A local developer known for creating living spaces in the sky is getting ready to tackle its next big project: the conversion of an aging gold-clad office complex once housing cosmetics giant Mary Kary into new apartments in Dallas.
Centurion American Development Group told CoStar News it plans to keep the property's gold exterior as it converts from an aging office complex into apartments. The firm bought a loan tied to the two Dallas buildings at 8777 N. Stemmons Freeway and 8787 N. Stemmons Freeway in October.
"We are currently in the final phase of construction documents," a spokesperson for Centurion American told CoStar News. The company expects the permitting process to be completed by the end of June or mid-July, the spokesperson said.
The project turning the aging office complex into 176 apartments is expected to begin in August and cost at least $43 million, according to a state work permit. The project's completion is scheduled for April 2028, the permit said. Merriman Anderson Architects of Dallas is the project architect.
Mary Kay, a direct-to-consumer beauty sales company, was located within the office building at 8777 N. Stemmons Freeway from 1977 until 1995, when it moved into its current headquarters building along the Dallas North Tollway. The company recently listed its headquarters and the surrounding acreage for sale at a time when land values have escalated.
Flashy gold towers
The exterior of the office complex harkens back to the 1970s-era in Dallas, at a time when flashy gold towers were all the rage. Using gold-infused glass helped set apart office buildings and lured tenants in the 1970s, but the trend lost its luster over the decades. Now a lot of those towers are being repositioned into new uses, according to architecture firm Gensler.
For example, another pair of iconic gold-encased towers along the Dallas North Tollway, just north of downtown Dallas, known as The Guild, has undergone a $50 million redevelopment that led to a series of new office leases.
For the former Mary Kay office complex, the Dallas Central Appraisal District last valued the property at $7.2 million. Deed records filed in Dallas County last October show a $5.7 million loan associated with the office buildings.
Leobardo Trevino, CEO of the Ricchi Group, which sold the properties, is also the executive vice president of commercial development for Centurion American, according to his LinkedIn profile.
Centurion, based in Farmers Branch, Texas, a suburb of Dallas, is known for redeveloping the storied Statler hotel in downtown Dallas as well as the Residences at the Stoneleigh near Uptown Dallas.