**NexPoint to Redevelop Cityplace Tower with Residential, Office, and Hotel Space**
NexPoint plans to transform Dallas’ iconic Cityplace Tower into a dynamic mixed-use development. The 42-story skyscraper will undergo a significant redevelopment, incorporating residential units while retaining office space and adding a hotel component in a later phase.
The first phase of the project will bring The Apron, a new 465-unit apartment community, to life. This residential offering will feature ground-floor commercial space and be accompanied by the construction of six eight-story buildings on more than five acres surrounding the tower.
In the second phase, approximately 27 floors of vacant office space within Cityplace Tower will be converted into residential units. Out of the 970 planned units, 194 will be designated as income-restricted. Five floors will continue to operate as office space, while eight floors are slated to be transformed into a hotel.
The redevelopment is expected to cost approximately $445 million, with construction anticipated to begin toward the end of the year. NexPoint Diversified Real Estate Inc., which acquired Cityplace in 2018 for a reported $195.8 million, is spearheading the project.
