Elm Place

Elm Place is the former First National Bank Tower, a 50-story skyscraper at 1401 Elm Street in the Main Street district of downtown Dallas, Texas. The building is also known in its redeveloped form as The National. Designed by architects George Dahl and Thomas E. Stanley for First National Bank in Dallas, it was conceived as a replacement for the bank's earlier Main Street headquarters and became one of the defining commercial towers of mid-century Dallas. Construction began in 1961 on a two-acre block previously occupied by the bank's motor bank. Robert E. McKee, Inc. and Henry C. Beck Co. jointly handled construction, which used more than 25,000 tons of steel. The completed building opened in 1965 at approximately 627 feet, or 191 meters, making it the tallest building west of the Mississippi River at the time. It remained the tallest building in Texas until 1971 and the tallest in Dallas until 1974. The tower was deliberately reduced from an originally proposed height after aviation-safety concerns related to flights departing Dallas Love Field. A lower-elevation site allowed the revised tower to remain taller than the nearby Republic Center. Its architectural composition combines an eight-story, full-block banking base with a narrow tower set above it. The exterior used contrasting dark gray glass and white Greek marble, while the tower's vertical white columns incorporated Plexiglas mullions that once held fluorescent lights. The base contained a large banking hall, vaults, teller stations, executive facilities, an auditorium, employee dining areas, retail frontage, pedestrian arcades, and two motor-bank operations. A second-floor mural known as the Money Tree was made from thousands of coins and carved wood. The 50th floor included an observation terrace connected by an escalator that was promoted as the world's highest at the time. The building's original banking role diminished as First National Bank expanded and became associated with InterFirst Corp., which developed other major Dallas towers, including Renaissance Tower and Bank of America Plaza. Following mergers, the banking operations eventually became part of Bank of America. As the bank vacated much of the property, the tower was renamed Elm Place. Ownership was divided under a special arrangement, with the bank retaining the lower ten floors while another owner controlled the lobby and upper levels. The property experienced severe financial and occupancy problems during the late 2000s. The lower floors were foreclosed on in early 2009, and the tower closed in January 2010 after occupancy fell to an unsustainable level. It was placed on the market later that year. The building was subsequently repositioned through a major mixed-use conversion completed in 2020. The redevelopment, reported as costing approximately $460 million, created The National, a complex combining the Thompson Dallas luxury hotel, 324 residential apartments, office space, and retail space. The adaptive-reuse project returned the long-vacant tower to active use while preserving its role as a prominent element of the Dallas skyline. The tower was added to the National Register of Historic Places in 2017. In the latest supplied reference material, the property entered foreclosure in January 2026, with developer Shawn Todd transferring it to lender Starwood Capital Group in connection with approximately $230 million owed. Its architectural significance, downtown location, and conversion into a hospitality, residential, office, and retail destination distinguish Elm Place from a conventional banking brand: it is principally a historic real-estate and adaptive-reuse property rather than an operating financial institution.

Elm Place originated as the headquarters project of First National Bank in Dallas. The bank selected a two-acre block on Main Street that had previously accommodated its motor bank and commissioned George Dahl and Thomas E. Stanley to design a new headquarters tower. The architects initially proposed a taller building, but the height was reduced because of concerns about aircraft departing nearby Dallas Love Field. The selected site had a lower elevation, allowing the revised tower to remain taller than the rival Republic Center. Construction started in 1961 under the joint direction of Robert E. McKee, Inc. and Henry C. Beck Co. The project required more than 25,000 tons of steel and produced a 50-story, approximately 627-foot tower. When it opened in 1965, it was the tallest building west of the Mississippi River. It was also the tallest building in Texas until the completion of One Shell Plaza in Houston in 1971 and the tallest in Dallas until Renaissance Tower surpassed it in 1974. The building's design separated a broad banking podium from a narrower tower. The eight-story base occupied the full block and was faced with dark gray glass and white marble imported from Greece. Recessed lower floors created covered pedestrian walks, while a long arcade connected Elm Street and Pacific Street. The complex included an 800-space garage, two motor banks, a two-story main banking hall, vaults, 50 teller positions, executive facilities, a 300-seat auditorium, a cafeteria, rooftop gardens, fountains, and sculptures. The Money Tree mural on the second floor used coins and carved wood. The observation terrace on the 50th floor was reached by an escalator from the 49th floor. As First National Bank expanded, its corporate network became associated with InterFirst Corp., which built additional Dallas landmarks. After later mergers, the banking business became part of Bank of America. With banking activity moving away from the tower, the property was renamed Elm Place. Its ownership structure was divided, with the bank retaining the lower floors and another owner controlling the lobby and upper portion. The building's condition deteriorated during the 2000s as office demand and occupancy declined. The lower floors were foreclosed on in early 2009, and the tower closed in January 2010. It was offered for sale later that year. A large-scale adaptive-reuse project eventually transformed the vacant property into The National. Reopened in 2020, the complex incorporated the Thompson Dallas hotel, 324 apartments, approximately 37,000 square feet of office space, and approximately 43,000 square feet of retail space. The reported conversion cost was approximately $460 million, making it one of Dallas's most expensive building conversions. The property was listed on the National Register of Historic Places in 2017. The latest supplied reference states that foreclosure occurred again in January 2026, after which developer Shawn Todd transferred the property to Starwood Capital Group, identified as the lender owed approximately $230 million.

