Tuesday, July 19, 2016

Luxury condo tower at Legacy West to get underway this year

The luxury Windrose Tower — a proposed 24-story, 90-unit condo tower at Legacy West — is expected to get underway in early fall at the $3.2 billion corporate magnet in Plano.

By the time construction gets underway, developers expect the high-rise to be roughly 50 percent pre-sold, which means would-be residents have put down 20 percent of the total price of the condo, said Al Coker, who is the owner of Al Coker & Associates, which is marketing the luxury condo tower.

The luxury condo tower will have generous balconies with built-in fireplaces
"This is the fastest pre-sell with hard contracts since the last time I did it in 2006 with The Terrace in Victory Park," Coker told the Dallas Business Journal."This is an indication of having tremendous demographics and a great number of baby boomers that don't have a choice in that area for a lock and leave lifestyle."

This milestone is different than one reported in April because it converts the reservations for space in the tower (which was 80 percent reserved in April), to condos with hard money behind them.

The baby boomer demand stems from Plano residents wanting to stay in the community and neighborhood they have lived in for years, Coker said. The Legacy West mixed-use development, which includes a number of high-profile restaurants, is also appealing to potential buyers, he added.

With this sales pace, developer Jim Duggan said he expects to pull a construction permit for the Windrose Tower by the end of the month, with construction slated to start this fall.

Coker said the impact of relocations from Toyota North America and Liberty Mutual Insurance — both major corporate tenants of Legacy West — have yet to impact the high-rise tower, which has condos starting at $650,000 and ranging upwards to $5.5 million. The average price per square foot at the Windrose Tower is $750 per square foot.

So far, buyers are snapping up one-bedroom condo units to half-floor homes, he said. That isn't surprising since condo sales in North Texas have increased year-over-year by 3.2 percent by mid-2016.

"If you look at the amount of inventory out there, there is an insignificant number," Coker said. "The number of deals we've gotten in a month, which includes the Fourth of July weekend is very promising."

Buyers are attracted to the proposed condo tower amenities, which includes a virtual golf center with an outdoor putting green. The golf amenity is the first of its kind in Texas and is bringing in the condo buyers, he said.

Ted Bradford, one of the developers of the tower, said he expects the project to take about 24 months to fully develop, with some condos delivering to buyers 18 to 20 months after work gets started.

Manhattan Construction is the tower's general contractor. GDA Architects is the architect of the tower. The Windrose Tower sales center sits at 7800 North Dallas Parkway.

"The biggest thing is the neighborhood being created," Bradford told me. "This is going to be unique with one of the most walkable developments in town."

Written by Candace Carlisle/Dallas Business Journal