A 52-story tower in downtown Dallas called The National is headed to foreclosure. What’s to come of the six restaurants in the historic, renovated building?
According to The National developer Shawn Todd, whose firm invested $460 million to renovate the former First National Bank Tower, the restaurants within The National will remain open.
Reasons for the foreclosure include a decrease in downtown Dallas property values and higher interest rates, he told Dallas Morning News business reporter Nick Wooten.
Todd told The News he owes about $230 million to Starwood Capital Group. The foreclosure will mark the first year Todd Interests has lost money in its 35-year history in Dallas, Todd said.
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In foreclosure, the lender is expected to take the property.
More about The National’s 6 restaurants
The 1.5 million-square-foot building is anchored by Monarch, an Italian steakhouse and seafood restaurant on the 49th floor that boasts some of the best restaurant views of Dallas. Monarch is operated by Maple Hospitality Group, which owns Michelin-Recommended restaurant Maple & Ash in Chicago.
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Chef-managing partner Danny Grant and his team run a second restaurant in Dallas’ The National building. Kessaku is a Japanese restaurant on the 50th floor that has panoramic views of Dallas.
“There is no impact to day-to-day operations, and our team remains committed to delivering the elevated dining experience our guests have come to expect,” Maple Hospitality managing partners Grant and Jim Lasky wrote in a statement following the foreclosure announcement.
“As we mark five years in Dallas, our commitment to the community remains steadfast.”
Monarch and Kessaku are the most upscale restaurants in The National.
Little Daisy, a restaurant tucked inside The National, serves breakfast, lunch and dinner in downtown Dallas.
Allison Slomowitz / Special Contributor
Also remaining open, Todd said, are two restaurants embedded within the tower: French-American bistro Little Daisy, on The National’s ninth floor, and cocktail bar and small-bites restaurant Catbird, on the tenth.
On The National’s ground floor, its two quick-service restaurants are White Rhino Coffee and Chick-fil-A. Those, too, are leased from The National and are expected to stay, Todd said.
The National is at 1401 Elm St., Dallas.