The Stoneleigh's Movie Theater

The Stoneleigh’s Movie Theater

There are a lot of variables to consider when purchasing a high-rise condo.  I’m creating a bit of a buyer’s guide to help you compare and contrast the various buildings in Dallas. Parts One and Two covered those high-rises where all utilities are included with their monthly HOA dues … and the waaay north Bonaventure and Grand Treviso — in Irving for gosh sakes — Irving.

The following two columns will cover Dallas’ most expensive buildings.  These buildings are the household names of unaffordable, aspirational living that a mountain of winning scratch-off tickets wouldn’t get you into.

Throughout this series, I’m pointing out things about high-rises that most haven’t considered.

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Museum Tower (3)

Word just in that the ink is dry on yet another contract pushing Museum Tower’s sales up over the 60% point, as I predicted it would soon be back in May, when we did our PartyLine show there.

“With homes closed and in escrow, Museum Tower is over 60% sold on both sale-able square foot basis and unit basis,” says Steve Sandborg, Managing Director, Sales & Operations.

Meanwhile, the Dow is coming back up as we realize that Brexit isn’t going to be so painful, not to us at least. Shall we take a wager on when MT hits 70% in sales? I’m gonna say around September 30….

 

 

Museum Tower Party

Museum Tower Party Line Real Estate at the Penthouse!

As we told you a few weeks ago, Museum Tower has now sold more than HALF of the luxury high end condo units available, and by the time you read this the number could be 55 percent or even 60. The sales team has pushed, but most buyers are just in love with the building so much that they want even bigger homes, or they want friends to buy next door. Buyers have included VIPs to multiple home owners to  sprinkling of Millennials who think Museum Tower is the best possible place to live not just in Dallas, but anywhere.

And of course, the 10,000-square-foot penthouse is available on the tip top floor marketed for about $21 million. Pricey, yes, but you have a raw shell to do whatever you want in, including rooftop space for a patio, pool, even a heli-pad. The possibilities are endless.

Here’s your chance to take a look at the Museum Tower penthouse, with our latest Party Line Real Estate show. This time, we talked not just to the agents and buyers, but press — Jeff Crilley came — and urban living experts like Kourtny Garrett, President of Downtown Dallas Inc., who tells us about the growing urban culture in Dallas — cycling, trails, parks, downtown recreation and even kids:

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31-London-Street-skyscraper-by-Renzo-Piano8-thumb

As Curbed points out, 2015 was a very good year for starchitect Renzo Piano, what with the opening of the Whitney Museum and his inclusion in the final round of firms submitting for the Obama Presidential Library.

Piano is, of course, the architect of our own Nasher Sculpture Center, which claims neighbor Museum Tower is threatening artworks in the galleries, burning the plants in the center’s garden and blinding visitors with its glare. For years both parties have been trying to find a solution, but that all stopped last August. Piano has said it would be “impossible” for the museum building to make adjustments to offset the glare.

But he is having a bit of karmatic trouble lately in London, “where his plan for a 72-story skyscraper there, nicknamed the Tube, has been withdrawn due to pressure from locals and protests against the larger development,” according to Curbed. Complaint: it’s too tall and may impose on neighboring developments. The renovation of Paddington Station in West London would have included 200,000 feet of office spaces, restaurants and shops. Developer Irvine Sellar is a huge Piano fan: he previously worked with Piano to develop The Shard, London’s tallest tower and the anchor of another ambitious development. Shard II The Tube was expected to cost up to £600 million ($927 million). But this is an ouch: The Architects’ Journal headline reads: “Piano’s Paddington Pole pulled from planning. (more…)

James A. Perry (via LinkedIn)

James A. Perry (via LinkedIn)

After a few negative headlines, including a potential FBI inquiry and some trepidation about some serious losses, the Dallas Police and Fire Pension System has created a new position to oversee the $3.1 billion portfolio that funds the retirement income of our city’s first responders.

The pension system has brought in Texas Tech University System assistant chancellor James A. Perry as the Chief Investment Officer. Perry has more than 20 years of investment management experience, according to the pension board. He’s overseen public assets in California and in Texas.

Perry is scheduled to start Sept. 1. He’ll report to the pension system’s executive director, Kelly Gottschalk.

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museumnite

At the tip top of Museum Tower, 42 stories high in the air, is a 9,350 square foot space I was privileged to see about two years ago with a friend who was then considering a Dallas condo. The view is unlike any other in town, more special if you have lived most of your adult life in Dallas, as I have. On a clear day, it’s as if you can see forever — downtown Dallas and Love Field, of course, but also the SMU campus and places frequented over the years with family and friends, even Fort Worth! I recall thinking, at the moment I was up there — a very different time in my life — living here would be like living with a 360 degree road map of my life in Dallas surrounding me every single day.  From the hour I arrived in Dallas for the very first time via Love Field to find my first place to live, to the top-heavy car trip from Chicago through downtown en route to our apartment, to having two babies at Presbyterian Hospital. Then raising those babies, educating and watching them become adults and parents of their own. Celebrating the extreme joys and tragedies that are, I have come to understand, a steep price-tag of life.  It was like living with Vladmir Gorsky’s famous Tapestry of the Centuries, only customized to the eyes and life of the viewer.

I realized that this could well be the most valuable dirt in Dallas, not just the highest. The value was in all the dirt you could see, as far as the eye could take you.

Now Museum Tower has announced its vision and yes, the pricing, for this unique Penthouse opportunity.

Museum Tower Penthouse 2

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Museum Tower New Neighbor

Insert New High-Rise Here

Well, that didn’t take long. We know downtown dirt is getting pricier by the minute. So the news last week that the Dallas Symphony Foundation is selling a side-lot on Pearl and Woodall Rodgers to Lincoln Property for $7.2 million wasn’t too surprising. The smidge-over-half-acre lot had been a grassy area for about 20 years, at times punctuated by sculpture.

Lincoln Property plans to erect a 23-story tower on the site with 250,000 square feet of office space and ground floor restaurants.

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MuseumTower2-768x1024

Update from Candy, Sunday evening: Spoke with City Councilman Lee Kleinman late Friday afternoon, and he told me that the film covering as a “solution” to Museum Tower’s glare problem was not yet a done deal, but he was pleased  about the collaborative spirit he is seeing between the Pension Fund and the Nasher family. He was pretty optimistic.

Director of the Nasher Jeremy Strick has also released a statement saying that the Fund has committed to potential changes of the Tower’s facade, including some that could be better and more effective than the film. The film only reduces the glare by 50%. However, there may be better products out there and the Fund wants to find them, test them, and then adopt them.

Original story:

Remember about a year ago when Candy chatted up Hines CEO C. Hastings “Hasty” Johnson about a new product they were looking into?

He mentioned that building materials of the future might include unique glass for highrise buildings, including a glass that gets darker as the light shines on it. An entire glass wall or building could in essence become a giant solar panel. This could lead to some legal issues down the road if your building, for example, blocked someone’s sunlight and view as you would also be blocking their source of energy.

Immediately we thought of Museum Tower in Dallas, and all the gleaming glass towers struggling with reflectivity issues from building with energy efficient glass. I tracked down Johnson briefly, who told me that Hines is working with Museum Tower to find a solution. His associate, George C. Lancaster, a Hines senior vice president, told me he was confident they would be able to find a solution to the glare issue.

Well, lo and behold, Robert Wilonsky reported today that Hines has come up with a solution for Museum Tower — a film that will reduce the reflectivity significantly.

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