Centurion American Development has selected Lincoln Property Co. to lease and manage the multifamily component of its Statler Hilton & Residences redevelopment, set to open in October 2016.
Centurion acquired the iconic downtown property last year, then went about securing $46.5 million in TIF financing from the city of Dallas for redevelopment. The company plans to remodel the 19-story property while keeping its mid-twentieth century architecture, design, and entertainment foundation.
When complete, the Statler will house 161 hotel rooms on the lower five floors and 219 residences, including exclusive penthouses, on the top 11 floors. It also will include office, meeting, dining and retail space, as well as a music venue in a 14,500-square-foot ballroom.
“As we restore The Statler Hotel & Residencies as a high-profile destination to live and work, it is essential that we engage the best teams to ensure our success,” said Mehrdad Moayedi, president and Centurion’s CEO. “Lincoln Property Co. has a proven track record that makes them the best fit for the job.”
The company oversees 164,000 units across the country and was ranked by the National Multifamily Housing Council as the nation’s second-largest apartment manager. Dallas-based Lincoln also is a nationally known real estate investment, construction, and development firm.
The Statler Hilton was named a winner this year in D CEO’s Commercial Real Estate Awards.
