Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, started construction on phase two of Pacific Elm Properties’ multifamily adaptive reuse project at the iconic 50-story Santander Tower in Downtown Dallas. Located at 1601 Elm St., Santander Tower is in the heart of the Dallas Central Business District.
Phase two of Peridot Residences will add five floors and 105 one- and two-bedroom residences within this integrated mixed-use development. Upon completion, residents will experience the Peridot lifestyle of redefined urban living and working.
“The Peridot Residences offer a holistic lifestyle, inspired by comfort and luxury, and the new units will further enhance downtown Dallas’s residential offerings,” said AP Regional President Granger Hassmann. “Santander Tower is a great example of what underutilized office buildings can become, offering hotel, retail, office and luxury apartments.”
AP completed phase one of the project in October 2024, 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,” said Billy Prewitt, CEO of Pacific Elm Properties. “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.”
Katy Slade, founder and principal of Mintwood Real Estate said, “At Mintwood, we believe great cities are built through creativity and collaboration. Projects like Peridot Residences reflect our commitment to adding much-needed housing to Dallas’ urban core while reimagining how people live, work and connect in the city. We’re proud to be a part of the continued momentum of downtown’s residential growth.”
Resident amenities 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.
Pacific Elm, in collaboration with Mintwood Real Estate, WDG Architecture and Swoon the Studio among other consultants, has successfully created a true vertical mixed-use development with on-site dining options, a boutique hotel and luxury residences within one tower.
This project contributes to the current adaptive reuse trend across the country. Former non-residential buildings were converted into apartments at a rapid pace, with more than 12,700 units created, up 17.6% from 2022, according to rentcafe.com. According to the National Apartment Association, 55,000 adaptive reuse projects were noted, with the top cities being Dallas, Washington, D.C. and New York, among others, at the end of 2024.
Celebrating 25 years as a Texas regional office, AP is working on several North Texas projects, including The Seam in Dallas’ Design District, Christ the King Catholic Church and School in Dallas, the East Dallas Government Center, KDFW Fox 4’s new studio in Irving, along with the SportsPark Center and The Reecy Davis Center with the city of Greenville. Additionally, AP’s Central Texas office recently broke ground on two Austin ISD high schools, Heritage Oaks Dental Office in Marble Falls, an expansion of the Emergency Room at San Antonio’s Methodist Landmark Hospital, along with recently completing Round Rock’s Sunrise Commerce Center. Other notable completed projects include an addition and renovation at Park Cities Presbyterian Church in Dallas, PGA of America headquarters in Frisco, Vari’s global headquarters with VariSpace Coppell, and Buildings 17 and 18 at Billingsley Company’s International Business Park in Plano.
About Pacific Elm Properties
Pacific Elm Properties owns, manages, leases, invests in and develops dynamic, mixed-use properties in Dallas, Texas, and Raleigh, North Carolina. With an uncompromising commitment to placemaking, Pacific Elm elevates existing and creates new upscale urban neighborhoods, including Parkside in Uptown Dallas, The Field Street District in Downtown Dallas, Ivy Park in the Knox District and the new PNC Arena district in Raleigh.
The Pacific Elm team has been an active participant in the real estate market as an investor, developer and manager of real estate assets for over 30 years and has completed over $6 billion in real estate acquisitions and/or development transactions including office, residential, industrial, retail and mixed-use properties. 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.
About Mintwood Real Estate
Mintwood Real Estate, founded in 2018 in Dallas, Texas, develops forward-looking and valuable mixed-use and multifamily communities. Mintwood and its entrepreneurial team create distinctive, institutional-quality products that seek to redefine experiences for neighborhoods and their residents. The Mintwood team has built more than 4,000 residential units and more than half a million square feet of retail throughout Texas and across the nation, in addition to facilitating multiple acquisitions, dispositions, and re-zoning successes. To learn more about Mintwood, visit www.mintwoodre.com.
About Adolfson & Peterson Construction
Adolfson & Peterson Construction (AP) is a leading national construction management firm consistently ranked as a Top 100 Contractor by Engineering News Record (ENR). For more than 75 years nationally and 25 years in the Texas market, AP has remained a trusted family-owned business known for quality, reliability and strong partner relationships while maintaining a solid safety record. The company offers preconstruction, construction and contracting services to the commercial, education, healthcare, hospitality, industrial, mission-critical, multifamily, municipal, recreation and senior living market segments. It currently employs more than 600 team members and thousands of trade partners in Arizona, Colorado, Minnesota, North Dakota, Texas and Wyoming. Find more information at www.a-p.com. AP is committed to creating a diverse, equitable and inclusive workplace and is an Affirmative Action/Equal Opportunity Employer.
