Adolfson & Peterson Construction (AP), a national, family-owned construction management and contracting company, started construction on phase two of Pacific Elm Properties’ multifamily adaptive reuse project at the iconic 50-story Santander Tower in Downtown Dallas. Located at 1601 Elm St., Santander Tower is in the heart of the Dallas Central Business District.

Phase two of Peridot Residences will add five floors and 105 one- and two-bedroom residences within this integrated mixed-use development. Upon completion, residents will experience the Peridot lifestyle of redefined urban living and working.

AP completed phase one of the project in October 2024, converting a total of 14 floors into 291 apartment units and amenity spaces. Pacific Elm, in collaboration with Mintwood Real Estate, redeveloped Peridot Residences from former office space into luxury multifamily housing.

Resident amenities include a swimming pool, dog park, fitness center, pickleball court and Pilates studio. The building also contains meeting rooms and lounges for community gatherings and events.

Pacific Elm, in collaboration with Mintwood Real Estate, WDG Architecture and Swoon the Studio among other consultants, has successfully created a true vertical mixed-use development with on-site dining options, a boutique hotel and luxury residences within one tower.

This project contributes to the current adaptive reuse trend across the country. Former non-residential buildings were converted into apartments at a rapid pace, with more than 12,700 units created, up 17.6% from 2022, according to rentcafe.com. According to the National Apartment Association, 55,000 adaptive reuse projects were noted, with the top cities being Dallas, Washington, D.C. and New York, among others, at the end of 2024.