Dallas' Ritz Carlton Residences get another tower

[editor]

Crescent Real Estate Equities, Developer of The Residences at The Ritz-Carlton, Dallas, Announces Phase II -- The Tower Residences and Regency Row at The Ritz-Carlton, Dallas

DALLAS--(BUSINESS WIRE)--June 20, 2006--One of Dallas' most desirable new addresses is now twice as good. Crescent Real Estate Equities Company (NYSE:CEI), developer of The Ritz-Carlton, Dallas, recently announced the newest additions to The Residences at The Ritz-Carlton neighborhood, The Tower Residences and Regency Row at The Ritz-Carlton, Dallas. Scheduled for completion in fall 2008, The Tower Residences will feature a 23-story Regency-designed tower consisting of 96 units with a variety of floor plans ranging from one- to three-bedroom residences to penthouses. Also included are four elegantly appointed Regency Row homes separate from the tower. All offer magnificent views of downtown Dallas, American Airlines Center and the Crescent Hotel and Shops. Prices range from $700,000 to $8 million.

Located in the heart of Dallas' thriving Uptown entertainment district, the 5.5 acre luxury Residences neighborhood and common area are designed by renowned architect Robert A.M. Stern, FAIA, with residence interiors designed by Sherry Hayslip, A.S.I.D., IIDA. The neighborhood offers homeowners access to the legendary service and amenities offered only by The Ritz-Carlton. The Tower Residences will connect to The Ritz-Carlton Hotel via a second floor air-conditioned walkway, and Tower and Regency Row residents will have full access to the hotel's signature restaurant and bar featuring internationally-acclaimed chef Dean Fearing; the 12,000-square-foot, world-class spa; 24-hour valet and concierge; in-room dining; and housekeeping service. The homes also will include a private auto court; underground parking with climate-controlled storage; a private pool with lush landscaping; an exclusive resident fitness center on the ground floor; and a private dining/meeting room.

"We are pleased to bring The Ritz-Carlton lifestyle to the Dallas market and are thrilled with the response to the development and the tremendous sales in Phase I," said John C. Goff, Crescent's Vice Chairman and Chief Executive Officer. "It is exciting to now have Phase II available to potential homeowners, adding value and convenience to the perfectly located Residences neighborhood."

Phase I of the property encompasses The Ritz-Carlton, Dallas and The Residences at The Ritz-Carlton, Dallas, both scheduled to open in third quarter 2007. The 217-room hotel will occupy the first eight floors of the building, and The Residences will consist of 70 private condominiums, located on floors nine through 21.

Crescent Plaza Residential, L.P. is owner and developer of The Residences at The Ritz-Carlton, Dallas, Phase I, while Crescent Tower Residential, L.P. is owner and developer of Phase II. Crescent Plaza Hotel Owner, L.P. is owner and developer of The Ritz-Carlton Hotel in Dallas. All are subsidiaries of Crescent Real Estate Equities Company (NYSE:CEI), a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 75 premier office buildings totaling 31 million square feet located in select markets across the United States; world-class resorts, such as Sonoma Mission Inn in Sonoma, California; as well as 48 percent of Canyon Ranch®, including the brand. Crescent also invests in resort residential developments in extraordinary locations such as Scottsdale, Arizona; Vail Valley, Colorado; and Lake Tahoe, California. Crescent, along with its development partner, East West Partners, recently announced The Ritz-Carlton Highlands, Lake Tahoe, which is scheduled for completion in 2009. Crescent will lend its experience and financial strength to ensuring a world-class development in The Ritz-Carlton, Dallas that homeowners and hotel guests alike will appreciate for many years to come. For additional information, please visit our web site at www.AreYouOnTheListPhase2.com or call The Residences at The Ritz-Carlton, Dallas Sales Center at 214-855-2020.

[tamtagon]

The Tower Residences will feature a 23-story Regency-designed tower consisting of 96 units .... Prices range from $700,000 to $8 million.

That part of town is well on its way to becoming the fanciest neighborhood in Dallas.

[713 To 214]

That part of town is well on its way to becoming the fanciest neighborhood in Dallas.

I'd go one step further and say one of the fanciest in any of the Sunbelt Cities! It sure is an exciting time to live in Dallas, right now. . .especially if you're rich or "well off."

[Trophy Property]

I'd go one step further and say one of the fanciest in any of the Sunbelt Cities! It sure is an exciting time to live in Dallas, right now. . .especially if you're rich or "well off."

Some of those condos are going for upwards of $1000 per square foot.

[slfunk]

From Globe Street:

http://www.globest.com/news/599_599/dallas/146739-1.html

Crescent Fires Up $125M Residential Project Ritz-Carleton Village

"DALLAS-With the Ritz-Carlton flag flying over the Uptown development, Crescent Real Estate Equities Co. will break ground in early 2007 on a $125-million second phase with 96 condos in a 23-story tower and four Regency Row homes alongside. And when that's nearly sold out, there's a three-acre block for a third residential phase...."

