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exPoint, a Dallas-based developer, is moving forward with plans to redevelop the 42-story Cityplace Tower. The project involves building 970 residential units within the tower and on adjacent vacant land. Estimated costs for the project are over $445 million, with construction expected to begin by year's end. NexPoint is seeking property tax abatements, which will be discussed at a Dallas Economic Development Committee meeting on Monday.

    The first phase of the project, dubbed "The Apron," includes six new 8-story buildings surrounding the tower, featuring 465 apartments, commercial space, and amenities like a pool. The second phase involves converting about 27 floors of vacant office space into rental condos, while maintaining some areas for office and hotel use. Approximately 194 units will be income-restricted.

    The city estimates it will lose over $13.8 million in tax revenue if the abatements are approved. Plans for redevelopment have been underway for years, with previous proposals including a 5-star InterContinental Hotel that was delayed due to the COVID-19 pandemic. NexPoint acquired the tower in 2018 for $195.75 million and is now seeking approval from the Dallas City Council later this month.