Adolfson & Peterson Construction (AP) has started construction on phase two of Pacific Elm Properties’ multifamily adaptive reuse project at the iconic 50-story Santander Tower in downtown Dallas. The latest phase of Peridot Residences will add five floors and 105 one- and two-bedroom apartments to the landmark tower at 1601 Elm St., further redefining urban living in the city’s core.
“The Peridot Residences offer a holistic lifestyle inspired by comfort and luxury and the new units will further enhance downtown Dallas’s residential offerings,” says AP Regional President Granger Hassmann. “Santander Tower is a great example of what underutilized office buildings can become, offering hotel, retail, office and luxury apartments.”
AP completed phase one of the project in 2024, converting 14 floors into 291 apartment units and shared amenity spaces. The development is led by Pacific Elm in collaboration with Mintwood Real Estate, transforming former office space into high-end multifamily housing.
“The continued transformation of Santander Tower reflects our vision for revitalizing Dallas’ urban core through innovative mixed-use redevelopment,” says Billy Prewitt, CEO of Pacific Elm Properties. “The success of Peridot Residences has shown there’s strong demand for luxury living in the heart of downtown and phase two builds on that momentum.”
Resident amenities include a pool, dog park, fitness center, pickleball court and Pilates studio, along with meeting rooms and lounges designed for community events. With design partners WDG Architecture and Swoon the Studio, the project delivers a true vertical mixed-use environment featuring dining, a boutique hotel and residences all under one roof.
Adaptive reuse continues to reshape skylines nationwide. According to RentCafe, more than 12,700 former non-residential units were converted into apartments in 2024—up 17.6% from the prior year—with Dallas ranking among the top U.S. cities for such projects.
Celebrating 25 years in Texas, AP is managing several other high-profile North and Central Texas projects, including The Seam in the Dallas Design District, the East Dallas Government Center, KDFW Fox 4’s new studio in Irving and new facilities for Austin ISD.
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