lakewoodhobo wrote:They don't need to reinvent the wheel. As a reminder, there were already plans in 2001 for a 10-story residential tower here. Of course, it should be much taller.
By: Jon Anderson
I’m guessing Rastegar and Wineberg won’t be invited to the annual developers’ Podium Parking Party and Barn Dance this year.
Tnexster wrote:Wow, this is a good one. All the parking is underground and if I am counting correctly it looks to be about 30 floors? Anybody else get that?
are they really planning a merry-go-round on the Klyde Warren extension??
tamtagon wrote:^35, whatever, I want Texas Tallest.
hjkll wrote:I’ve asked but why is everything in this area literally the exact same height? Is it FAA limits or zoning?
I wish this was taller
Yes, it got shorter – down to 316 feet. A nearby residential building asked that the building not blot out the sun.
DPatel304 wrote:Thanks for sharing. I'm also glad to see more condos become available in the area, even if they are 10 years away. Hopefully they will be more reasonably priced than the high-end condos we've seen being built lately.
Sonder Corp., a San Francisco-based startup, will manage the 270 units in the planned Dallas building. Like its peers Domio Inc. and Lyric Hospitality Inc., Sonder markets itself as offering upscale apartments as an alternative to cookie-cutter hotel rooms.
Ari Rastegar, whose firm Rastegar Property Co. is developing Sonder’s planned Dallas building set to rise on a triangle-shaped lot, had been considering a luxury condominium project on the site.
But leasing the entire future project to Sonder for 10 years reduced risk, he said. He would have had to presell more than 50% of the units. Instead, Mr. Rastegar can charge market rents typical of new construction luxury rentals and has the option of selling in the future, he said.
He expects to secure more bank financing because one company holding the master lease for 10 years is more secure than leasing short-term to many tenants, Mr. Rastegar said.
“We de-risked the building with the 10-year lease, and that enabled us to secure phenomenal financing,” Mr. Rastegar said. “Within the first year it will be 100% occupied.”
muncien wrote:This is a really interesting tactic... I really hope it works out so well that it brings other projects to fruition that can go condo later on. We need that desperately, and in today's world of having everything at your finger tips, presales years in advance just don't fly anymore.
And it is beyond high time that someone stand up to the FAA's height restrictions over areas that do not have a flight path directly over it!
The local FAA office that approves Dallas building heights is based in Ft. Worth ... not accusing Ft. Worth of jealousy or anything but one has to wonder if the old competition between the two cities is still not in play with the Ft. Worth FAA office seemingly always wanting to lower the height of whatever highrise or skyscraper building that is being proposed in Dallas.
And some big boy (i.e. Harwood International with Harwood Forum) put the FAA in their place for Dallas' own future good!
"It's effectively the last piece of undeveloped land in that area where you could do something of substance," he said.
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