The gold glass Stemmons Freeway buildings were purchased by Dallas-based Ricchi Group in 2020. The office buildings are set to become apartments after Centurion American Development Group filed plans Tuesday.
Cushman & Wakefield
A Dallas-Fort Worth real estate firm is planning to bring a pair of golden office buildings into a new era, by making them an apartment complex.
Centurion American Development Group filed Tuesday to transform the Eldorado Towers property, off of North Stemmons Freeway, into apartments. The office buildings were originally built as the headquarters of the cosmetic firm Mary Kay, which is now based in Addison.
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The office buildings at 8777 and 8787 N. Stemmons Freeway will become into a multifamily complex called The Founder, said Kelly Hunter, a spokesperson for Centurion American, in a statement. The change to the cosmetic firm’s former headquarters comes as Mary Kay has signaled that it would sell its current headquarters.
The proposed apartment buildings are set to have 176 units, according to a filing with the Texas Department of Licensing and Regulation. TDLR filings are preliminary and plans are subject to change.
The multifamily complex is expected to span across 211,000 square feet and cost about $43 million, according to the filing. The project is projected to start in August and be completed by April 2028.
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Centurion American acquired the towers from the real estate firm Ricchi Group in October 2025, Hunter said. The Ricchi Group had owned the site since 2020, according to the Dallas Central Appraisal District.
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The Ricchi Group has worked with the real estate company in the past, selling The Statler hotel in Downtown Dallas to Centurion American in 2014.
Converting the office into residential space made more sense for the company long term because of recent shifts in the office market, especially as the company continues to grow its apartment portfolio, Hunter said.
One of the property’s features is its location, according to Hunter.
“Given its location in the Medical District, the community is well-positioned to attract professionals working nearby,” Hunter said. “The property will offer a Class A living experience, with both buildings featuring floor-to-ceiling windows for strong natural light.”
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Plans for the property also include a pool, fitness center, business center, pickleball courts and other amenities.
Centurion American has properties across the D-FW area including other apartment communities like The Parc on Jackson in downtown Dallas.
The first eight-story tower was built in 1976 by Mary Kay as its headquarters. The company added the nearby five-story building in 1985.
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The cosmetics company left its headquarters in northwest Dallas to move to its current 33-acre campus in Addison in 1995. However, Mary Kay is now looking to sell its Addison campus at 16251 Dallas Parkway, according to reporting from The Dallas Morning News.
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The company said in a statement to The News that now was a good time to consider a sale and reassess its footprint given the current Dallas real estate market.
When the golden buildings were purchased by the Ricchi Group in 2020, the site was rebranded from Optima Business Park to Eldorado Towers, according to a Dallas Morning News article marking the sale. Companies like On-Air Media and IEG Consulting Engineers occupy spaces in the towers.