The Purse Building
601 Elm Street (The Purse Building) – Redevelopment Opportunity | Downtown Dallas
Marketing description
A century-old Dallas landmark offering a rare, tax-credit-approved redevelopment opportunity in the heart of downtown. Built in 1905, the six-story Purse Building features red brick architecture, exposed interiors, and sweeping skyline views — the perfect canvas for a boutique hotel, hospitality concept, or flagship single-user destination.
Located in the Government District, steps from Dealey Plaza and the $3B Dallas Convention Center redevelopment, this property combines walkability, visibility, and unmatched historic character.
Financial Advantage:
Redevelopment is approved for 45% total historic tax credits — 20% Federal and 25% Texas State — substantially reducing project costs while preserving the building’s legacy.
*** Brokers Welcome*** We pay all commissions
Investment highlights
Federal Historic Tax Credit (20%) – Approved and available credits
State Historic Tax Credit (25%) – Approved, transferable, and available credits.
City of Dallas Property Tax Abatement – 10-year approved historic abatement, up to 100% relief.
Creative Office / Headquarters – Perfect for a single-tenant user or creative firm seeking a distinctive, character-rich headquarters environment.
Boutique Hotel Conversion – Ideal for adaptive reuse into a boutique or lifestyle hotel leveraging historic charm and prime downtown visibility.
Mixed-Use Redevelopment – Flexible opportunity for ground-floor retail with upper-level hospitality, residential, or workspace potential.
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