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    Downtown News

    Iconic downtown Dallas building will transform offices into residences

    Teresa Gubbins
    Jul 25, 2022 | 2:34 pm
    thanksgiving santander tower
    Glossy facade of the Santander Tower.
    Courtesy rendering

    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.

    downtown
    news/real-estate

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    The Boom Continues

    Booming DFW ZIPs among 10 fastest-growing new neighborhoods in U.S.

    Amber Heckler
    May 15, 2026 | 9:17 am
    Overhead view of a neighborhood in Keller, Texas
    Photo by Braden Egli on Unsplash
    Dallas keeps on growing.

    As Texas' ever-growing population generates more demand among regional housing markets, two Dallas-area ZIP codes have seen more growth than nearly all other ZIPs in the state — and in the country.

    75078 in Prosper and 75454 in Melissa respectfully ranked as the ninth and 10th in RentCafe's new study that analyzed the 50 fastest-growing "new neighborhoods" in America "that barely existed a decade ago." One more North Texas ZIP in Fort Worth also made the top 10.

    The study reviewed housing inventory and population growth across 32,000 U.S. ZIP codes and narrowed down the search to the top 50 locales that experienced a 51 percent minimum surge in new housing units from 2014-2023.

    Overall, Texas dominated the list with 17 of the nation's 50 booming new neighborhoods.

    The report's findings revealed Prosper has more than tripled its housing inventory to 14,409 units, up from about 4,200 units in 2014. The area's population has also more than tripled, from 13,229 to 46,857 residents as of 2023.

    Melissa's population has surged 211.2 percent over the last decade, from 6,471 to 20,137 residents, and housing inventory soared 222 percent to keep pace with the growth. A recent boom in apartment construction is a major factor that contributed to the suburb's expansion, the report said, which has showed no signs of slowing as more than 1,300 new apartments were built in Melissa in 2024.

    "Here again, proximity to Dallas and accelerated development activity are driving growth," the report said. "Looking ahead, Melissa is slated for more housing projects to accommodate new residents."

    Dallas suburbs like Prosper and Melissa also "offer easy access to Dallas jobs and provide newly built schools and quality urban services," according to the report.

    RentCafe's separate ranking of the best "up-and-coming" communities ranked Prosper and Celina, another rapidly growing Dallas suburb, among the top three in the U.S.

    Fast-growing ZIPs in Dallas-Fort Worth
    North Fort Worth's 76177 ZIP code ranked as the seventh fastest-growing ZIPs in the U.S. over the last decade. RentCafe determined this northern region saw a 266 percent surge in housing inventory in the last decade to keep up with the area's 302.1 percent population growth over the same period.

    In 2014, there were just 6,003 residents living within the bounds of 76177, which stretches as far north as the area surrounding Texas Motor Speedway and as far south as the Chisholm Ridge neighborhood. During that same year, there were only 2,774 housing units in the area, which has since spiked to 10,140 units as of 2023. The ZIP code now boasts a population of more than 24,000 residents, the study found.

    "[ZIP code] 76177’s growth was stimulated by the overall economic expansion of the Dallas-Fort Worth area," the report said. "Like many places in Texas, this enclave attracts residents due to a mix of accessibility, community and opportunities."

    Celina's 75009 ZIP ranked just outside the top 10 as the 11th "newest" neighborhood in the U.S. Celina experienced a 229 percent increase in population over the 10-year span, and a 211 percent increase in housing inventory. In 2023, the suburb had a population of more than 30,000 residents, up from about 9,200 in 2014.

    The top 10 "newest" neighborhoods in the U.S., says RentCafe, are:

    • No. 1 – Chino, California (91708)
    • No. 2 – Timnath, Colorado (80547)
    • No. 3 – Colorado Springs (80927)
    • No. 4 – Fulshear, Texas (77441)
    • No. 5 – Ponte Vedra, Florida (32081)
    • No. 6 – Jersey City, New Jersey (07311)
    • No. 7 – Fort Worth (76177)
    • No. 8 – Colorado Springs (80924)
    • No. 9 – Prosper, Texas (75078)
    • No. 10 – Melissa, Texas (75454)
    real estatefort worthprospermelissacelinanorth texaszip codespopulation growth
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