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The gold glass Stemmons Freeway buildings were purchased by Dallas-based Ricchi Group in 2020. The office buildings are set to\u00a0become apartments after\u00a0Centurion American Development Group filed plans Tuesday.<\/p>\n
Cushman & Wakefield<\/p>\n
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. \u00a0\u00a0<\/p>\n
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Centurion American Development Group<\/a> filed Tuesday to transform the\u00a0Eldorado 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.\u00a0<\/p>\n Article continues below this ad<\/p>\n The office buildings at 8777 and 8787 N. Stemmons Freeway will become into a multifamily complex\u00a0called The Founder, said Kelly Hunter, a spokesperson for Centurion American, in a statement. The change to the cosmetic firm\u2019s former headquarters comes as Mary Kay has signaled that it would sell its current headquarters<\/a>.\u00a0<\/p>\n 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.<\/p>\n 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.\u00a0<\/p>\n Make Dallas News a preferred source so your search results prioritize writing by actual people, not AI.<\/p>\n <\/p>\n Add Preferred Source<\/p>\n <\/a><\/p>\n Centurion American acquired the towers\u00a0from the real estate firm Ricchi Group in October 2025, Hunter said.\u00a0The\u00a0Ricchi Group had owned the site since 2020, according to the Dallas Central Appraisal District.<\/p>\n Article continues below this ad<\/p>\n The Ricchi Group has worked with the real estate company in the past, selling The Statler hotel<\/a> in Downtown Dallas to Centurion American in 2014.<\/p>\n 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.\u00a0<\/p>\n One of the property\u2019s features is its location, according to Hunter.<\/p>\n \u201cGiven its location in the Medical District, the community is well-positioned to attract professionals working nearby,\u201d Hunter said. \u201cThe property will offer a Class A living experience, with both buildings featuring floor-to-ceiling windows for strong natural light.\u201d<\/p>\n Article continues below this ad<\/p>\n Plans for the property also include a pool, fitness center, business center, pickleball courts and other amenities.\u00a0<\/p>\n Centurion American has properties across the D-FW area including other apartment communities like The Parc on Jackson in downtown Dallas. \u00a0 \u00a0<\/p>\n 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.\u00a0<\/p>\n By signing up, you agree to our Terms Of Use<\/a> and acknowledge that your information will be used as described in our Privacy Policy<\/a>.<\/p>\n 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.\u00a0<\/p>\n Article continues below this ad<\/p>\n The company said in a statement to The\u00a0News that now was a good time to consider a sale and reassess its footprint given the current Dallas real estate market.<\/p>\n![\"image\"](\"https:\/\/www.newsbeep.com\/us-tx\/wp-content\/uploads\/2026\/04\/1775016909_917_rawImage.jpg\" "\\"#\\"")
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