Case Study — Adaptive Reuse

THE
NATIONAL

52 Stories. $460M. Three Owners.

A 52-story bank tower that became a 219-room hotel, 324 apartments, and the largest historic tax credit project in Texas history. $460M. Three ownership changes. One team.

Project Type

Adaptive Reuse — Office to Mixed-Use

Location

1401 Elm Street, Dallas, TX

Original Structure

1964 First National Bank Tower (52 stories)

Architect

Merriman Anderson Architects

Value

~$460M total development

Historic Tax Credits

$100M — largest HTC in Texas history

Program

219-room hotel + 324 apartments + retail

Height

52 stories / 625 feet

Ownership Changes

3 during construction

Designation

National Register of Historic Places

1964 — First National Bank Tower

BUILT TODOMINATEA SKYLINE

52 stories. 625 feet. The tallest building west of the Mississippi when it opened. First National Bank's statement to Dallas — and to Texas.

ANDRES Construction

$460M.THREE OWNERS.ONE TEAM.

The project changed hands three times during construction. The financing restructured. The program shifted. The GC stayed the same. ANDRES remained through every transition — the institutional memory that kept 52 stories on track.

Amenity Deck — Level 8

FROM BANKVAULTS TOROOFTOP POOLS

219 hotel rooms. 324 apartments. Retail at grade. A rooftop pool deck with skyline views. The largest adaptive reuse project in Dallas history — and the largest historic tax credit in Texas at $100M.

National Register of Historic Places

THE NATIONAL

A 1964 bank tower, reborn. The building that proved adaptive reuse works at any scale — if the team has the continuity to survive what the plan doesn't predict.

Complexity highlights

Three Ownership Changes During Construction

The National changed hands three times while ANDRES was building it. Each transition brought new priorities, new financing structures, and new decision-makers. The project survived because the construction team didn't change. ANDRES remained the GC through every ownership transition — providing the institutional memory that kept the project on track when the business side was in flux.

$100M Historic Tax Credit Compliance

The largest historic tax credit transaction in Texas history required absolute compliance with National Park Service preservation standards. Every material decision, every detail, every modification had to be documented and approved through a parallel regulatory process running alongside active construction. A single non-conforming element could jeopardize the entire $100M credit.

Occupied Hotel Construction

The hotel opened floors while construction continued on residential levels above. ANDRES managed simultaneous hotel operations and active construction in a single 52-story structure — coordinating noise, vibration, access, and life safety across occupied and unoccupied zones.

625 Feet of Vertical Logistics

Converting a 1960s office tower to mixed-use residential required gutting and rebuilding mechanical, electrical, and plumbing systems across 52 floors. Material staging, vertical transport, and phasing across 625 feet of height created logistics challenges that don't exist in ground-up construction.

The superintendent who started The National finished The National — through three ownership changes, a global pandemic, and the largest historic tax credit compliance process in Texas. That continuity isn't a coincidence. It's the direct product of the ESOP structure that keeps ANDRES's senior team intact.

When your project changes owners three times, the only constant is the people building it. That's the bet.

2023
Best Adaptive Reuse Project — D Magazine

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YOUR BUILDING HAS A STORY.
WE KNOW HOW TO PROTECT IT.

ANDRES has completed 18 adaptive reuse projects totaling $950M. If your project demands a team that navigates complexity without losing continuity, start here.

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