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Downtown Dallas skyscraper The National taken in foreclosure

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Downtown Dallas skyscraper The National taken in foreclosure


The lender has taken ownership of The National, a 52-story mixed-use skyscraper in Dallas’ central business district, records show.

Ownership reverted to Starwood Property Trust, an affiliate of Starwood Capital Group, following a foreclosure auction on the steps of the George Allen Courts Building Tuesday. The listed purchase price was $207 million. Existing debt was used to buy the building.

Attempts to contact Starwood before publication were not returned. Dallas developer Shawn Todd, the building’s previous owner, could not be reached for comment.

The foreclosure and Starwood’s acquisition of the tower at 1401 Elm St. was expected.

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In an exclusive interview last month, Todd told The Dallas Morning News that he owed roughly $230 million to Starwood. The lender filed the foreclosure in early January, and Todd said he would not fight the proceedings.

Todd cited high interest rates and lower downtown property values as reasons for the foreclosure. He previously said occupancy in the apartments had fallen below 80%.

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Todd said he refinanced with Starwood three years ago, but talks with the lender weren’t enough to save the property from foreclosure.

“With our debt balance, the interest rate environment and property values downtown … We don’t see a path to us recouping our remaining equity,” he said. “We’ve been committed to downtown. We’ve been committed for 20 years. In 35 years, our firm has never lost money — this is the first year that it’s happened.”

Todd and his firm Todd Interests invested more than $460 million in a redo of the former National Bank Tower.

The midcentury tower set empty for a decade before it underwent one of the largest urban restoration projects in the nation. The 1.5 million-square-foot office tower became a combination of apartments, hotel rooms, retail, restaurants and office.

Todd touted the deal in 2019 as the “largest historic tax credit deal in Texas.”

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The developers got $100 million in historic tax credits and $50 million in Dallas tax increment financing that made the project viable.

“The values aren’t there. That’s the main reason,” Todd previously said of the foreclosure. “The loan is due, and we’re not going to continue to pay.”

It’s unclear what Starwood plans to do with the property. All six restaurants, including the Italian steakhouse and seafood spot Monarch, will remain open.

Opened in 1965, the downtown skyscraper was designed by noted Dallas architects George Dahl and Thomas Stanley. It was the largest vacant building in North Texas when it closed in 2010.

It was the last of the city’s great skyscrapers to be repurposed, according to previous News reporting.

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The foreclosure sales come just months after Todd’s firm offloaded its entire share of the 20-acre East Quarter development on the eastern edge of downtown to partner J.P. Morgan Asset Management for an undisclosed sum.

Todd Interests has been behind some of the city’s preeminent redevelopments. In addition to The National, the firm was behind the $300 million renovation and rebranding of Dallas’ Energy Plaza into The Sinclair.



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Dallas, TX

Petar Musa’s Brace Not Enough as FC Dallas Draws LA Galaxy 2-2

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Petar Musa’s Brace Not Enough as FC Dallas Draws LA Galaxy 2-2


For a moment, it looked like FC Dallas was on its way to another statement win at home tonight.

Petar Musa scored two first half goals, to extend his Golden Boot leading tally to nine goals. But after Dallas grabbed control, the Galaxy found a way back before halftime with goals from Lucas Sanabria and Joseph Paintsil.

The second half brought more chances and more frustration for Dallas, which finished the night with 13 shots to LA’s nine. In the end, the point stretched Dallas’ unbeaten run to five games, though just like last week, it felt like another match where Dallas left points on the table.

Key Moments

7’ – GOAL! After a poor pass back by a LA defender, Petar Musa was free to go one-on-one with the LA goalkeeper. After a touch to get ahead of a defender, Musa slotted home his eighth goal of the season from outside the penalty box.

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21’ – Offside! Joaquin Valiente sent a floating ball over the Galaxy defense, where Musa was able to get behind the defense and make an easy play for what appeared to be his second goal of the night. The play was called offside despite a fairly lengthy review period.

38’ – GOAL! This one counts! Musa gets his second of the night off a great ball from Chris Cappis. Logan Farrington picked off the ball in the midfield. He then played Cappis wide to the left of the penalty area. Cappis immediately played a ball back across the goal for Musa to slide in and finish for his ninth of the season.

