Dallas Ritz-Carlton Residences, Designed by Robert A.M. Stern, Pre-Sell 65 Percent

By Erika Schnitzer, Associate EditorDallas, Texas–Though still nearly a year from opening, The Tower Residences at The Ritz-Carlton, Dallas has pre-sold 65 percent of its residences. Developed by Fort Worth, Texas-based Crescent Real Estate Equities Company, the 23-story, 96-unit luxury condominium is the second phase of the project, which cost a total of $300 million.“When we started Phase One four years ago, the market was a lot different. As far as the continuing success in the second tower, the majority of pre-sales were done prior to the turn of the market,” Steve Farmer, director of sales, tells MHN. However, he adds, “We continue to do well and have great attraction because we’re at the top of the market and have no competition at this level in Texas.”Phase One, the 70-unit Residences at The Ritz-Carlton is comprised of eight hotel floors and 12 residential floors. It opened in August 2007 and is sold out and occupied. The two towers are connected by a skybridge on the second level, and Ritz-Carlton management services are provided at both. Additionally, residents have access to the award-winning restaurant Fearing’s and the Ritz-Carlton’s 12,000-sq.-ft. spa.“Most of the high-rise buildings in Dallas are modern glass towers. This project was designed by Robert A.M. Stern, so the style is very much Park Avenue/Central Park, with cast stone and brick and punched windows,” explains Farmer. “It’s a very classic building.”The Tower Residences offers one-, two- and three-bedroom homes, as well as penthouses, ranging in size from 1,380-5,600 sq. ft., though Farmer notes that some residents choose to combine units. Prices for the residences, as they currently stand, range from $700,000 to $8 million. All homes include terraces, granite countertops, Wolf ranges and ovens, and Sub-Zero refrigerators and wine chillers. Bathrooms are almost all marble, with separate showers and Jacuzzi tubs, Farmer adds.“Uptown Dallas is a very hip area. You can walk up the sidewalks and go to any number of restaurants and shops. All the best spots are in this part of town,” he says.In addition to the concierge, residents are provided with 24/7 valet and room service. Other amenities include a fitness center, wine tasting and storage room, and resort-style pool and spa with outdoor grilling. “Most importantly, because they are part of the Ritz-Carlton family, they have access to benefits in other Ritz hotels and resorts around the world,” Farmer says.Construction is currently on pace for the expected mid-2009 opening.