Dallas - After recently debuting Dallas' first residences under the famous Ritz-Carlton brand, Crescent Real Estate Equities Company announced that all units in Phase I of The Residences at The Ritz-Carlton, Dallas have been sold. The first phase of the 4.9-acre neighborhood opened on August 15, encompassing The Ritz-Carlton, Dallas and The Residences. Valued at $130 million, Phase I of The Residences comprises 70 private condominiums on floors nine through 21 above the 218-room hotel.
"The tremendous success we've had with Phase I further underscores the demand for a second phase," said Bill Mabus, vice president of development for Crescent. "By bringing together the best of the best, we have realized our vision of creating a new sophisticated urban lifestyle in Dallas."
In addition to Crescent and The Ritz-Carlton components, the world-class team who collaborated on the project includes renowned architect Robert A.M. Stern, award-winning designer Sherry Hayslip, A.S.I.D., IIDA, and internationally-acclaimed Chef Dean Fearing whose bustling new signature restaurant in The Ritz-Carlton, Dallas was just named 'Restaurant of the Year' by Esquire magazine.
"Sales for the new development have exceeded our expectations, and all but a few condos in Phase I were sold prior to opening in August," commented Steve Farmer, sales manager for the project. "Over 65 percent of the units in Phase II are also pre-sold, the majority of which were purchased prior to breaking ground."
Phase II, comprising The Tower Residences and unique Regency Row homes, broke ground on July 26. With a projected value of $175 million in sales, the Tower Residences will feature a 23-story Regency-style tower consisting of 96 residences with a variety of floor plans, ranging from one- to three-bedroom residences to penthouses. Four freestanding elegantly-appointed Regency Row manor-style homes will be the crown jewel of the neighborhood. Prices range from $700,000 to $8 million. Upon final completion, The Residences at the Ritz-Carlton, Dallas will be valued at $300 million.
The Tower Residences will be adjacent to The Ritz-Carlton, Dallas and connected to the hotel by way of a glass and cast stone, air-conditioned walkway on the second floor, making many of the hotel's personalized services and amenities an extension of each resident's home. Both Tower and Regency Row residence owners will have full access to Fearing's Restaurant, a 12,000-square-foot, world-class spa, 24-hour valet and concierge, in-room dining, and housekeeping service. The homes will also include a private auto court, underground parking with individual storage spaces, a private pool with lush landscaping, an exclusive resident fitness center on the ground floor and a private dining/meeting room.
Source: PR Web