The Dallas City Council approved a renovation plan on Wednesday for the historic Statler Hilton building in downtown Dallas.
The council unanimously signed off on $46.5 million worth of funding from the city, which will come from a TIF, or tax increment financing. Funding from the downtown TIF has helped other projects get built in downtown.
A developer, Centurion American, wants to do an extensive restoration of the old hotel that has been vacant for 13 years.
The project would include a hotel, movie theater, retail and the top floors converted into apartments.
Previous attempts to redo the building have fallen through, but city officials said they are optimistic about this plan.
The overall project is expected to cost $175 million.
KDFW FOX 4 400 N. Griffin Street Dallas, Texas 75202
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