DALLAS (CBSDFW.COM) – The push to redevelop a part of downtown Dallas finally got a green light on Wednesday. The area around the old Statler Hilton hotel goes to sleep after dark. But a developer wants to change that, making the building a big draw for out-of-town guests and locals alike.

The City of Dallas approved for $46.5 million in tax increment financing to help fund the project. Centurion American plans to redevelop the building.  The old hotel’s top 11 floors will be converted to residential units. The five middle stories would remain as hotel rooms. The lower three levels would become a group of meeting spaces, restaurants, retailers and even a six-screen theater. The proposal also includes a lounge space with a live music venue.

The total estimated cost for the developer is more than $175 million.

The city’s Office of Economic Development has called this an ambitious plan, in a location where all previous redevelopment projects have fallen through. But if it succeeds, the project would bridge the gap between the Main Street core, the Dallas Farmers Market and Deep Ellum. It could revitalize and transform a dormant and underutilized segment of downtown Dallas and bring big money to the area.

The Dallas City Council approved the plan at its Wednesday meeting.  CBS 11 will have more on the redevelopment plan on CBS 11 News at 6.

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