November 17, 2017
GCP Income Properties I LLC declared a huge downtown Dallas development project in default, and wants to sell it to get back the $55 million it invested through a forced sale. The project in question is the 52-story former First National Bank tower. Developer Drever Capital Management has been working for two years to convert the vacant building at 1401 Elm St. into a mixed-use project with apartments, retail, office space and hotel rooms, valued at $350 million.
The problem, however, is that Drever Capital needs new financing for the project, which is dubbed, appropriately enough, The Drever. A Drever spokesperson told the Dallas Morning News that new financing is in the works, construction continues, and completion is still scheduled for 2019.
Meanwhile, GCP Income of Texas has appointed a trustee to sell the property, according to filings with Dallas County. The project is downtown Dallas’ largest redevelopment project.