Tuesday, June 24, 2008

1407 Main, all-new residential tower in downtown Dallas, to open soon

Tenants will soon be moving into 1407 Main – the first all-new residential tower in downtown Dallas in more than four decades.

The 17-story building, which includes ground-floor retail and a parking garage, has more than 80 luxury apartments.

"The building is almost 100 percent complete," said Ray Finfer with developer Spectrum Properties Ltd. "We have some names on a waiting list that we are contacting now."
A grand opening will be held April 21, but residents can move in before then, he said.

The developers – who've already leased 80 units in two adjoining historic buildings – anticipate a good response.

"Nobody's done anything like this in downtown in a long time," Mr. Finfer said.
The last new residential high-rise to open its doors in the central business district was the 24-story Manor House in 1966. That building contains about 250 units and was recently remodeled.
The 1407 Main tower hopes to lure renters with features including a ninth-floor pool deck that overlooks Main and Elm streets, a fitness center and a basement bowling alley.
There's also a 25-seat theater, a wine tasting room and a private suite that can be rented for family and friends.

Rents begin at about $1,495 for a 751-square-foot starter unit and top out at more than $4,000 for one of the 1,700-square-foot penthouses.

"Inside, the units have a lot of the same flavor as the remodeled buildings downtown," Mr. Finfer said. "But they also have some amenities we haven't had before."

The building, which was designed by Dallas' Good, Fulton & Farrell Architects, boasts super-efficient systems and an insulated exterior designed to save money on utility bills.
The 1407 Main building was constructed on the site of the historic Metropolitan Savings Building. The 1920s tower and the landmark Kress Building behind it were knocked down in 1981 to make way for new construction.

But that project never got off the ground, and the site sat vacant for more than two decades.
While 1407 Main is the first new apartment tower downtown has seen in ages, it won't be the last.

About three blocks away, Forest City Enterprises is building its 15-story Element apartment tower, which is set to open later this year.

That new building – adjacent to the historic Mercantile National Bank tower – will contain 156 units.

The new units are in addition to more than 2,000 apartments in remodeled office buildings that have been added to the downtown market in recent years.

11:44 PM CDT on Monday, April 7, 2008