Developers who are redoing one of downtown Dallas' largest skyscrapers are getting more time from the city to completed the deal.

Drever Capital Management - which is redeveloping the 52-story former First National Bank tower - also told Dallas' economic development committee that they have a new lender in the project, Dallas-based Cienda Partners.

Drever is spending $430 million to convert the 1.5 million square-foot office high-rise into a combination of apartments, hotel rooms and retail space.

The project - which has been in the works for several years - is the largest such redevelopment ever in downtown Dallas.

Drever bought the 53-year-old landmark tower out of bankruptcy in 2016.

Work on the project slowed for several months earlier this year while the developer finalized financing for the deal.

The developer told the economic development committee the financing is set to close before the end of the month.

"It's been a difficult and long process to get where we are," Drever's Jerry Tonn told the committee. "We have had some challenges bringing in the right group

"Cienda Partners is part of our capital stack."

Dallas-based Cienda Partners has invested in several high-profile properties and redevelopment projects in Dallas, including the Oak Farms Dairy site in North Oak Cliff and the Goat Hill site on the edge of Uptown.

Tonn said it required eight components of financing to pay for the First National Bank building redo.

"It has taken us longer than we have expected," Tonn said. "There is over $150 million into the project today - $47 million of that is hard construction costs that has gone into complete abatement and demolition."

Cienda Partners participation in the deal is set to close with the rest of the financing.

Drever is converting the vacant office tower into 324 apartments, a 218-room luxury hotel and a minimum of 20,000 square feet of retail space.

Dallas has agreed to provide a tax increment finance district subsidy of as much as $50 million for the redevelopment.

Drever has also secured $100 million in historic tax credits for the project.

The previous agreement required all of the construction to be complete by the end of next year. But because of the construction and financing delays, the economic development committee agreed to extend the completion deadline of the end of 2020.

Dallas' city council still must approve the new terms of the incentive agreement.

"This is the last major vacant building in downtown," Councilman Philip Kingston who was at the committee meeting said. "I do want to get this building activated."