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**Iconic Dallas High-Rise to Revert to Lender**
A historic skyscraper in downtown Dallas is set to change ownership as the current owner, Shawn Todd, plans to surrender the property amid a foreclosure process. The Dallas Morning News reports that Todd has been unable to pay off approximately $230 million in debt tied to the 52-story building known as The National. The property will be turned over to its lender, Starwood Capital Group.
Originally opened in 1965 as the First National Bank Tower, The National has long stood as a prominent fixture in the Dallas skyline. In 2020, Todd Interests completed a $460 million redevelopment of the building, transforming the once-vacant former bank headquarters into a mixed-use destination. The renovation included the addition of apartments, retail space, office space, and the 219-room Thompson Hotel. The project was supported by $100 million in tax credits from the City of Dallas.
Despite these efforts, Todd cited a combination of rising interest rates, declining downtown property values, and lower-than-expected apartment occupancy as key factors in the decision to allow the property to go into foreclosure. Current tenants are not expected to be immediately impacted by the change in ownership.
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