The Magnolia Building in downtown is a landmark location in Dallas. Once the tallest skyscraper west of the Mississippi, the familiar red Pegasus sitting atop the roof is a constant reminder for Dallasites that they are home.
And now, a Dallas firm has plans to purchase and renovate the building, bringing along with it a new life.
According to the Dallas Morning News, Sycamore Development plans to renovate the 29-story Magnolia Building, located at 1401 Commerce St., placing hotel rooms and for-rent, mixed-income apartments within the building.
Jess Krochtengel, managing member of Sycamore Strategies, said, "We are thrilled to breathe new life into the iconic Magnolia Hotel, a landmark that has long defined the Dallas skyline."
Sycamore Development plans to cut the room count of Magnolia's hotel operations from more than 320 to 160, while also adding 130 mixed-income apartments to the property. The apartments will include 39 studio, 52 one-bedroom, and 39 two-bedroom units, and only 59 of the 130 apartments will not be income restricted.
Krochtengel added, "This redevelopment gives us the unique opportunity to honor the building's rich history while reimagining it as a place that welcomes a broader community with mixed-income housing and hospitality.
"We're excited to create a vibrant hub that reflects the energy of downtown Dallas and strengthens its future."
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