• 2026

  Foreclosure and lender transfer

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  The supplied reference reports a foreclosure and transfer to Starwood Capital Group.

• 2020

  Mixed-use conversion reopens

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  The redeveloped property reopened as The National with hotel, residential, office, and retail uses.

• 2017

  National Register listing

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  The building was added to the National Register of Historic Places.

• 2010

  Tower closes and is marketed for sale

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  The tower closed in January because of low occupancy and was offered for sale in May.

• 2009

  Lower floors foreclosed

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  The lower portion of the divided property was foreclosed amid declining occupancy and weakening banking use.

• 1974

  Dallas height record ends

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  Renaissance Tower became taller than the former First National Bank Tower in Dallas.

• 1971

  Texas height record ends

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  One Shell Plaza in Houston surpassed the tower as the tallest building in Texas.

• 1965

  Tower opens

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  The completed 50-story tower opened at approximately 627 feet and became the tallest building west of the Mississippi River.

• 1961

  Construction begins

  [1]First National Bank Tower (Dallas)en.wikipedia.org

  Construction started on First National Bank's new headquarters at the Main Street site in downtown Dallas.

Historic downtown Dallas landmark and mixed-use adaptive-reuse property

• Luxury hotel · 2020

  Thompson Dallas Hotel

  The hotel is the hospitality component of The National redevelopment. It occupies part of the converted historic tower and repositioned the former banking property as a high-end downtown Dallas destination. The hotel operates alongside residential, office, and retail uses rather than as a standalone building.

• Residential apartments · 2020

  The National Residences

  The residential component comprises 324 apartments created through the adaptive reuse of the former office and banking tower. Its inclusion was central to the conversion strategy, broadening the property from an obsolete single-use corporate headquarters into a mixed-use downtown address.

• Commercial real estate · 2020

  The National office and retail spaces

  The redevelopment includes approximately 37,000 square feet of office space and 43,000 square feet of retail space. These components occupy portions of the former banking complex and help connect the property to downtown pedestrian routes and surrounding Main Street activity.

• 2026

  Property transferred after foreclosureOther

  Background

  The supplied reference reports that the redeveloped property entered foreclosure in January 2026.

  Action taken

  Developer Shawn Todd transferred the property to lender Starwood Capital Group.

  Aftermath

  Starwood Capital Group became the reported owner or controlling lender, with approximately $230 million identified as outstanding debt in the reference material.

  Reported outstanding debt. $230 million (January 2026)

  Source

• 2020

  Conversion from bank headquarters to mixed-use complexStrategy

  Background

  After the tower closed because of low occupancy, the obsolete single-use office property required a new operating model.

  Action taken

  Developers converted the building into The National, combining a luxury hotel, 324 apartments, office space, and retail space.

  Aftermath

  The property reopened in 2020 after a reported approximately $460 million conversion and returned to active use.

  Reported conversion cost. $460 million (2020)

  Source

• 1961

  Height reduced to address aviation concernsStrategy

  Background

  The original design called for a taller tower, but its proposed height was judged hazardous to aircraft departing Dallas Love Field.

  Action taken

  The project was redesigned at a lower height and placed on a site with lower elevation.

  Aftermath

  The completed tower still exceeded the height of Republic Center and became a leading landmark in the Dallas skyline.

  Source

1. 1First National Bank Tower (Dallas)en.wikipedia.org