Developers redoing one of downtown Dallas' biggest skyscrapers say they are close to obtaining new financing for the deal.

The more than $300 million redevelopment of the former First National Bank tower on Elm Street has been in the works for almost three years.

California-based Drever Capital Management bought the 52-story high-rise in 2016 and has completed environmental abatement and demolition of the interior of the 55-year-old downtown tower.

But work on the project has slowed in recent months.

Now Drever Capital in a letter to its investors says a new financing package for the construction project is pending.

"Our $150M construction lender has received the final approval," the developer said in an announcement to its partners and investors.

Drever officials would not provide any details on the source or the timing to the new financing.

"We are not commenting an on ongoing transaction at this time," a Drever spokesman said.

Last November, Drever obtained $66.7 million in funding for the skyscraper revamp from Starwood Property Trust, the New England-based firm that's the country's largest commercial mortgage real estate investment trust.

The Elm Street project is the largest such redevelopment in Dallas history.

The office tower -- vacant for almost a decade -- is being converted into a combination of apartments, hotel rooms and retail space called The Drever.

The historic property is the last major downtown Dallas building awaiting a redo.

The high-rise is being redeveloped into 300 apartments, a 200-room luxury hotel and retail space. There will also be a 12,000-square-foot food hall.

Drever Capital says it has qualified for more than $100 million in historic building tax credits for the Dallas project.

The city of Dallas has agreed to provide $50 million in financial incentives to give the old skyscraper a new life.

Dallas' Merriman Anderson Architects designed the project. Andres Construction is the general contractor.