A distinctive '50s building in downtown Dallas has a new owner with big plans. The building is 211 North Ervay, notable for its pretty pale-blue paneled facade, and it's been acquired by Wolfe Investments, a real estate company headed by CEO Kenny Wolfe, with plans to transform it into residences.

Wolfe shared the news not in a press release that a person might ordinarily cut-and-paste then massage into a story, but instead via a YouTube video which is so very 2023, which he made from the rooftop deck.

"Hey guys, we're here at 211 N. Ervay, we just bought this property, as you can see we are right smack dab in downtown Dallas," Wolfe says. "It's going to be a beautiful asset. We're taking an office building and converting it to 238 residential units right here in the heart of Dallas."

The 238 units will include studios, one-bedroom/one-bath, and two-bedroom/two-bath floor plans with a contemporary aesthetic. Additional amenities will include fitness center and lobby lounge. They're anticipating completion in 14 to 16 months.

Built in 1958, 211 North Ervay is an incredibly cool 18-story cube with alternating panels of lighter and darker aquamarine outlined with original porcelain enamel steel panels between ribbon windows.

A profile on AIADallas.org recalls that color panel buildings were "all the rage" in the '50s. These panels were created by Texlite, the same Dallas company that built the Pegasus atop the Magnolia Building, as well as panels for The Statler, another iconic 1950s building just a few blocks away.

As Dallas Innovates notes, former Dallas Mayor Laura Miller called 211 North Ervay an "eyesore," definitely do not let her near your '50s house, and there were plans to demolish it and install yet another park.

The building was saved in 2012 by Alterra Worldwide, the investment company headed by Mukemmel "Mike'' Sarimsakci, most famous for almost building a Trump hotel in Dallas until the Trump Organization backed out.

The building was renovated in 2014, and has had some high-profile tenants on the ground floor including a 7-Eleven store and pre-pandemic, a location of Cafe Izmir.

Founded in 2012, Wolfe Investments has with nationwide holdings including commercial real estate, real estate development, and multifamily projects such as this.

In 2021, they purchased the also gorgeous historic Post Office building in downtown Dallas at 400 N. Ervay St., and in January, they acquired the Oil & Gas building next to the former Star-Telegram offices in downtown Fort Worth, in a partnership with Dallas’ Bluelofts Inc., which they will also convert to residences.