Olympic Property Partners, which just closed its acquisition of the iconic 1401 Elm Street in Dallas, is set to embark on a massive development of the aging property. The company is planning to convert the bulk of the 52-story building into apartments, with a small office component and ground-floor retail, and hopes the project will jump-start the revival of the city’s downtown.  
The building, which occupies an entire city block, lends itself well to a residential conversion given its high ratio of windows to floor area. “One of the things that appealed to me was the beauty of the layout....

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