A Dallas high-rise owner plans to surrender a historic downtown Dallas skyscraper as part of a foreclosure matter. The Dallas Morning News reports building owner Shawn Todd could not pay off The National’s roughly $230 million in debt. Todd says he will turn the 52-story building over to Starwood Capital Group, the lender.
The tower opened its doors in 1965 as the First National Bank Tower.
Todd Interests completed the mixed-use transformation of The National in 2020, a $460 million project that turned a vacant former bank headquarters into apartments, retail space, office space and the 219-room Thompson Hotel. The project received assistance from the City of Dallas, including $100 million in tax credits. The change of owners will not immediately effect current tenants.
Todd said he is allowing the property to go into foreclosure in part due to elevated interest rates, downtown property values and subpar apartment occupancy.
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