43’ – Goal LA. Lucas Sanabria got the ball near the top of the penalty area. He took a couple of touches to get outside the penalty box before firing a shot that beat Michael Collodi at the near post.

45+4’ – Goal LA. Gabriel Pec got the ball near the top of the penalty area. He pulled the ball back a bit, which caught a pair of Dallas defenders. This allowed Joseph Painstil to get free behind the Dallas defense as Pec played him through inside the penalty area. Pec immediately smashed home a shot above Collodi to tie the game.

75’ – Another offside goal. This time on a corner kick for Dallas, after a scrum in the penalty box, Kaick hammered home what looked to be the go-ahead goal. But after a few seconds the flag was raised due to a deflection on Osaze Urhoghide, who was in an offside position.

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Instant Reaction

Yeah, this is another disappointing result for this team. In a real way, it felt like the first half against Houston from last month. Dallas grabbed the lead, looked in control, but some defensive miscues opened the game up for the visitors to climb back.

With a double-game week coming up, this will certainly be another game where Dallas will wonder ‘what if’ more than anything else…especially when you factor in the two goals called off for offside.

About the Subs

Eric Quill went to his bench for the first time in the 66th minute, as he brought on Santiago Moreno for Logan Farrington. Quill went to his bench again 81st minute with Ran Binyamin and Nolan Norris coming on for Sebastien Ibeagha and Deedson. The final sub came during stoppage time with Herman Johansson and Joaquin Valiente coming off for Sam Sarver and rookie Nick Simmonds, who made his MLS debut.

Man of the Match

No question about it tonight, it has to be Musa.

Where does this fit into the season

As of this writing, the draw puts Dallas into a three-way tie for 5th place with Real Salt Lake and Seattle. Both are in action right now and look firmly in control of their games. I’d expect Dallas to be in 7th place by the end of the night.

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What’s next for FC Dallas

Dallas wraps up a three-game homestand next Wednesday night as they host Minnesota United.



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Akheem Mesidor selected by Cowboys by Blogging The Boys in SB Nation’s community mock draft

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Akheem Mesidor selected by Cowboys by Blogging The Boys in SB Nation’s community mock draft


Akheem Mesidor, Edge, Miami

Pass rush has been an issue since the Micah Parsons trade. The Rashan Gary trade helped, but Dallas still needs an injection of talent. Akheem Mesidor fits here because his body size allows for some versatility inside and out, something DC Christian Parker utilizes. Mesidor is also a high-motor player with a deep bag of pass rush moves.

His last season at Miami was full of disruption in the offensive backfield and he shows an all-around game, not just a bend-around-the-edge pass rusher. Yes, he’s a little older than you’d like in a rookie (25), but his motor, pass rush toolbox, and ability to play the run matches up with a need and makes him a quality pick at number 20.



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Dallas Hosting Public Safety Response Symposium

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Dallas Hosting Public Safety Response Symposium


The City of Dallas Office of Community Police Oversight is hosting a Public Safety Response Symposium to connect residents with public safety leaders. Here’s how to participate on May 9.

The Dallas Police Department posted to social media about the event on Friday afternoon. The post states, “Join public safety leaders for an inside look at how emergency and non-emergency calls are handled and how resources are deployed across Dallas.”

The symposium will be held at the Briscoe Carpenter Livestock Center, 1403 Washington St., fro 11 a.m.-noon on May 9. Doors open at 9:30 a.m. Light breakfast and refreshments will be provided.

Topics for the symposium include:

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  • How 911 calls are handled and dispatched
  • How DPD uses specialized units and technology to improve response times
  • When to use 311 for non-emergency services
  • How crisis and behavioral health teams collaborate through alternative response strategies

There will also be a community Q&A forum where residents can engage directly with public safety leaders. Moderation will be provided.

Dallas Police Chief Daniel C. Comeaux will offer the opening remarks. Featured speakers include 911 Communications Center Assistant Director Robert Uribe; Major of Police Anthony Greer; 311 Senior Outreach Specialist Stephen Walker; and Emergency Management & Crisis Response Director Kevin Oden.

When it comes to parking: Enter through Gate 2 and drive straight to the Pan Am Gate, and continue to the Briscoe Center (located on the left).

RSVP for the Public Safety Response Symposium here.





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