01/12/2026
An iconic landmark, First National Bank of Dallas (The National) has been cited for foreclosure.
Dallas First National Bank Building (The National)
A Landmark Skyscraper
The First National Bank Building at 1401 Elm Street in downtown Dallas opened in 1965 and was the tallest building west of the Mississippi River at the time.
After office vacancy and decline, it closed in 2010 and sat mostly empty for years until a major redevelopment effort.
$450 M+ Redevelopment Into The National
Todd Interests, in partnership with Moriah Capital, acquired the dormant building and invested roughly $450 million–$460 million to convert it into a mixed-use property.
The renovation — one of the largest adaptive reuse projects in Dallas history — included:
• Luxury apartments
• Thompson Hotel (luxury hotel component)
• Retail, restaurants, offices and other amenities
The project had been touted as a major downtown revitalization success.
Foreclosure in January 2026
Despite the successful redevelopment and repositioning of the property, Todd Interests announced in early January 2026 that it would hand the building back to its lender, Starwood Capital Group, rather than continue to make payments.
Starwood is expected to file foreclosure, and Todd Interests will not contest it; the lender is set to take possession of the property soon.
📉 Why Foreclosure?
According to Todd Interests founder Shawn Todd, the reasons include:
• High interest rates on the refinanced loan
• Soft property values in downtown Dallas
• Apartment occupancy slipping below 80 %, making the financials difficult to sustain long-term.
Todd said there was no viable path to recoup the remaining equity and cited the broader downtown market challenges.
