9/19/2012 11:11 AM
Dallas-based developer Encore Development has released details of the redevelopment of Patriot Tower, the I.M. Pei & Associates-designed skyscraper in Dallas. The tower's upper 20 floors will be converted to 210 residential units while the lower third of the building will remain office space.
The property changed hands several times before it was sold at a foreclosure auction last year, the Dallas Business Journal reports. Currently only about ten of its 30 floors are occupied.
The company requested a 90 percent tax abatement from the city council, which will reportedly save Encore about $875,000 over ten years. The company also requested a $2 million economic development grant from the city.
The company has already renegotiated a deal with Greyhound and HKS Architects to locate their Dallas offices in the redesigned portions of the building.
Encore announced its intention to open the new offices next August and the residential portion by June 2014. The whole project will cost an estimated $40 million, according to local media.