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Condo Developers Betting on the View |
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10/07/2005 |
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Developers are wagering that a postcard view of Dallas new sports arena and the downtown skyline will score big with potential condominium buyers.
CLB Partners, a firm recently formed by veteran downtown residential developers, has begun marketing loft-style residential units in a 15-story building to be constructed on downtowns north side.
The high-rise residential building at Cedar Springs Road and Harry Hines Boulevard is just three blocks from the new American Airlines Center site and near the Crescent office and hotel complex.
With an average sales price of $379,500, the 45-unit 2011 Cedar Springs residential building is priced competitively with other high-rise and townhome projects already being constructed in the Uptown area.
"We think there will be a strong demand for a building in that area that has the loft apartment feel but also all the high-end features buyers expect," said Will Cureton, who with partner Richard Bloch and Ron Cibulka recently set up CLB Partners.
Mr. Cureton and the others worked together at Columbus Realty Trust until that company was acquired by Atlanta-based Post Properties. Columbus pioneered high-end apartment development in the Uptown area.
Now, CLB Partners is tapping an emerging residential market on the north edge of downtown.
"We wanted to find a niche, and we felt there was a real void for high quality, new construction residential units in that market," Mr. Cureton said.
Designed by Dallas-based architect Corgan Associates Inc., the building will have a red brick and concrete exterior.
Each of the residential units in the building will average 2,300 square feet on two levels. The project will also include garage parking under the building, landscaped grounds and a swimming pool.
Construction is scheduled for completion in spring 2000. Guaranty Federal Savings and Finova provided financing for the development.
The building will face downtown and the new arena site, with unobstructed views from all the condos.
The 2011 Cedar Springs condo tower is in an area that has already seen several buildings converted into new office and residential space. Across the street from the condo tower site, developers have turned a vacant small office and warehouse building into luxury loft condominiums and Olympus Real Estate and HKS Architects have turned the former Adleta Building into office and retail space. |
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