Dallas’ Comerica Tower is on the verge of a significant transformation as developers Slate Asset Management and Stream Realty Partners, together with a team of architects and engineers, presented their vision to a city planning and development panel earlier this month.
The plans aim to address various challenges faced by the property, which was designed by renowned architect Philip Johnson and completed in 1987. Currently owned by Slate, the building suffers from underutilization, with only half of its space occupied. Executive managing director Ramsey March of Stream Realty Partners cautioned that occupancy could decline further to around 15% to 20% over the next five years if redevelopment efforts do not move forward.
March pointed out that the building was originally constructed as a secure fortress at the behest of its first owner, Momentum Bank. Drawing on past success, he referenced Stream’s redevelopment of the Trammell Crow Center, which had similar challenges.
“What we did was turn that building inside out and brought retail to Ross Avenue,” March explained.
A critical concern regarding the Comerica Tower has always been its limited parking, with only around 700 spaces serving the expansive 1.6 million square foot structure. March emphasized that this lack of parking has been a significant disadvantage for the property.
In addressing these issues, the proposed redevelopment plan includes the introduction of 10,000 square feet of retail space, followed by multiple amenity floors. A 242-key hotel is projected to begin on the ninth floor, with March confirming ongoing negotiations with a prominent luxury hotel brand.
Following this will be nearly 600,000 square feet of office space starting from Floor 19, which March noted is pivotal for downtown success, emphasizing that blocks of office space should not be confined to the lower levels of the building.
At the top of the project, developers plan to incorporate 240 residential units, committing to 10% of these being affordable housing options. March believes the apartments will provide tenants with some of the best views of downtown Dallas, offering a competitive advantage over other buildings such as Fountain Place.
Overall, the developers are looking to repurpose around 1 million square feet of the total 1.6 million square feet within the building.
However, initial feedback from the city panel has raised concerns, particularly regarding the lower floor plans. The proposed design includes the removal of the existing banking hall and the plaza in front of the tower along Ervay Street, which would be replaced by a parking garage. This change would add nearly 450 more parking spaces, essentially acting as a “podium” supporting the amenity floors above and topped with a banquet hall.
Panel members expressed concerns that these alterations could clash with the architectural integrity of the surrounding historical buildings, such as the Wilson Building and Neiman Marcus. One panelist warned that although the changes might alleviate parking issues, they could detract from the overall aesthetics of the area, leading to a large blank facade around the tower.
Safety issues were also discussed, specifically in relation to adding more entry points into the property. Panelists challenged the proposed plans to effectively address the currently unused areas around the base of the tower.
In response to these concerns, Brendan Shanahan, managing director at Slate Asset Management, affirmed that the design shared with the city panel is only a preliminary vision and that they are committed to refining it further.
“We are working through the redevelopment process that will transform Comerica Bank Tower into a mixed-use destination,” Shanahan stated.
image source from：dallasnews
