Nobody ever accused Dallas of skimping. But the Texas-sized embrace of the luxury hotel-condominium on the edge of downtown is remarkable nonetheless.
Phase II of the Residences at the Ritz-Carlton is the latest project set to break ground in an area that was mostly modest residential and retail properties. It will have a 23-story tower with 96 units and four townhomes. That’s in addition to a 21-story tower, set to open this year, with a 218-room Ritz-Carlton Hotel and 70 condominiums. All but one are sold.
A half-mile away, the $3 billion, 75-acre mixed-use project spearheaded by Ross Perot Jr.’s Hillwood boasts a W Hotel and residences and a Mandarin Oriental Hotel and residences in the works. “The market hasn’t slowed down,” says Bill Mabus, vice president of development for Crescent Real Estate Equities Co., which is developing the Ritz-Carlton projects.