A Dallas highrise 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…