601 Elm Street | The Purse Building | Dallas, TX Historic Landmark: A century-old Dallas landmark offering a rare, tax-credit-approved adaptive reuse opportunity in the heart of Downtown Dallas. Built in 1905 in the Chicago Italianate style, the six-story, 65,000 SF Purse Building features original red brick, exposed timber beams, soaring industrial windows, and 360-degree rooftop views of the downtown skyline. Prime Location: Located in the Government District, directly across from Dealey Plaza and the former Texas School Book Depository, a destination drawing nearly 7 million visitors annually. Steps from the $3.7 billion Dallas Convention Center redevelopment and one block from the DART Rail Station, with access to all four DART rail lines. Adaptive Reuse Potential: Fully stripped to original flooring and walls, offering a flexible canvas for a boutique hotel (102-116 key feasibility), creative office, multifamily or condominium development, or a flagship single-user destination. Up to 3,300 SF available for a new rooftop amenity deck. 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. Also eligible for the city's 10-year historic tax abatement. Historic Significance: Listed on the National Register of Historic Places. Used by the FBI as an investigative command center following the assassination of President John F. Kennedy.