Office of Economic Development, Downtown Dallas, Inc. and District 14 Councilmember Philip T. Kingston, who was instrumental in navigating the regulatory process for the conversion of this Dallas landmark into its new life as a multi-use complex," Leonhard added.
The 32-story LTV Building is within walking distance to major downtown office buildings and the DART light rail. Residents will have exclusive access to 206 self-park parking spaces in the building on floors 2-4. The hotel will utilize 148 valet parking spaces in the basement of the LTV Building.
Construction is scheduled to be completed by third quarter 2015.
Architects for the project are HCI Architecture, Inc. and Merriman Associates/Architects, Inc. of Dallas. Interior design is by Looney & Associates. The general contractor is Andres Construction Services of Dallas.
Financing was provided through Capital One Bank and Fidelity Homestead Savings Bank, both in New Orleans.
HRI Lodging, HRI's affiliated hotel management arm, will mange the Hilton Garden Inn Hotel, and HRI Management will manage the apartments.
The hotel amenities will include a first floor lobby with a restaurant/bar with outdoor seating. 2,000 square feet of meeting space will be constructed on the fifth floor, along with an outdoor pool deck and a fitness center for the hotel guests. Guest rooms will include all Hilton Garden Inn brand standard features including 42" flat panel TVs and in-room refrigerator.
The 186 apartment units will be located on floors 15 through 32 and feature condominium level finishes, washer and dryer appliances and stunning views of the Dallas skyline. Separate resident-only amenities include a fitness center, rooftop deck, and community space in addition to access to the public amenities of the hotel such as restaurant and bar space.
About HRI Properties
Based in New Orleans, HRI Properties (HRI) is a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI's mission is revitalizing cities by creating diverse, vibrant, sustainable communities. Since its founding in 1982, HRI has completed more than 68 large-scale projects, which total 5114 apartment and condominium units, 4,116 hotel rooms, and more than 1.3 million square feet of retail and office space with a total development cost of $2 billion. For more information, go to www.hriproperties.com.
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