New Orleans-based HRI Properties bought the 10-story building, which was constructed as an office. The long vacant blue metal and glass building was being converted into 215 apartments and retail space – complete with a rooftop swimming pool and ground floor restaurant space.Developer Granite Properties names a new CEOEconomists expect mortgage interest rates to remain heightened through 2024 and for existing home sales to stay limited amid a drought of new listings.
The building, with its white stone columns along the lower floors, was designed by Dallas architect Thomas E. Stanley, who also did the nearby First National Bank tower, now known as Jones Lang LaSalle is marketing the Mayflower Building for sale. The building is 81% leased with rents averaging more than $1,500 a month. “The property has experienced 5.4% rent growth over the last year, outperforming the submarket average,” according to JLL.The more than century-old Wilson Building and 80-year-old Mercantile National Bank Tower on Main Street are two of the four downtown buildings that recently hit the market.