Tax money would fund proposed Dallas tower makeover



Posted on January 6, 2014 at 10:16 PM

Updated Monday, Jan 6 at 10:21 PM

1401 Elm Street

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DALLAS — A downtown Dallas high-rise may soon be getting a big makeover.

A city committee voted Monday to send the project at 1401 Elm Street to the full City Council.

It would bring residential, retail, restaurant and office space to the 52-story tower.

There would be an observation deck on the fifth floor and an outdoor plaza on the ninth level.

Your tax dollars will help pay for the $151 million project, if approved by the Council. The city is interested because $50 million of it would be paid through tax-increment financing.

If approved, the renovation would begin in August with a scheduled completion date of December 2016.

The building opened in 1965 as the First National Bank Tower. It was closed in 2010.

Only nine other buildings in Dallas are taller.