Uptown Dallas: One Uptown (~235 FT | 20 ST)

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potatocoins
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 18 May 2021 15:55

A luxury Uptown rental high-rise is converting to condominium ownership.

The 20-story One Uptown tower opened in 2017 at McKinney and Routh Street on the site of the Hard Rock Cafe. The $85 million project includes 196 luxury rental units and 18,000 square feet of restaurant and retail space.

The deluxe condos will be priced from about $250,000 to $1.8 million.

Units in the building currently range in size from about 570 square feet to almost 2,000 square feet with rents starting at more than $1,600 a month.

https://www.dallasnews.com/business/rea ... ry-condos/

Not exactly cheap (when you consider the size of these units), but I'd still like to see more condos offered in this price range, and I'm curious to see if any other of these apartment complexes convert to condo in the coming years as well.

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Cbdallas
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Cbdallas » 19 May 2021 09:23

I was just yesterday wondering when we would see conversions to condo with the housing market and interest rates where they are. Glad to see more ownership coming to Uptown.

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Zmitz
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Zmitz » 21 May 2021 18:35

I am hoping the sales team will send me the information I asked for, but here are some interesting bits in the meantime:

Just in the past few days, they've had interest in about 30% of the units, just from residents. About 50% of them have put down deposits. They are expecting to be able to have some units closing as soon as August (and the general public will be able to 'get in line/put down a deposit' on July 1st.)

2 bedrooms that were 'available' when I went by today seemed to start in the $600s. They are going to totally redo the common areas and, to some degree, the units. That was interesting to me, considering the building is only a few years old.

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eburress
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby eburress » 22 May 2021 09:40

The buildout for rental units isn't the same as what it would be for condo units so it's not so much about the building being new or old; it's what generally seems to happen during an apartment-to-condo conversion.

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potatocoins
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 07 Jul 2021 14:00

https://www.redfin.com/TX/Dallas/2619-M ... /175609375

This 1 bedroom (926 sq/ft) is being listed for $530,900 with $639/mo HOAs. Just in case anyone was wondering what these units were going to be priced at.

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Tivo_Kenevil
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Tivo_Kenevil » 07 Jul 2021 15:15

Good to see affordable units coming up

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MC_ScattCat
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby MC_ScattCat » 07 Jul 2021 15:57

Serious question who buys these places? I understand condos in high rises, but such a small place costing so much and in a loud neighborhood?

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R1070
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby R1070 » 07 Jul 2021 17:41

The finishes aren’t that impressive to me.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby cowboyeagle05 » 07 Jul 2021 20:32

People who like to live in the city with a vie, next to a whole foods, transit, museums, arts venues, rising value, close to hotels etc.

The same things most people also look at. I live near the bars in Cedar Springs and I like the noise. I few months ago I slept through multiple gun shots from a murder two doors down in my apartment building. Not everyone is as negatively affected by city life as others.
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby ContriveDallasite » 08 Jul 2021 01:34

cowboyeagle05 wrote:People who like to live in the city with a vie, next to a whole foods, transit, museums, arts venues, rising value, close to hotels etc.

The same things most people also look at. I live near the bars in Cedar Springs and I like the noise. I few months ago I slept through multiple gun shots from a murder two doors down in my apartment building. Not everyone is as negatively affected by city life as others.


Sounds like a pretty extreme example...

But yes, definitely agree. Nice to see the urban cohesiveness begin to expand. My wonder is when will the demographics of Dallas change, so that young families (3-4 bedroom urban families) begin to start choosing the city. I assume that is a lot to do with cost and public education system, but would be interesting to see a more broad mix of residents choosing the urban life style over the white picket fence.

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MC_ScattCat
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby MC_ScattCat » 08 Jul 2021 09:09

Honestly noise at night doesn't bother me as I am a heavy sleeper (have slept through multiple fire alarms and tornado sirens...don't advise) it's the daytime noise for me. The cars revving their engines or squealing tires, drunks from bars yelling, and so on. I'm glad more people are moving to the core, but I agree contrive the more families we can get in the core the better it is for everyone.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 23 Jul 2021 20:04

I see another unit popped up for sale and this one is for $289,900 (1br/1ba and 644 sq/ft). Honestly, that's not that bad. I would have expected more given how new this building is.

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Matt777
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Matt777 » 23 Jul 2021 21:08

potatocoins wrote:I see another unit popped up for sale and this one is for $289,900 (1br/1ba and 644 sq/ft). Honestly, that's not that bad. I would have expected more given how new this building is.


I think the pace of sales at One Uptown will be a better measuring stick for the highrise condo market potential in Dallas than the other condo highrises currently being marketed. One Uptown is in a prime location, walkable, has a compelling design, has ground floor retail, unlike Bleu Ciel.

People want to live on McKinney Avenue. Bleu Ciel is in a desolate area, surrounded by empty lots of recently demolished homes, no pedestrian connection, nothing to walk to, between a highway onramp and a soulless office park area.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby cowboyeagle05 » 26 Jul 2021 09:00

Matt777 wrote:
potatocoins wrote:I see another unit popped up for sale and this one is for $289,900 (1br/1ba and 644 sq/ft). Honestly, that's not that bad. I would have expected more given how new this building is.


