Tower To Feature Dallas’ First Glass-Bottom Pool
GlobeSt.com | Lisa Brown | June 6, 2016
Stoneleigh Companies’ luxury high-rise apartment tower, One Uptown, has topped out at 2619 McKinney Ave. and the 20-story mixed-use structure is slated to open in the fall. The development includes 198 luxury apartments, 18,800 square feet of restaurant space and a 480-car underground parking garage.
Rick Cavenaugh, CEO of Stoneleigh Companies tells GlobeSt.com: “Considering the premier location of our project, we feel it’s appropriate to brand the iconic tower in accordance with our address in the heart of Uptown. We have seen what a remarkable and inclusive community Uptown is and we are proud to be a new neighbor. We want our identity to reflect that sentiment and commitment to the city of Dallas.”
Tower amenities include a second-floor private fitness studio overlooking McKinney Avenue, Café One lounge, spacious and fully appointed modern units from studios to three bedrooms with floor-to-ceiling glass, and three floors of penthouse units with 11- to 12-foot ceilings. The building is capped off with a 9,000-square-foot rooftop and sky lounge with rooftop pool, relaxation zone with fire pit, demonstration kitchen, cabanas and entertainment room with unobstructed views of the Dallas skyline.
Lifestyle amenities at One Uptown include the Fogo de Chão Churrascaria, offering a distinctive and authentic Brazilian dining experience and cuisine delivered by gaucho chefs, as one of its premiere restaurants. The additional restaurant is Style and Grace affiliated with the new Fat Rabbit across the street on McKinney Avenue. Style & Grace will be a two-story restaurant with a patio bar, lounge and a second floor pool bar. This will feature Dallas’ first structural glass-bottom pool located directly over the building’s porte cochere main entry and valet parking drop-off.
Stoneleigh Companies, based in Barrington IL, teamed up with Dallas-based USA Infrastructure Investments LP to develop One Uptown. The project team includes Humphreys & Partners as the architect of record and Hunt Construction Group as the general contractor. Bank of America is the construction lender for One Uptown and SunGate Capital Funding 2 is the institutional equity partner. The all-glass building was designed by Dallas architect Phil Shepard.
20-STORY ONE UPTOWN TOPS OUT
Bisnow | Julia Bunch | June 6, 2016
The new luxury mixed-use tower at 2619 McKinney Ave, One Uptown, topped out on Thursday evening. Potential residents might be tempted by the 198 units with walk-in showers, quartz countertops and private balconies, and visitors will be lured by the mouthwatering meats at Fogo de Chao and Style & Grace restaurants. But let’s all focus on what’s really important—One Uptown will feature Dallas’ only glass-bottomed swimming pool and will be operated by Style & Grace (read: open to the public).
Stoneleigh Cos CEO Rick Cavenaugh teamed up with general contractor Hunt Construction Group and tower architect Humphreys & Partners for the $75M project. The two restaurants move in this fall, and Rick hopes to start accepting leases from residents in August. Rick addressed the crowd in front of Dallas city councilman Philip Kingston, Circo’s Lauren Santagati, Fogo’s Larry Johnson, SunGate Capital’s Ed Haddock and Infrastructure Investment’s Paul Cheng.
Illinois developer has plans to build 1,430 apartments in DFW
Dallas Business Journal | Candace Carlisle | June 6, 2016
Illinois-based real estate development firm Stoneleigh Cos. likes Dallas-Fort Worth a lot, with plans underway to build more than 1,400 luxury-grade apartments in Frisco, Carrollton and Fort Worth.
Developer Rick Cavenaugh is in the process of closing on two land sites in Fort Worth and Carrollton, with plans to get underway on construction of a new four-story apartment community in Frisco, just east of Toyota Stadium, by this summer.
In all, Stoneleigh Companies LLC plans to get underway on 1,430 apartments in the three different apartment communities, which will be developed over the next few years.
“Seventy percent of our business is in Texas for Stoneleigh Cos., and Dallas is our largest concentration of projects,” Cavenaugh told the Dallas Business Journal.”That’s because Dallas is Dallas. It’s been the strongest growing market for the past 30 years. Dallas is an important city, and it’s been good to us.”
Cavenaugh, who has been developing in Dallas since the early 1980s, said he’s seen North Texas grow quite a bit over the years and his team is bullish on the continued growth in the city.
Stoneleigh’s decision to work on a number of new apartment projects comes on the heels of the developer topping out of a Class AAA luxury apartment tower in Uptown, called One Uptown, which will bring 198-apartments to the Dallas neighborhood.
The developer, in a joint venture with Dallas-based Realty Capital, is under contract to buy about 34 acres of land along the new Chisholm Trail Parkway in Fort Worth, south of Hulen Mall.
The land deal is slated to close in July, and Cavenaugh said he expects to begin construction on a three-phase, 600-unit apartment community in spring 2017. The venture is working with the City of Fort Worth to move power lines to accommodate the project.
Cavenaugh is in negotiations with an architect on the Fort Worth community, with a general contracting bid yet to go out.
The Carrollton land deal for 3.6 acres at the northeast corner of Belt Line Road and Interstate 35E adjacent to the DART station is also expected to close in July. The 230-unit apartment community, being called The Switchyard, is expected to get underway by the end of the year.
Houston-based EDI International is the project architect on the Carrollton apartment community. Stoneleigh Construction Co. will likely be the general contractor.
Meanwhile, Stoneleigh expects to get underway on 600 homes at the northeast corner of Main Street and Frisco Boulevard in Frisco next month. The initial phase on the 10-acre property will include 380 apartments. Next year, Stoneleigh plans to get underway on the remaining 220 apartments.
The initial homes in the four-story Frisco apartment community are slated for completion in February 2017.
The community, called Waterford at Frisco, will sit within the 32-acre Frisco Fresh Market development, which will bring a test kitchen row with up-and-coming food and chef-driven concepts to this part of the region.
Each of the apartment communities are considered luxury with high-end finishes, and is reflective of the growing North Texas market, Cavenaugh said.
“You have to go with high-end finishes, and developers really can’t afford to build affordable units — apartments priced at $1.10 and under — in this day as costs to build have gone up dramatically,” he told me. “Most of the apartments being built, unless there’s a tax credit, are geared to the luxury consumer.”
Without tax credits or public subsidies, Cavenaugh said the firm can’t attract investors to the projects and these communities can’t get off the ground.
“This is a real challenge nationally to be able to stimulate affordable housing and to make sense with the costs of delivering these buildings today,” he said.