Construction is underway on the adaptive reuse of the iconic 50-story Santander Tower at 1601 Elm St. in downtown Dallas. According to a release, Adolfson & Peterson Construction has begun work on phase two of the multifamily project by Pacific Elm Properties: the Peridot Residences, which will will add five floors and 105 one- and two-bedroom residences.

“The Peridot Residences offer a holistic lifestyle, inspired by comfort and luxury, and the new units will further enhance downtown Dallas’s residential offerings,” says Adolfson & Peterson (AP) Regional President Granger Hassmann in a statement. “Santander Tower is a great example of what underutilized office buildings can become, offering hotel, retail, office and luxury apartments.”

AP completed phase one in October 2024, which consisted of converting a total of 14 floors into 291 apartment units and amenity spaces. Pacific Elm, in collaboration with Mintwood Real Estate, redeveloped Peridot Residences from former office space into luxury multifamily housing.

“The continued transformation of Santander Tower reflects our vision for revitalizing Dallas’ urban core through innovative mixed-use redevelopment,” says Pacific Elm Properties CEO Billy Prewitt. “The success of Peridot Residences has shown there’s strong demand for luxury living in the heart of downtown and phase two builds on that momentum, bringing new energy, residents and experiences to one of the city’s most iconic addresses.”

Resident amenities will include a swimming pool, dog park, fitness center, pickleball court and Pilates studio. The building also contains meeting rooms and lounges for community gatherings and events.

The mixed-use development will include on-site dining options, a boutique hotel, and luxury residences within one tower.

Pacific Elm’s existing portfolio is comprised of seven Class A towers totaling 6.5 million square feet and 10 acres of developable land located in Uptown and Downtown Dallas and 80 acres in Raleigh.

Santander Tower, formerly known as 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. The reuse project was kicked off in 2022.