I think the pace of sales at One Uptown will be a better measuring stick for the highrise condo market potential in Dallas than the other condo highrises currently being marketed. One Uptown is in a prime location, walkable, has a compelling design, has ground floor retail, unlike Bleu Ciel.

People want to live on McKinney Avenue. Bleu Ciel is in a desolate area, surrounded by empty lots of recently demolished homes, no pedestrian connection, nothing to walk to, between a highway onramp and a soulless office park area.


And its marketed to people who drive high priced cars, don't care for local community who need a second urban home in the city in a exclusive neighborhood not disturbed by bar drunks and parades or in close proximity to undesired/useless bus or transit stops. I think Blue Ciel will be just fine. They market to a entirely different set of players.
“Growth for the sake of growth is the ideology of the cancer cell”

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dalbert
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby dalbert » 26 Jul 2021 09:48

Matt777 wrote:
potatocoins wrote:I see another unit popped up for sale and this one is for $289,900 (1br/1ba and 644 sq/ft). Honestly, that's not that bad. I would have expected more given how new this building is.


I think the pace of sales at One Uptown will be a better measuring stick for the highrise condo market potential in Dallas than the other condo highrises currently being marketed. One Uptown is in a prime location, walkable, has a compelling design, has ground floor retail, unlike Bleu Ciel.

People want to live on McKinney Avenue. Bleu Ciel is in a desolate area, surrounded by empty lots of recently demolished homes, no pedestrian connection, nothing to walk to, between a highway onramp and a soulless office park area.


A little unfair...it does have immediate access to Katy Trail / Reverchon via the brand new Harwood Trailhead. But otherwise, your point stands. Hopefully Harwood's "La Rue Perdue" will bring some life. https://harwoodinternational.com/develo ... ue-perdue/

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Tivo_Kenevil
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Tivo_Kenevil » 03 Aug 2021 00:32

La Rue Médiocre


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dalbert
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby dalbert » 10 Aug 2021 09:46

undefinedprocess wrote:Is this "La Rue Perdue" actually happening/does it have a timeline?


IMG_5347.jpg
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby undefinedprocess » 11 Aug 2021 10:42

dalbert wrote:
undefinedprocess wrote:Is this "La Rue Perdue" actually happening/does it have a timeline?


IMG_5347.jpg

Is that it..? Like, it's done..?

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby undefinedprocess » 11 Aug 2021 10:53

Also, something actually regarding One Uptown...

According to them, they sold 13 units in July. Not too bad for first month after converting models.

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potatocoins
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 11 Aug 2021 11:06

undefinedprocess wrote:Also, something actually regarding One Uptown...

According to them, they sold 13 units in July. Not too bad for first month after converting models.


Thanks for the update! That sounds like a pretty good start for them, I suppose we'll have to continue to see how sales look going forward.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby cowboyeagle05 » 11 Aug 2021 11:16

I wonder how many were to current residents vs off the street sales.
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Tucy » 11 Aug 2021 11:41

FWIW, no sales show up yet in the County Clerk's records, so those sales might be in "developer-speak".

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby UptownDal81 » 30 Sep 2021 08:45

https://www.dallasnews.com/business/rea ... o-rentals/

Luxury Uptown condo tower makes a switch back to rentals
One Uptown apartment high-rise on McKinney Avenue had announced a conversion to condos in May.

By Steve Brown
6:00 AM on Sep 30, 2021

A luxury Uptown high-rise that began converting to condominium homes has shifted back to rentals.

The owners of One Uptown residential tower on McKinney Avenue had announced in May that they would convert the 20-story building into condominiums.

With prices starting at around $250,000, the four-year-old high-rise began selling units.

But now managers of the building have signaled that the property is again for lease.

“One Uptown is excited to announce we are resuming as a for lease building,” Caitlin Tyner, resident services director for the property, said in an email to apartment rental firms.

With 196 apartments, the One Uptown tower was the largest Dallas rental building in years to make the switch from apartments to condos. In August, more than 30 buyers had signed up to purchase units in the tower, which was 95% leased.

“Unfortunately, the sales velocity didn’t meet the original targets,” said Rick Cavenaugh, who developed the building. “Given the strength of the apartment market in Dallas, our decision was to remain as an apartment building at this time and refocus on leasing it back up as one of the premier residential buildings in Uptown.”

The turnaround is a surprise in a market that is overrun with homebuyers.

And demand for condominiums is growing even faster than for single-family homes.

Dallas-Fort Worth condo sales increased 41.2% to 4,558 sales from July 2020 to June 2021, according to the Texas Realtors association. D-FW condo buyers paid an average of $223 per square foot and purchased $1.3 billion in properties during the year ending with June of this year.

With condos priced at almost $2 million for the most expensive units, the One Uptown building has a sky lounge for residents, two swimming pools, fitness center, resident lounges, guest suites, a coffee bar and an outdoor private dog park.

The property also has a ground floor restaurant.

The units range from a 570-square-foot studio to an almost 2,000-square-foot penthouse.

