WylyFrom Staff Reports

It took about 30 minutes or less for Sam Wyly’s 244-acre Colorado ranch to sell at auction, and when the dust settled (although one might argue three bidders can’t kick up that much dust), a familiar name in Dallas development emerged. (more…)

crespiWhen the Walnut Place Estate — the former Crespi Estate — sold at auction last year, it went for a record $36.2 million, and to a familiar buyer — Dallas developer Mehrdad Moayedi. Word came this week that Moayedi has finished up some renovations, and has put it back on the market for a cool $38.5 million.

The Dallas Business Journal has details of the listing, which is not on MLS. Allie Beth Allman and Kyle Crews have the listing for the 28,000-square-foot, 10-bedroom, 12-bath mansion that was once listed for a whopping $135 million.

The mansion was home to former Dallas Stars and Texas Rangers owner Tom Hicks, before he sold to Andy Beal, who then put it up for auction with Concierge Auctions, which led to Moayedi’s opportunity to snap up the property.

When Moayedi bought the home, Candy had details(more…)

Desirability Is Where It's at for the Residences at the Stoneleigh | CandysDirt.com

It’s the buzz around the Dallas real estate community, and units are 63 percent sold. This 22-story high-rise is one of the most coveted properties in the city, and I’ll tell you why…

The Residences at the Stoneleigh combine a rare real estate opportunity with superior service, luxury amenities, and an incredible location to nail the “desirability” angle. They’ve got it all. 

But don’t take my word for it — listen to John and Jessica East, who moved into the Residences at the Stoneleigh in January 2015, building out a shell. They say the hotel/spa experience living there was a top attraction.

“What I love about the Residences at the Stoneleigh is all the wonderful amenities we have here,” said Jessica. “You’ve got a beautiful pool on the third floor that overlooks the city — it’s very relaxing — you’ve got a gym with everything you need and nothing you don’t, as well as a health club with dry and wet sauna. You’ve also got wonderful staff that treat you like you’re the only resident that lives here.” 

Important to note: This is one of very few buildings in Dallas where homeowners can buy a shell unit and customize it to be whatever they want, creating their “space in the sky” with spectacular views from rooms and balconies. Floorplans range from 2,400 to 4,200 square feet, available also as finished units, and some balconies are as large as 240 square feet. 

 

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We were all too busy yesterday, either with our Valentines (nice!) or, sadly, processing the news of yet another high school mass shooting in Florida. Truly, it’s hard to think of real estate right now.

But yesterday, it occurred to me that a North Texas developer has given the city a potentially HUGE gift, the best Valentine ever.

Mehrdad Moayedi, one of the largest developers in Texas, who successfully restored the landmark Statler Hotel and promises to do more of the same to the The Cabana Hotel, is trying to give Dallas a gift of sheer love: a home for our homeless.

Mehrdad has made an offer to buy the vacant Dawson State Jail that is sitting downtown on the banks of the Trinity River. Moayedi says he wants to turn the 10-story building into a housing and services center for Dallas’ homeless population. This is the best idea ever, and one I have actually had for years. In fact, I can say that this idea got me into City politics when I first started emailing my councilman, Lee Kleinman, about it.

“This is an opportunity to do something for these people, but not in the traditional way where you have a warehouse and you put a lot of beds in there,” Moayedi said. “There has to be a situation where people are treated with respect. 

If anyone can do that, it’s Mehrdad Moayedi. And I think the entire design community should help!

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Mehrdad Moayedi is nearing the end of his three-year, $230 million renovation of the historic Statler Hilton in downtown Dallas. He bought the iconic hotel in 2014 with $46.5 million in TIF financing and has almost completed making it into a totally glam live-work-play-stay destination again. What does Mehrdad need now?

Another project! And the one where the Beatles stayed when they visited Dallas!

So his company, Centurion American, has their eyes and about $8.1 million on the old Cabana Motor Hotel, the 55-year-old midcentury relic on Stemmons Freeway.

Mehrdad plans to gut the 10-story hotel building and bring it back to its original glory. Place has been vacant for years. Well, it housed a county detention center before it was shuttered and put on the market by Dallas County as surplus property. A few sex offenders might still be there. The hotel, right across Stemmons from Victory Park, has seen better days, but the potential is huge.

This could be really great news for the county, since previous developers did not pan out, including a deal to turn the property into a data center (a hotel is a much better use).

And, according to Robert Wilonsky,  it’s a steal (hell yeah)!

The motel once owned by Doris Day, the landmark where Raquel Welch once worked as a cocktail waitress and where Jimi Hendrix used to stay when he came to Dallas, is now available at the low, low price of $7 million — which is just $1 million more than it cost to construct the “super-plush” joint back in 1961, according to our archives. That’s also a few million lower than the market value as set by the Dallas County Appraisal District, which says it’s worth $11,289,460. And, for what it’s worth, it’s also far less than the $9.2 million Dallas County paid for the property in 1985 — and not much more than the additional $5 million the county spent transforming it into a jail that wound up housing some 1,000 male and female inmates.

Hmmm. A $7 million price tag, Mehrdad’s paying $8.1? Who is bidding up that price? According to Steve Brown, who broke the story, Mehrdad says, thankfully, he really wants to preserve the century modern jewel:

“The hotel is going to stay a hotel,” Moayedi said. “We are going to give a big emphasis on a pool. It’s going to be like a Las Vegas pool.” (more…)

Stoneleigh 1

The Main Lobby (Photo: Dan Piassick)

If you have not had the chance to tour the new 22-story Stoneleigh Residences, which are filling up very quickly over off Maple Avenue at Wolf Street, I strongly suggest you stop in and give your eyes a holiday treat. I not only toured one of the units the incredible (and CandysDirt-approved!) Sharif & Munir folks are finishing out over there  — a sleek contemporary — but I attended a party at a friend’s house who now lives there and could not be happier.

First, who all is buying there? As we have told you, Don and Linda Jo Carter shed their Park Cities home in July of 2013 and snapped up a penthouse at The Stoneleigh. Also, of course, a place at The Ritz. So did Mavericks head coach Rick Carlisle, plastic surgeon Natan Yaker, and a sprinkling of physicians and professionals. Of 75 units on the Dallas County Appraisal District records, only 42 are left to sell and five are pending. The sales office tells me six homeowners bought additional spaces to enlarge their original shell. Some are combining units so there may ultimately be fewer to sell. This is not the building for junior sized homes. According to Donna Smith, sales director,  4000 seems to be the magic number for square feet.  (more…)

Mehrdad-Moayedi

Came across this really great piece from D CEO, a question session with a really great man, the president and CEO of Centurion American, who is about to make his presence known in downtown Dallas with his “ambitious redevelopment of the iconic Statler Hotel and Residences.”

Ambitious? Not for Mehrdad. Personally, I think Mehrdad is one of the most important developers in North Texas who has already been making his presence known in the real estate world: The Stoneleigh, The Creeks of Preston Hollow, and Phil Romano’s house. (more…)

Mehrdad-Moayedi

Our market south of LBJ is hot. But Denton County is rocking it, too, and even Frisco is starting to run out of land, even farm land. Now Mehrdad Moayedi’s Centurion American Development plans to build 1,800-home single family brand spanking new homes between Prosper and Celina on Frontier Parkway west of Preston Road. The first phase of lots will be available in the summer of 2016 in a development called Sutton Farms. This is the same Merhdad (St. Stoneleigh) who bought the Stoneleigh Residences out of bankruptcy and who also saved the Statler Hilton in Dallas — great man of real estate: (more…)