Downtown office space at Santander Tower (formerly Thanksgiving Tower) is getting a new lease on life as an ongoing adaptive reuse project plows forward, with work on phase two promising to deliver 105 luxury apartment units on five floors.
Phase one of Pacific Elm Properties’ Peridot Residences wrapped up last October, adding 291 units to Dallas’ multifamily housing stock across 14 floors at 1601 Elm St., adjacent to Thanksgiving Square.
“The continued transformation of Santander Tower reflects our vision for revitalizing Dallas’ urban core through innovative mixed-use redevelopment,” Pacific Elm Properties CEO Billy Prewitt said, noting that there’s strong demand for luxury units in the city center.
Entry to the lounge in Phase One of the Peridot Residences. Credit: Chad M. Davis, AIA
Pacific Elm Properties embarked on the adaptive reuse project in partnership with Mintwood Real Estate. Adolfson & Peterson Construction is handling the redevelopment with WDG Architecture, and Swoon the Studio is doing the interior design.
The project’s aim is to create a “true vertical mixed-use development” comprising one- and two-bedroom apartments, a boutique hotel, dining, and commercial space, according to a press release. Amenities at the Peridot Residences will include a fitness center, pickleball court, dog park, swimming pool, meeting rooms, lounges, and even a Pilates studio.
Chef’s kitchen in a Phase One unit of the Peridot Residences. Phase Two units will look similar, a PR rep said. Credit: Chad M. Davis, AIA
Residents with the disposable income to do so could also get themselves a membership at Tower Club Dallas, the upscale 3,500-square-foot private social club on the 48th floor.
“Santander Tower is a great example of what underutilized office buildings can become, offering hotel, retail, office, and luxury apartments,” said Granger Hassmann, regional president of Adolfson & Peterson Construction.
Adaptive reuse projects have become all the rage following the COVID-19 pandemic. Remote work and hybrid schedules started trending, and developers started swapping out cubicles for condos amid an increase in office vacancies.
D-FW has ranked high among metro areas for office-to-apartment conversions completed and in the pipeline, with downtown Dallas getting its share through projects like Peridot Residences, The National, and The Sinclair. Despite media attention around problems like homelessness and business relocation, the central business district’s residential profile has been growing.
Bedroom in a Phase One unit. Credit: Credit: Chad M. Davis, AIA
According to Downtown Dallas, Inc., the population of the neighborhood has increased by more than 70% over the past 10 years, boasting more than 15,000 residents in 2024. A presentation from that year estimated that once all the downtown residential projects in the pipeline were completed, some 20,000 people could be living in the central business district.
No doubt some of them will be living in the 105 luxury units now under construction, which Hassmann said will “further enhance downtown Dallas’s residential offerings.”