The smallest units rent starting at about $1,575 a month.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Zmitz » 30 Sep 2021 09:14

That's a surprising move, but the floor plans didn't seem that great and the prices were pretty high. Not many 2br/2ba options.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby R1070 » 30 Sep 2021 09:31

Def not surprised.

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potatocoins
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 30 Sep 2021 09:33

We definitely need some more condo options in the Dallas areas, so I appreciate that they tried to test the waters.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby UptownDal81 » 30 Sep 2021 10:40

I go back and forth a little with this one. I agree that the floor plans were (overall) less than ideal and felt apartment-ish, for obvious reasons. I'm also guessing the HOA dues were on the higher side. On the flip side, the housing market is still hot and these units were considerably less per square foot than other newer high rises (albeit not as nice of a finish out). I would have expected more sales at this price point.

Another point that crossed my mind: does anyone else think that McKinney Ave. and especially this part of McKinney is not as desirable these days as it once was? Sure, there is a Whole Foods across the street and restaurants and bars in walking distance. But the crowds brought into the area by the neighboring bars give me pause, and at times feels downright dangerous as evidenced by the shootings that have taken place at this intersection. While one of the main problem venues (One Sette) is now closed, the activity at the bars that are still open does not feel a whole lot different to me. I live close by, around Klyde Warren park, and even though One Uptown is in walking distance, personally it would not have been on my radar for that very reason.

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Zmitz
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Zmitz » 30 Sep 2021 10:59

UptownDal81 wrote:I go back and forth a little with this one. I agree that the floor plans were (overall) less than ideal and felt apartment-ish, for obvious reasons. I'm also guessing the HOA dues were on the higher side.


When I talked to the sales office, they were expecting 60-65 cents per square foot. Seems pretty average for the area, and the common areas of the building were pretty nice.

I wonder how the people that purchased feel about this.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 30 Sep 2021 11:09

UptownDal81 wrote:Another point that crossed my mind: does anyone else think that McKinney Ave. and especially this part of McKinney is not as desirable these days as it once was? Sure, there is a Whole Foods across the street and restaurants and bars in walking distance. But the crowds brought into the area by the neighboring bars give me pause, and at times feels downright dangerous as evidenced by the shootings that have taken place at this intersection. While one of the main problem venues (One Sette) is now closed, the activity at the bars that are still open does not feel a whole lot different to me. I live close by, around Klyde Warren park, and even though One Uptown is in walking distance, personally it would not have been on my radar for that very reason.


This is absolutely the case. I remember when this project was announced, this intersection felt like one of the hottest parts of urban Dallas at the time. Since then, though, other areas have really picked up a lot steam (Bishop Arts, Deep Ellum, etc..), so Uptown has a lot more competition than it once did.

I still think Uptown is a great place to live and has a lot to offer, but it needs to adapt into becoming less of a destination and more of a neighborhood that focuses on catering to people who live and work there. I feel like that transformation is happening, but during the transformation, this particular intersection went from being thriving and hot to pretty mild these days (and also sometimes unsafe).

I'm kinda thinking that once the Quandrangle and the strip that currently houses Kung-Fu are redeveloped, that could really help transform this part of town into something a lot more pedestrian friendly and more desirable.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Tnexster » 30 Sep 2021 11:36

Maybe Dallas just ins't a great condo city. It's so striking that Austin can sell out a 49 story condo before it's topped out and anything we have here takes years after it's finished to sell out. And it's always the same......yeah but once this happens or this project is finished or that project gets underway then things will change. Except they don't.

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Tucy
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Tucy » 30 Sep 2021 12:06

I love developer-speak:

"One Uptown is excited to announce we are resuming as a for lease building,”

ROFL

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Cbdallas
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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby Cbdallas » 30 Sep 2021 15:15

It takes a skilled and seasoned developer and marketing team to convert an apartment building to a condo building. I don't think this team has their act together.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby I45Tex » 01 Oct 2021 09:13

Tnexster wrote:Maybe Dallas just ins't a great condo city. It's so striking that Austin can sell out a 49 story condo before it's topped out and anything we have here takes years after it's finished to sell out. And it's always the same......yeah but once this happens or this project is finished or that project gets underway then things will change. Except they don't.


That's true I think. But if we had to lose half our future skyline by being affordable --

a lot of buyers buy up Austin condos either as a bet on its appreciation or because houses everywhere are not a better current value. The latter cause drives and supports a lot of the rationale for the first type of purchases. Neither is the case here.

-- then I'd rather live in a city like future Dallas.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby R1070 » 01 Oct 2021 23:27

Dallas could be more of a condo city if we built some more affordable highrises with condos in the $300-500k range.

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Re: Uptown Dallas: One Uptown (~235 FT | 20 ST)

Postby potatocoins » 02 Oct 2021 12:20

R1070 wrote:Dallas could be more of a condo city if we built some more affordable highrises with condos in the $300-500k range.


That's what I would think, but the fact that more of those don't exist just makes me think the demand isn't quite there.

One Uptown going back to rentals just reaffirms the lack of demand as well.