AP Awarded MultiFamily Adaptive Reuse Contract for Santander Tower

Project to convert multiple floors of iconic downtown Dallas tower to 228 multifamily units

DALLAS – (July 25, 2022) – Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, was awarded the contract for the multifamily adaptive reuse of the 50-story Santander Tower at 1601 Elm St. in the heart of the historic Dallas Main Street District.

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

The conversion project plans to kick off in summer with renovations on the first floor as well as floors 18 through 25, and 37 through 39. Dallas-based architect WDG designed the multifamily units and indoor amenities, and Swoon provided interior design services. TBG Partners designed the exterior amenities. The project is slated for completion in Fall 2023.

“Adaptive reuse is a thrilling trend in today’s real estate industry, and we are exhilarated for the opportunity to be involved in a great project like this,” said Will Pender, president of the AP Gulf States region. “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.

“Converting high-rise office floors to residences in the Dallas CBD provides much-needed housing – and the views are stellar,” said Katy Slade, founder and CEO of Mintwood Real Estate.

Woods Capital has already 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,” said Jonas Woods, founder, president and CEO for Woods Capital.

Notable AP Gulf States projects include PGA of America’s new headquarters in Frisco; VariSpace Coppell and Vari’s headquarters in Coppell; the Arlington ISD Arts and Athletics Complex in Arlington; several education facilities for the University of Texas; and Park Cities Presbyterian Church in Dallas. In addition, AP’s Midland-based West Texas office recently broke ground on an expansion of the Midland College campus, while the Central Texas office is working on an industrial project in Austin.

About Mintwood Real Estate

Mintwood Real Estate develops multifamily and mixed-use assets throughout Texas. Problem-solvers and creative thinkers, Mintwood’s team of experts create solutions and placemaking for complex transactions. Project after project, the firm creates long-term value for its clients’ assets, as well as the surrounding community.

 About Woods Capital

Woods Capital, founded by Jonas Woods in 2007, is an integrated real estate investment firm focused on the U.S. real estate market. The firm seeks to make opportunistic equity and debt investments on behalf of its investors in projects where it can leverage the acquisition, management, development, and capital markets experience of the firm. The Woods Capital team has been an active participant in the real estate markets as an investor, developer and manager of real estate assets, as well as a fiduciary on behalf of third-party capital. The team members have completed over $6 billion in real estate acquisition and/or development transactions including office, residential, industrial, retail and mixed-use properties.  Woods Capital provides fully integrated asset management services, including property management and construction management, in order to ensure the greatest performance of individual assets.

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