"....Moczulski says the schedule calls for a June 24 launch of the "Ritz-Carlton Village" website and accepting letters of intent after Labor Day. He says firm contracts will be in hand by Nov. 1 so ground can break shortly after the new year begins. The expectation is second phase presales will follow that of the first, with construction launching at the 40% sold mark. Likewise, a third phase could be ramped up if the second round matches the first--75% sold within six months, he says...."

[Trophy Property]

From Globe Street:

http://www.globest.com/news/599_599/dallas/146739-1.html

Crescent Fires Up $125M Residential Project Ritz-Carleton Village

"DALLAS-With the Ritz-Carlton flag flying over the Uptown development, Crescent Real Estate Equities Co. will break ground in early 2007 on a $125-million second phase with 96 condos in a 23-story tower and four Regency Row homes alongside. And when that's nearly sold out, there's a three-acre block for a third residential phase...."

"....Moczulski says the schedule calls for a June 24 launch of the "Ritz-Carlton Village" website and accepting letters of intent after Labor Day. He says firm contracts will be in hand by Nov. 1 so ground can break shortly after the new year begins. The expectation is second phase presales will follow that of the first, with construction launching at the 40% sold mark. Likewise, a third phase could be ramped up if the second round matches the first--75% sold within six months, he says...."

I would like to see a similar concept done in houston. Whisperings are that the Ritz might be part of the BLVd project.

[Houston19514]

I would like to see a similar concept done in houston. Whisperings are that the Ritz might be part of the BLVd project.

Our good friend, 713 to 214, might have some thoughts on that possibility.

[TexasStar]

Putting on the Ritz

Ritz-Carlton Village

[firstngoal]

Putting on the Ritz

Ritz-Carlton Village

Thank you for posting the image... very helpful. Dallas friends... what architecture firm designed this project? I really like the integration of landscape materials on the upper floors.

[slfunk]

Thank you for posting the image... very helpful. Dallas friends... what architecture firm designed this project? I really like the integration of landscape materials on the upper floors.

Robert Stern out of NY.

[TxDave]

I'd go one step further and say one of the fanciest in any of the Sunbelt Cities! It sure is an exciting time to live in Dallas, right now. . .especially if you're rich or "well off."

Exactly! this is a great development for uptown/downtown Dallas. But, honestly, what does this mean for those who are not rich or "well off" ?

Is this part of town becoming "too high end" ? Is that even possible ? Is there any hope in this area for those who are only "middle class" ? What about those who setteld in these areas before it was "trendy" (per se "seedy") ?

Just something I've been thinking about....

[rantanamo]

If you're middle class, can you live in River Oaks because you want to? To put it into Houston terms. Land prices are going wild and that the way it is. I'm not well off and can't afford it. I won't be losing any sleep. There are options elsewhere like The Cedars, downtown or east Dallas if one wants something more urban and more affordable. That Platinum Corridor strip is simply just a long long stretch of wealth.

[TxDave]

If you're middle class, can you live in River Oaks because you want to? To put it into Houston terms. Land prices are going wild and that the way it is. I'm not well off and can't afford it. I won't be losing any sleep. There are options elsewhere like The Cedars, downtown or east Dallas if one wants something more urban and more affordable. That Platinum Corridor strip is simply just a long long stretch of wealth.

The River Oaks comparison is not completely accurate - to put it back in Dallas terms, I am not comparing this area to well established areas like Highland Park or Preston Hollow (i.e. River Oaks). Your suggestions of The Cedars and East Dallas are good alternatives, however they do not resolve my conflicted attitude about where Uptown is going. And I am truly conflicted...

As a decade-long resident of Oaklawn/Uptown, I am extremely thrilled to see the amazing new development in the area. But at the same time, I can't help but feel that the changes to the area are rapidly accelerating and aggressively eliminating some of the few "eclectic" mixed neighborhoods that we have left in the city for an enclave of ultra high-end condo towers and townhomes reserved for an "elite" class.

As I mentioned, I am conflicted. I LOVE the new development, but mourn the loss of "neighborhood character" that I have grown to know and also love. Perhaps (and hopefully) the upcoming neighborhoods you mention (Cedars, etc.) will take over that role, but the gamble is that this transition may not yield the same results. We could lose real neighborhood treasures.

[tamtagon]

... I can't help but feel that the changes to the area are rapidly accelerating and aggressively eliminating some of the few "eclectic" mixed neighborhoods that we have left in the city for an enclave of ultra high-end condo towers and townhomes reserved for an "elite" class.

