Gracious, upscale living has a new address in the heart of Dallas, with easy access to the Katy Trail, the Arts District, high-end shopping, and some of the city’s finest restaurants. 

Live above it all at the Residences at the Stoneleigh with dramatic views of downtown, a lush greenbelt, sunrises, and sunsets from your balcony at ​2300 Wolf St. The 22-story building is nestled between historic Turtle Creek and the energy of Uptown and offers a rare opportunity to totally customize a luxury high-rise unit. 

Floorplans range from 2,400 square feet to over 4,200 square feet of shell space — buyers can even combine units to create a home up to 15,000 square feet.

“It’s the perfect way to have total control over the design/build process and each shell will be hand-crafted by one Dallas’ finest homebuilders, TriArc Construction and Sharif & Munir,” said Stoneleigh Sales and Marketing Manger Donna Smith. “We’ve already sold over 60 percent of available units to buyers who understand what a one-of-a-kind property this is in Dallas.” 

Also available: turn-key, designer-finished homes with all of the details already in place in one of four floorplans. Buyers can work with their preferred interior designer or a recommended designer to select the perfect furnishings, too. Move-in ready homes mean the Residences at the Stoneleigh lifestyle can become a reality all the sooner. 

Now, I can’t go any further without mentioning the fabulous amenities! Jump to read all about them. 

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Ebby-Halliday-Mehrdad-Moayedi-Mickey-Munir

Ebby Halliday, Mehrdad Moayedi, and builder extraordinaire Mickey Munir

Smart Steve Brown. That clever guy went and focused on the new Stoneleigh Residences while we were all going ga ga over Museum Tower. And what a great interview with the man I christened Saint Stoneleigh, Merhdad Moayedi, because he saved the Stoneleigh, bought it out of bankruptcy from those Prescott/Apollo peeps in 2009 as I told you when I wrote DallasDirt.  If you haven’t read Steve’s tome, get to it as soon as possible.

(There is more news coming down the pike about the Stoneleigh, too.)

Steve also does a nice backgrounder on Mehrdad, who Ted Wilson calls the biggest lot developer in North Texas or, er, TEXAS –Good Lord the man says he will develop 3000 lots this year:

“Mehrdad is the biggest lot developer in D-FW and probably in Texas,” said Ted Wilson, principal with Dallas-based housing analysts Residential Strategies.

Mehrdad, age 51, is an Iranian immigrant who went to school in Bedford and stayed in the U.S after the Iranian revolution of 1979. He got his start as a developer working with Fort Worth home builder Herman J. Smith. When Smith died in the early 90’s, Moayedi teamed up with Ross Calhoun, another former Smith exec, and the two formed Centurion American. The company is headquartered on I-35 in Lewisville.

Moayedi also has a custom homebuilding firm, Crescent Estates, that is a subsidiary of Centurion. Crescent has built homes all over Preston Hollow, including the Moayedi’s..

His family is delightful — and his wife told me she finds some of his best real estate deals. The Moayedis live in The Creeks of Preston Hollow.

Brown’s piece also puts some perspective into the Dallas condo market, which is picking up pace: Condo sales were up 17 percent last year in North Texas, he says, meaning all over the place NOT just Uptown, and even better: median condo sales prices rose 12 percent from 2011 in the MLS.

I think Mehrdad timed this perfectly. He has that touch, hallmark of a great developer: he knows when to time the market. Last spring we were treated to a preview party held at the Dorothy Draper designed penthouse at the Stoneleigh hotel, which has just been acquired by Le Meridien Hotels and will be managed by Starwood. Teresa Gubbins over on Culturemap broke the news January 9:

The Stoneleigh Hotel changed hands yet again over the weekend, and it will become a Le Méridien on January 31, to be owned by private equity hotelier HEI and managed by Starwood. According to Starwood’s website, the hotel will be called “Le Méridien Dallas, The Stoneleigh.”

Steve did not say in his story whether the Stoneleigh condos will continue their relationship with the hotel, but we will find out shortly. Carlton Varney of Dorothy Draper & Associates designed the 7,200 square foot penthouse which was once the biggest in Dallas.

cn_image.size.carleton_varneyI recall the opening of the Stoneleigh Hotel, back in 2008 when Jeff Trigger personally met guests at the door, martinis flowed in the sales center, wine and champagne flowed at the bar. Food par excellente. The rooms were lovely — a near-flawless re-do. The bathrooms are spacious and the bedrooms have walk-in closets with Baronessa Cali bath products. Jud Pankey told me Prescott/Apollo was looking forward to completion of the Heritage at the Stoneleigh, the high-rise next door as it was called, connected by underground tunnel.

Sigh.

The project went into bankruptcy in 2009 with only about 12 floors of the condo structure finished.  There was even worse news to come: a  construction worker was killed when a hook snapped off a crane at a construction project behind the Stoneleigh in June, 2008.

Steve says Moayedi paid $4.55 million to buy the development out of Chapter 11, then took out a $25.3 million construction loan to finish the project. Which at that time, think 2009 folks, was effing amazing. I imagine he had some very, very good collateral.

Mehrdad also told Steve that Centurion Development’s investment in the project is much lower than the original developers — he has a loan to value ratio of about 25%, which keeps him from jumping through hoops, as he said. He also says he’s pre-sold six units, with another six buyers circling.

Mehrdad House

Moayedi Residence Creeks of Preston Hollow

As for the condos, like he told me back in the spring, he plans to finish a few as models and then let people buy shells and finish out their own units, using Shariff-Munir or Crescent. Note: Museum Tower even has a few shell floors like this. It’s smart — many times buyers in this price range are picky and totally want to customize their own units as far as layout and design. It is also less risky for the developer — less skin in the game, but may take longer to sell, says Dallas housing analyst Mike Puls, who thinks Mehrdad is smart to focus on large units. The original Stoneleigh Heritage was more than the 75 units in 22 stories now planned — I am recalling 95? The units will be pricey: one million per shell.

