A revival plan for the former First National Bank Building at 1401 Elm Street seeks a City of Dallas subsidy of $30 million.
The City Council Economic Development Committee will hear the plan Tuesday.
When it opened in 1965, the building was the city’s tallest and it’s 50th floor observation deck was a big public attraction.
But newer office buildings stole away the best tenants and the building closed in January 2010 with expensive asbestos abatement problems complicating reuse.
The building between Field, Akard, Pacific and Elm Streets sits beside a DART Rail station.
City leaders consider reviving it to be a crucial step for the vitality of the downtown area.
“It’s a big piece in the middle of the puzzle, but it also takes the public and the private partnership in order to make this work,” said Economic Development Committee Chairman Tennell Atkins.
The renovation plan calls for turning most of the office space into 520 residential units. A portion of those dwellings would be set aside for low to moderate income families.
Also in the plans, the 50th floor observation deck would reopen to the public, a 9th floor patio would be restored to the original 1965 design and lower floors with public access would become retail shops and restaurants.
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