The rise of a really expensive, fashionable, highrise-living, "urban" neighborhood is exactly what Dallas needs, imo.

[TexasStar]

Nope, I can't afford it and probably never will.

But it's hard for me to see any downside.

[713 To 214]

As I mentioned, I am conflicted. I LOVE the new development, but mourn the loss of "neighborhood character" that I have grown to know and also love. Perhaps (and hopefully) the upcoming neighborhoods you mention (Cedars, etc.) will take over that role, but the gamble is that this transition may not yield the same results. We could lose real neighborhood treasures.

I see Dallas (DFW Metro as well) heading in the direction of becoming a city of numerous neighborhood wherein mixed-use developments will be the standard. Some of the neighborhoods will be eclectic, some will be high-end. These neighborhoods will be connected by rail. DART will continue to be the catalyst, as we've been observing for the past decade. As for Uptown, sure you have places like the Azure, The Ritz, Ashton, Residences at Za Za, and upcoming St. Anne's Court. However, there's still West Villiage and a number of other properties that aren't priced in the stratosphere, either.

[Trophy Property]

I see Dallas (DFW Metro as well) heading in the direction of becoming a city of numerous neighborhood wherein mixed-use developments will be the standard. Some of the neighborhoods will be eclectic, some will be high-end. These neighborhoods will be connected by rail. DART will continue to be the catalyst, as we've been observing for the past decade. As for Uptown, sure you have places like the Azure, The Ritz, Ashton, Residences at Za Za, and upcoming St. Anne's Court. However, there's still West Villiage and a number of other properties that aren't priced in the stratosphere, either.

I hate to say it but the Dallas uptown (like our midtown) is years ahead of Houston. I still would rather live here but they have done a fantastic job building up the near town areas. Their downtown still leaves a lot to desired IMHO

[Houston19514]

I hate to say it but the Dallas uptown (like our midtown) is years ahead of Houston. I still would rather live here but they have done a fantastic job building up the near town areas. Their downtown still leaves a lot to desired IMHO

I don't think it's really fair or accurate to compare Uptown Dallas with Midtown Houston. The only thing they really have in common is the fact that they are just across a freeway from their respective downtowns. I don't see Midtown Houston ever being much like Uptown Dallas, with all of the very high-end projects, and big hotels and office buildings. Houston has that type of development mostly in Uptown Houston (and hopefully will have more in Downtown Houston.) I wish we were further along on it, but I like the general direction of Midtown Houston better. I don't want to go the route that Dallas is taking of developing essentially a new downtown while continuing to hollow out the old one.

[tamtagon]

the route that Dallas is taking of developing essentially a new downtown while continuing to hollow out the old one.

That's an inaccurate way to view the current commercial and residential construction occuring in Uptown Dallas between Routh/Good Latimer and Houston Street. An expansion of downtown is more accurate as the urban density grows from the historic downtown (Commerce-Main-Elm corridor) into a contiguous environment to Reverchon Park. It's even more inaccurate to state the old downtown continues to hollow out. But whatever.

It's great that Uptown Dallas is thriving as a residential and commercial addition to the downtown setting. Uptown Dallas, broadly defined, will increase the downtown geography by about 40% when it's built out. But the lopsided demographics of the current downtown expansion are little worrisome. East Dallas and South Dallas/The Cedars have been slow garner much kinetic energy toward high density residential neighborhoods for the middle income majority. The lifestyle image and social status symbol finally coming to residential Dallas through high rise projects like The Ritz will do wonders for the delicate, viscious scene of social climbers. At last, Dallas will have a healthy concentration of high caliber see-and-be-seen venues that can be realistically categorized among the country's top hot-spots. The last time anything like this existed in Dallas was The Starck Club - 20 years ago. I really hope a thick coating of bonafide jet-setters keeps the Victory Park/Ritz/Crescent/Mansion top of the food chain thingie going in Dallas to balance the attitude of the West Village/Knox Village 30K millionaires.

Not until Deep Ellum leads revitilization of East Dallas, the Farmers Market hosts a middle class population boom and The Cedars engulfs the Convention Center area with artistic and creative atmosphere will I think Dallas has made any progress as a city.

[Houston19514]

That's an inaccurate way to view the current commercial and residential construction occuring in Uptown Dallas between Routh/Good Latimer and Houston Street. An expansion of downtown is more accurate as the urban density grows from the historic downtown (Commerce-Main-Elm corridor) into a contiguous environment to Reverchon Park. It's even more inaccurate to state the old downtown continues to hollow out. But whatever.

Really? What's the office occupancy rate in downtown Dallas, while office buildings are popping up all over Uptown. What's the hotel occupancy rate in downtown Dallas, while hotels are popping up all over Uptown? Why would anyone be interested in geographically expanding downtown when downtown itself is full of underoccupied office buildings and hotels, and for that matter, vacant real estate.