Good question for my next meeting with Mickey Munir: how much to finish out one of those puppies? Could these be pricier than Museum Tower?

 

 

 

While the rest of the city was getting drenched by Wednesday night storms, we sipped wine in the Dorothy Draper- designed Penthouse of the Stoneleigh Hotel, drooling over the boards and renderings of Dallas newest high rise condo, The Residences at The Stoneleigh, and honor The Rise School.

To re-launch,  developer Mehrdad Moayedi hosted a reception honoring supporters of The Rise School of Dallas. The Rise School is a nonprofit organization providing the highest quality of early childhood education services to children with Down Syndrome or other developmental disabilities and to children without disabilities.

And the glitterati were out in full force, hugging on the man I call St. Stoneleigh, Mehrdad Moayedi, his lovely wife who also loves real estate (and has found half his deals) and also his mother (who I found out makes the Persian pomegranate chicken dish I love so much) as well as the dapper Kay Zafar. Yes, he has a pony tail and totally thinks he’s Steven Segal. Just love him. Let’s call him Mr. Stoneleigh. More than 200 guests packed the event including the ageless Ebby Halliday, Newt Walker, Rise School co-founder Wendy Poston, Allie Beth Allman, Elaine & Bill Everitt, Clay Stapp and that gorgeous leggy model wife of his, Irmgard Arthur and Ira Archer, Cathleen K. Witte,  Mickey Munir, Michael Munir and his wife, Debbie, Linda & Jim Hobbs, Jim Lites, Beth & Ron Hull, Jennie Galbraith and Janine Turner. And moi.

Construction on the  The Stoneleigh is underway and scheduled to be completed in ten months. Look for  twenty-two stories of classic luxury with every amenity. Residences at The Stoneleigh will offer uncompromising service with all the convenience of living in a hotel. Homeowners will have full access to all of the services at the landmark Stoneleigh Hotel, as well, which reminds me to check out the Stoneleigh spa. You know, try before you buy.

Sharif-Munir and Mehrdad’s Crescent are doing all the finish-out, and I hear the marketing of the Stoneleigh is going to be very limited to a few select Allie Beth agents. Who will those agents be? Stay very tuned…

 

 

 

I had to laugh when Steve Brown wrote about the Stoneleigh last week right before Christmas. “More than three years after work stopped on the project,” he said, “the owners of the partly built Stoneleigh condominium tower in Uptown are planning to restart construction soon.”

Really? See this photo? I took it last September. When construction was supposed to start.

Well, maybe I was premature. Mehrdad Moayedi, or Saint Stoneleigh as I call him, bought the unfinished project out of bankruptcy in early 2010 for $4.55 million. Recall how he beat Jonas Woods’, formerly of Victory development eons ago — who bid $4 million for the bankrupt Stoneleigh Heritage Residences. Moayedi’s Centurion American (CTMGT) offered/paid $4.55 million for the shell.  He hopes to begin construction in January, or so he told Steve, who says, and I agree, that this will erase the only Dallas condo eyesore leftover from those financially gloomy days.

In case I need to remind you, which I probably do not, construction on the original Stoneleigh project on Wolf Street near Maple Avenue began in 2007 as a 22-story, brand spankin’ new high-rise companion to the historic Stoneleigh Hotel next door.

In November 2008, the gloomiest month of the Greatest Recession Since the Great Depression, construction halted when financing froze. The project under Prescott/Appollo went into bankruptcy in May 2009.

Moayedi, the head of Carrollton-based property developer and investor Centurion American Development Group, paid $4.55 million for the project. Centurion is also developing an amazing townhome development on Normandy in Highland Park I will tell you about sometime, The Courtyards at Normandy.

About 10 stories of the high rise structure were completed, none of the exterior.

When I interviewed Moayedi about a year ago, he told me the units would be a lot bigger. He said 80 units, now says a maximum of 75 units. That’s fewer than the original 118 residences planned.

When I asked if he would be hiring an interior designer to market the residences and the marketing center and bring a unifying flow to the building, he looked at me like I was nuts. No, he said, everyone gets to finish out their own unit exactly the way they want. You go to New York City and find a great brownstone or condo, there is not one decorator doing it all one way. Everyone decorates it their way, he said.

I think his drift was this: we are not going to waste money on BS.

He also told me he had wanted to get in on the condo biz: four years ago, Centurion bought land at Akard and McKinney, did some studies, found it too risky, sold the land to another developer. He also almost developed in California — almost! One time his company bought land for a development in San Francisco, a state notorious for giving developers Redwood-tree sized hurdles when it comes to entitlements. Centurion somehow got the entitlements done in one year — in CA!! — and ended up selling the property for a big profit before one nail was hammered.

Centurion’s own building company, Crescent Estates, and Shariff Munir will be the two builders finishing out the units once Gerald Hines completes the shell. Crescent has also built a homes in The Creeks of Preston Hollow

Prescott, says Mehrdad, had a great plan but got caught up in the bad timing of the economy. We had great savings, he says; we stepped in and unfortunately took advantage of someone else’s misfortune, but we will now pass that savings along to the buyers. The smallest Stoneleigh home at 2200 square feet will start at about $750,000 before the interior is finished. The largest will be an 11,000 square feet for the 22nd-floor penthouse with a private pool.

I thought this was a weird quote given the fact this sign was up last September:

“We didn’t try and get out and sell anything because it’s a failed project,” Moayedi said. “But once we get the crane up and going, we are going to have a grand reopening.”