M&A DevCo is adding to Dallas’ burgeoning condo pipeline with a $100 million luxury project.
The Dallas-based developer led by Scott Theeringer announced plans to start construction next fall on a 24-story condo building at 3530 Routh Street in Turtle Creek, an affluent neighborhood in Uptown Dallas, the Dallas Business Journal reported.
Plans for the tower, dubbed Cypress at Turtle Creek, call for 44 luxury condos, including a pair of two-level penthouses. The project is expected to be completed in 2029. Pending permit approvals, each floor will have two condos, either one-, two- or three-bedroom units ranging from 1,470 to 2,900 square feet. Prices are expected to start at $3.5 million, with penthouses costing up to $7.5 million.
The project will cost $100 million, funded by $25 million in equity and a $75 million construction loan. Theeringer is still working on the loan. His wife Anna is the firm’s director of marketing and will oversee sales at the property. The first offering will include a dozen units, though one condo already traded last month.
“A lot of the projects in Dallas are basically like glorified apartments,” Theeringer told the outlet. “They’re not really luxury condos, and so we just know that there is a price point where they want to live in a luxury property.”
The 120,000 square-foot tower, designed by Merriman Anderson Architects, features floor-to-ceiling windows with balconies stacked on each corner, according to a rendering. The first-floor common area will feature conference rooms, and the second floor will include a resident lounge and deck. The rooftop pool will be among the city’s highest behind the 28th-floor penthouse pool at Hall Arts Residences in the Dallas Arts District. The Cypress roof will also feature a fitness center, cold plunge, and dry and wet saunas.
The building will also have a 24/7 valet and concierge, with optional personal-assistant and trip-booking services. A private wine cellar and a tasting room are in the works, as well as a private dining room with a catering kitchen and underground parking for 103 cars.
The project height was made possible by the passage of Senate Bill 840, which went into effect last fall. The law strips large Texas cities of some local zoning controls to allow “by-right” multifamily and mixed-use residential development on commercial property.
Turtle Creek has become a hotspot for condo projects, as developers look to cash in on the flurry of office development activity related to Y’all Street. Last month, developer Preston Cheng got approval to build his second luxury condominium project in Turtle Creek. The building at 3618 Gillespie Street is expected to cost $180 million.
– Dana Bartholomew
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