Dive Brief:

• New York real estate firm Olympic Property Partners and Texas-based developer BDRC are looking to transform the currently empty First National Bank tower in Dallas into a bustling residence, office, and retail space for young professionals.
• The two bought the building for $20 million and have a $155 million redevelopment plan that includes remodeling the block that the tower occupies into 70,000 square feet of office space (less than half of what is there now), 500 market-rate apartments, restaurants and high-end retail stores.
• The city supports the plan with $50 million in tax-increment financing that would begin after a certificate of occupancy is issued. The developers hope to finish the project in 2016.

Dive Insight:

By all accounts, redeveloping the bank building has been too much for anyone until now. The latest sale is the second in three years, with a San Francisco firm that bought it in 2011 deciding nothing was feasible. Seth G. Weinstein, a partner in Olympic Property, says the project has a bank construction loan and a private-equity investor.