Monday, May 30, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News

CRESCENT, RITZ-CARLTON TEAM UP TO BUILD TOWER

DALLAS (Dallas Business Journal) – Ritz-Carlton Hotel Co. LLC will make its maiden market entry in a team effort with Crescent Real Estate Equities Co. to build a 21-story hotel and residential tower. The tower is slated for a 2007 completion.

The tower will feature a 217-room Ritz-Carlton-Dallas on the first eight floors. The hotel will contain a restaurant and bar, 14,000 square feet of meeting space and a 10,000-square-foot spa and fitness center. The residential portion will include 70 luxury residences, many of which are pre-sold. Residences range from $1.3 million for a two-bedroom home to the more than $6 million four-bedroom penthouse. Residents will have complete access to hotel services.