If you’re looking for a Dallas high-rise home so you can get as far off the ground as possible, be prepared to shell out big bucks or live in close quarters. 

In parts one and two, I outlined how Dallas has relatively few high-rise listings, and because of a lack of new high-rise construction, Dallas isn’t going to have a lot more buildings anytime soon. In this final installment, I break the 133 active units and 11 units under contract and analyze them by what floors they’re on. 

The distribution under the 20th floor is fairly even between 21 and 29 units in each category. For those interested in units above the 20th floor, inventory drops off because a lot of high-rises are under that height overall. Once you’re into the 30s, you’re pretty much at Museum Tower, which might be out of your price range.

But even more than height, the most important buyer criteria revolves around the unit size and overall cost (mortgage, HOA dues, insurance, and taxes). A studio on the 20th floor doesn’t help someone looking for a two-bedroom unit.

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As Dallas becomes more dense, high-rises should become the choice for more residents. The problem is that Dallas isn’t really building for-sale condo high-rises outside the ultra-luxury market. As noted in part one, there are currently just 133 high-rise condos on the market by my count – that’s it from $159,000 to $9.2 million. That’s not a lot of inventory.

The Stoneleigh, Ritz Residences, and Museum Tower may be where the money is, but it’s not where normal people are. As I’ve noted before, Dallas hasn’t built a big, mid-range high-rise in 20 years and it’s not because there isn’t a market. It’s because there is no financing.

And that’s different. When The Renaissance was built in 1998, it wasn’t luxury. Similarly, when 3883 Turtle Creek went up in 1963, it was planned as HUD housing. Preston Tower’s 362 units have always been affordable. All of those projects knew that cost containment came at scale. In addition to Preston Tower’s density, Renaissance has 603 units while 3883 Turtle Creek has 373. The closest in recent memory was the 75 units in The Cedars’ Beat lofts in 2007 – a relatively small project in a then transitional part of town.

I covered those condo buildings in that most-reasonable strata of high-rise living. Units ranged in price from the $150,000s to $700,000. In that range, you were almost certainly in the sub-2,000-square-foot range (perfectly fine for nearly everyone).

From here on out, it’s bonbons and champagne as we look at what you get when the sky’s the limit.

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Dallas hasn’t been a great high-rise condo town when compared to other cities. It seems like Dallas builds a lot of high-rises that come online the day before there’s a huge recession. Many old-timers connect high-rises with recessions as financially troubled properties hit the skids when storm clouds circle. Their touchpoint is the 1980s S&L scandal-driven recession that hit Texas unmercifully hard.

And while it’s true that high-rises took a bigger hit even in the latest recession, the difference was single-digit. And when the economy came back to life, so did high-rises – often with a vengeance. One Turtle Creek high-rise is trading at triple its recession low.  Even had I not renovated my lowly Athena condo, it would have still risen by 75 percent in the six years I owned it.

This is all to say that condos are pretty much as resilient as single-family. Which is good considering Dallas, like the rest of the planet, is becoming more urban. In 2015, the US Census reported that on average, 62.7 percent of US residents lived in cities with Texas reporting 65 to 75 percent urbanization. The Census further reports that 39 percent of Texans live in its top 20 cities – in a state with 41 cities over 100,000 residents. The United Nations’ World Urbanization Prospects say 82 percent of US residents live in urban areas. While there is a 20-point disparity here, likely driven by definitions of “urban,” it’s still a lot.

We all know Texas, and specifically Dallas, is growing rapidly – Texas is one of nine states that account for half of the US population. We also know that a lot of our new arrivals come from markets that are more high-rise markets – e.g. California and New York – and their money goes further in Texas.

What do high-rise buyers have to buy?  Not a lot…

If you total up all the high-rise condos (buildings above 12 stories) for sale at this minute in downtown, Uptown, Victory Park and Turtle Creek, there are 133 by my count.  There are an additional 11 under contract. For reference, The Warrington at 3831 Turtle Creek has 132 units in total. That’s right, the sum total of high-rise buyers’ options would all fit inside one building.