[tamtagon]

Really? Really?

Yes, Rip van Dallas is coming out of a twenty year nap.

[Houston19514]

Yes, Rip van Dallas is coming out of a twenty year nap.

and I guess Rip is waking up in a new location. Did he roll over while he was sleeping?

[editor]

But, honestly, what does this mean for those who are not rich or "well off" ?

Two answers.

1: Why does it have to mean anything to any group other than the one its targeted to?

2: More jobs for those in the unskilled and retail sectors.

[TexasStar]

You can toss out "doom and gloom" office vacancy rates inside Dallas' traditional downtown loop as much as you'd like, the truth is there hasn't been this much exciting activity in the core in decades.

Huge residential retail, and office projects are popping up all over downtown. Just the projects currently underway include the massive Mercantile redevelopment, Fidelity Union Towers (Mosaic), Joule' Urban Resort, The Metropolitan, Republic Tower I, One Arts Plaza, Third Rail Lofts: [Gulf States Tower, 1414 Elm, 1407 Main], Hunt Tower, Corgan HQ Bldg and The Dallas Roof Gardens, Employers Insurance Bldg Addition (no doubt I missed some). Approved and soon to begin are the Winspear Opera House and Wyly Theatre for the Performing Arts.

A plethora of additional projects are in various stages of planning. At least some of those will ultimately be completed.

I wouldn't seriously regard any area with that much current and future activity as being "hollowed out".

[Houston19514]

You can toss out "doom and gloom" office vacancy rates inside Dallas' traditional downtown loop as much as you'd like, the truth is there hasn't been this much exciting activity in the core in decades.

Huge residential retail, and office projects are popping up all over downtown. Just the projects currently underway include the massive Mercantile redevelopment, Fidelity Union Towers (Mosaic), Joule' Urban Resort, The Metropolitan, Republic Tower I, One Arts Plaza, Third Rail Lofts: [Gulf States Tower, 1414 Elm, 1407 Main], Hunt Tower, Corgan HQ Bldg and The Dallas Roof Gardens (no doubt I missed some). Approved and soon to begin are the Winspear Opera House and Wyly Theatre for the Performing Arts.

A plethora of additional projects are in various stages of planning. At least some of those will ultimately be completed.

I wouldn't seriously regard any area with that much current and future activity as being "hollowed out".

There are indeed a lot of exciting things occurring and "hollowed out" may be overstating it. But the fact remains, that the CBD has a seriously high office vacancy rate and it appears that it is about to take another jump, when the tenants/owners start moving out of their current spaces into the new buildings being built.

[kenc]

There are indeed a lot of exciting things occurring and "hollowed out" may be overstating it. But the fact remains, that the CBD has a seriously high office vacancy rate and it appears that it is about to take another jump, when the tenants/owners start moving out of their current spaces into the new buildings being built.

The vacancy rate in Class A space in Downtown Dallas is actually pretty low; occupancies for this type of space is in the mid nineties. It's the space in older office buildings that being renovated into residential, or soon will be, that make the statistics appear so gloomy for Downtown. As someone who works here, I see other towers that would be better off as residential, and these conversions will make the office market more attractive to developers.

[Houston19514]

The vacancy rate in Class A space in Downtown Dallas is actually pretty low; occupancies for this type of space is in the mid nineties.

Do you have a source for that? Every source I can find says the downtown Dalls vacancy rate for Class A buildings is in the 15-20 % range (80-85% occupancy). Here's one.

[TexasStar]

... Every source I can find says the downtown Dallas vacancy rate for Class A buildings is in the 15-20 % range (8-85% occupancy)...

OK, you win! Office vacancy in downtown Dallas is high (A, B, C, or Z). From what I can tell it's been that way for a very, very long time. Despite all this, some people (with access to large sums of money) think it's time to build more of it. I say, more power to them. Some see uptown as just an extension of downtown. As the excitment and buzz around uptown spreads across Woodall-Rogers, then maybe the downtown vacancy rate finally improves. Sounds like a plan, anyway.

[Sic'EmBears]

Posh Uptown Dallas penthouse pulls $7 million at sale
Steve Brown
October 5, 2016

 

 

Quote

 

The 22nd floor penthouse at the Ritz-Carlton Tower Residences in Uptown just went for $7 million.

 

At more than $1,235 per square foot, it's one of the highest prices ever paid for a high-rise residential unit in Dallas. By comparison, the average Dallas-Fort Worth condo sells for about $170 per square foot.

 

The full-floor home has wrap around balconies, four bedrooms and five and a half baths. There are two dining areas, a contemporary kitchen, study and a fireplace in den.

 

 

Full Article

 

Image source: RAMSA