Boutique Hotel Concept Explored for The Purse Building in Downtown Dallas » Dallas Innovates

Rendering of the Purse Building as a downtown Dallas hotel: Wildcat Management

Concept plans have been revealed by Dallas-based real estate development and investment firm Wildcat Management for a boutique hotel conversion of the Purse Building, a six-story historic property at 601 Elm St. in downtown Dallas.

Wildcat enlisted Dallas-based Merriman Anderson Architects to create architectural studies for the potential project. As seen above and below, the images outline how the 1905 landmark could be transformed into a “fully modernized boutique hotel blending historic character with contemporary design.”

Rendering: Wildcat Management

Wildcat said the project is envisioned as a 100-key boutique hotel with 10,000 square feet of ground-floor retail, creating a destination that melds Dallas’s architectural history with a modern guest experience.

Large floor plates, exposed timber beams, and original brick interiors could be featured, while the building’s corner visibility and skyline views offer the potential for rooftop dining or event space. The building is recognized as one of Dallas’s most architecturally significant heritage structures, Wildcat said, and “represents a boutique-scale hospitality opportunity rarely found in Tier-1 U.S. markets.”

Located near the city’s Government District

Rendering: Wildcat Management

Located near the Government District on Elm Street’s western edge, the Purse Building is close to major public and private investments reshaping the city’s downtown. Situated six blocks from the $3.7 billion Kay Bailey Hutchison Convention Center expansion that’s scheduled to open in 2029, The Purse Building also lies near Dealey Plaza, an historic site that attracts more than 4 million visitors a year.

Approved for Federal and State Historic Tax Credits, the Purse Building also benefits from a 10-year City of Dallas Historic Tax Abatement and inclusion in the City Center TIF District, Wildcat said—adding that those incentives can offset a large share of rehabilitation costs, creating strong financial advantages for hospitality investors and development partners focused on adaptive reuse in major urban markets.

Wildcat said it is continuing to evaluate interest from investors and development partners exploring hospitality and mixed-use concepts within downtown Dallas. The firm said its study demonstrates how historic assets can align with modern market demand, supporting the city’s broader pattern of reinvestment and destination growth.

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