Thanksgiving Tower improvements coming soon

City officials hope that $100 million in proposed improvements to the downtown Thanksgiving Tower will allow current owners to attract new tenants and improve the fortunes of the 80’s era office building. Falling occupancy and rental rates forced the 50-story office tower into foreclosure in 2013.

The building is in the City Center Tax Increment Financing (TIF) district. TIFs are used to reimburse eligible project improvement costs in designated areas, thus increasing real estate values. Planned upgrades and improvements include mechanical, electrical, plumbing and life safety systems and significant changes to ground floor and plaza level exteriors to foster pedestrian activity. Project completion date is July 2016.

On Nov. 12, the Dallas City Council will vote on an agreement with current owners 1601 Elm Holdings, LP to reimburse the company for site and plaza improvements with TIF funds in an amount not to exceed $6 million. Council will also consider authorization of an economic development grant with the company in an amount not to exceed $2.7 million, in accordance with the City’s Public/Private Partnership Program.