Turtle Creek Fairmount Map 1

Typically, where there’s smoke there’s a fire.  But sometimes the wood is too wet and all you get is smoke. That describes the current situation on the west end of Turtle Creek’s Gillespie and Fairmount streets.

You may recall the hooplah last June when it was reported that the owners of the Turtle Creek Gardens condos located at 2525 Turtle Creek Boulevard had been sold to a developer.  The deal was rumored to have been with JLL and a price of $43 million.  The deal was to have closed in October and the move-outs complete by February 2017.

I’d heard back in November that the closing had been moved due to troubles securing financing.  This seemed odd since it was also rumored that development plans were within current zoning restrictions. As one source said, “If you can’t get funding for a by-rights plan, something’s got the bank spooked.”  The “spooking” they said wasn’t the buyer or the deal, but rather banks being skittish of Dallas. With all the construction cranes spread across the area, I’ll let you decide if that rings true.

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Limited Edition Top 1

In response to a question at last night’s meeting for the Hood and Dickason high-rise (Turtle Creek Haus), Masterplan representative Karl Crawley lobbed out that The Limited Edition at 2505 Turtle Creek was being redesigned. I was there to catch that ball.

Turns out he’s correct.  Just as Turtle Creek Gardens agrees to a $43 million sale to JLL, its neighbor is having a rethink.  I’ve hinted for months that Dallas is over-saturated with luxury high-rises. What’s built is half empty. Bleu Ciel has started building out the pool deck on level 7, because 6 levels are now complete of the 33 story building. If it appeared that construction was “down under”, it was: they were working on the private garages within the underground, 5 level parking garage, which are exclusive to Bleu Ciel and the Azure.

Note: previously we reported that construction had stopped on the project, which was incorrect. It was not, however, visible.

Briggs Freeman Sotheby’s quietly stopped marketing the Limited Edition in February. It’s been reported that while owners Great Gulf are still very committed to Dallas, they’re reevaluating their concept.

This review obviously has everything to do with pricing.  In my opinion, this ultimately translates into smaller units with less swanky interiors that may, in the long run, be better for the area and the Dallas marketplace. Expect a relaunch in the autumn, perhaps in conjunction with more details on the rental building planned across the street that’s yet to be enrobed in even a construction fence.

I wonder if Limited Edition’s falter gave Bleu Ciel sales a boost or if the Stoneleigh and Museum Tower benefitted? Hmmm…

As always, stay tuned.

Winner Slug v1

Remember:  Do you have an HOA story to tell?  A little high-rise history? Realtors, want to feature a listing in need of renovation or one that’s complete with flying colors?  How about hosting a Candy’s Dirt Staff Meeting?  Shoot Jon an email.  Marriage proposals accepted (they’re legal)!  sharewithjon@candysdirt.com

GREATGULF-TURTLECREEK-SEMIAER-FINAL_V2And here is an artist rendering of those fabulous terraces… smallest unit will be 3400 square feet and price is private, upon request. You know what they say if you have to ask…Ltd Edition 2505 Turtle Creek 12111_Suite_Terrace04_HR02