An iconic downtown high-rise is planning to transform some of its office space into apartments: Santander Tower, the building at 1601 Elm St. that was previously known as Thanksgiving Tower, is going to be remodeled into apartments.

According to a release, building owner Woods Capital has hired Adolfson & Peterson Construction (AP), a family-owned construction management and contracting company, to do a multifamily adaptive reuse of the 50-story tower.

AP will partner with Woods Capital and Dallas-based developer Mintwood Real Estate to convert multiple floors in the 1.4 million-square-foot downtown building into 228 multifamily units, along with amenity spaces.

The office building underwent a $40 million renovation in 2017, and its tenant list is anchored by Santander Consumer USA. It has a helipad, and a two-story hotel on the top two floors called The Guild, with rates that range from $139 to $198 a night.

The conversion will begin in summer 2022 with renovations on the first floor as well as floors 18-25 and 37-39.

• Dallas-based architect WDG designed the multifamily units and indoor amenities.
• Swoon provided interior design services.
• TBG Partners designed the exterior amenities.

The project is set for completion in fall 2023.

Thanksgiving Tower is the eighth-tallest building in Dallas although when it was built in 1982, it was the second tallest building. It was renamed Santander after its main tenant in 2020. It's a shiny, glassy monolith, across from Thanks-Giving Square, behind The Eye, and a block away from Belse, the acclaimed vegan restaurant.

AP's Gulf States regional president Will Pender says in a statement that they're exhilarated to be involved in the project. Bonus points for "exhilarated," much better than the usual "thrilled."

"Adaptive reuse is a thrilling trend in today's real estate industry," Pender says. "This is an exciting development for the Dallas Central Business District, which is ripe for office-to-residential conversions."

The project will feature one- and two-bedroom unit floorplans.

Project amenities include a swimming pool, dog park, fitness room, common gathering spaces, and a meeting space featuring a kitchen for entertaining.

Mintwood Real Estate CEO Katy Slade notes that the building will come with some nice views.

"Converting high-rise office floors to residences in the Dallas CBD provides much-needed housing – and the views are stellar," Slade says.

Woods Capital previously invested more than $40 million in Santander Tower to update all building systems, refurbish common areas, add an executive fitness center, and renovate the lobby and plaza. The mixed-use tower features office space, multiple on-site dining options including a private dining club and a boutique hotel.

"We are excited to see this project come to life and bring more housing options to the urban core. By converting vacant office space into luxury, multifamily housing, we can create a more vibrant, mixed-use neighborhood and meet the growing demand caused by migration to the area,” says Woods Capital founder, president, and CEO Jonas Woods.