Land & Property News

Wildcat Management Explores Boutique Hotel Concept for The Purse Building in Downtown Dallas

Wildcat Management recently revealed new concept plans for The Purse Building , a six-story historic property located at 601 Elm Street in Downtown Dallas. Architectural studies by Merriman Anderson Architects outline how to transform the fully modernized 1905 landmark into a boutique hotel blending historic character with contemporary design. Envisioned as a 100-key boutique hotel with 10,000 square feet of ground-floor retail, the property offers a rare chance to create a destination that merges Dallas’s architectural history with modern guest experience. Large floor plates, exposed timber beams, and original brick interiors provide the character today’s travelers seek, while the building’s corner visibility and skyline views invite a design-driven concept with rooftop dining or event space. Recognized as one of Dallas’s most architecturally significant heritage structures, it represents a boutique-scale hospitality opportunity rarely found in Tier-1 U.S. markets. Dallas continues to rank among the fastest-growing cities in the country, adding more than 700 new residents every day and drawing over 49 million annual visitors. The city’s economy now ranks sixth in the nation by GDP, with projections showing Dallas will surpass Chicago in population by 2032. Located near the Government District on Elm Street’s western edge, the Purse Building benefits from this growth and its proximity to major public and private investments reshaping the city’s downtown. Situated six blocks from the $3.7 billion Kay Bailey Hutchison Convention Center expansion, scheduled to open in 2029, it also lies near Dealey Plaza, where the building served a role during the JFK era and today draws more than four million visitors annually. Approved for Federal and State Historic Tax Credits, the Purse Building also benefits from a 10-year City of Dallas Historic Tax Abatement and inclusion in the City Center TIF District. These incentives can offset a substantial share of rehabilitation costs, creating strong financial advantages for hospitality investors and development partners focused on adaptive reuse in major urban markets. Wildcat Management continues to evaluate interest from investors and development partners exploring hospitality and mixed-use concepts within Downtown Dallas. The firm’s study of The Purse Building demonstrates how historic assets can align with modern market demand, supporting the city’s broader pattern of reinvestment and destination growth.