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The August Oak Lawn Committee was thick with high-rise proposals. In Part 1 we saw an update on StreetLights Residential’s proposal for Oak Lawn and Lemmon Avenues plus a new office building and retail restaurant village for the Quadrangle.  Let’s now focus on 2500 Cedar Springs Road, a full block you may know as housing a Briggs Freeman office and Kung Fu Saloon.

It’s a four-acre site that gives developer, Ryan Companies, the space to do something pretty great. For us pedestrians it’s the 55 percent lot coverage to cheer for. They’ve created a winding pathway through the three-tower project along streetscapes lined with shops restaurants. Definitely more enticing than the existing buildings that almost tumble into Cedar Springs Road like so many bar patrons at closing time.

The project has been a long time coming, with Ryan working side by side with architects GFF to make this all happen. And GFF is no innocent bystander here. The back corner of the development is, and will remain, their home.

Let’s jump in.

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After a couple of months where a single project was proposed to the Oak Lawn Committee, last night saw scads of new high-rises within blocks of each other in Uptown. The fifth high-rise postponed their presentation, but we’ll see it soon enough (and perhaps a sixth). The four shown comprise two separate projects abutting each other – two office buildings, one apartment building and another hotel (I now count five hotels in various stages of development). We also saw the return of a shortened Oak Lawn and Lemmon Avenue project by StreetLights Residential.

A full night indeed made fuller by an appearance of new council member David Blewett. Amidst the usual political “supporting constituents” patter came a series of double-takes delivered by way of audience questions.

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Can Dallas have nice things? If this proposed project goes through, the answer is absolutely yes.

I get it, you’re immediately wondering what those green-walled balconies are running up the building. It’s a sneak peek at a proposed residential tower at 1899 McKinney designed by Chicago-based SCB Architecture for investor/developer Ari Rastegar of Rastegar Property Company – his first new-build in Dallas. Like the man, it’s ambitious architecture for Dallas. When I spoke with Rastegar and SCB principal Clara Wineberg, I imagined a conversation a resident might have explaining where they lived:

“Where do you live?”

“The building you’re on the waiting list for.”

But let’s unpack this picture.  In front of the white car, you can see the tops of umbrellas, which form the patio space for a proposed café. They’re so low because the plot is similarly sloped. This natural contour enables the café to create a more private feel while keeping the cohesion of the extensively landscaped pedestrian areas.

Slightly above the “ground” level, the green begins. Those “balconies” are in fact 17-foot deep amenity platforms spaced every three floors with lush green growing up their back walls. Expect them to be gathering places with seating and perhaps outdoor kitchens (my suggestion). That depth means you’re actually standing a considerable distance cantilevered out from the building’s skin – the views will be stunning. The uneven surfaces of the greenery should also tamp down some city noise in addition to being beautiful – were they simply glass-walled, they’d be an echo chamber.

What you can also see is the curved bump-out on the corner that will face down Akard to the Klyde Warren Park addition.  For those with Mayfair memories, I specifically asked about the radius of those curves. I find the tight turrets at the Mayfair condos result in largely useless spaces. The curve here is looser, allowing for easy furniture placement while delivering the drama of a curved glass wall.

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This just in…

Uptown’s next high-rise

Even sitting on a beach chair in North Africa, I felt this. A few days ago (hey, I’m on vacation), a 53,000-square-foot McKinney Avenue parcel lifted its skirt to the market.  I phrase it that way because 2523 McKinney has an asking price of $34 million … for 1.216712 acres.

Good lord, you could buy Walnut Place for that.

We’re talking about four lots owned by OR Asset Holdings that are being marketed as one development plot. OR Holdings is Oscar Renda, who purchased three of the lots in May 2010, picking up the final one in November 2013. The lots are:

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