Cresta Bella(in pre-sales), which will be the 4th tower in the Mansion on Turtle Creek complex
Turtle Creek in line for another luxury high-rise
Developers plan estate-like setting for 60-unit building
11:41 PM CDT on Thursday, July 15, 2004
By STEVE BROWN / The Dallas Morning News
A Turtle Creek high-rise is the latest contender in the race to provide deluxe Dallas living spaces.
The Cresta Bella condo tower will have 22 floors of luxury residences priced from about $1 million to more than $10 million each.
The classically styled building will have a three-acre park, a spa and room service from the neighboring Mansion on Turtle Creek hotel.
"We wanted to design something with the look and the feel of a grand European resort," said developer Larry Meyer. "We think we have identified the right niche."
Mr. Meyer has built two residential towers, the Plaza Turtle Creek buildings at Gillespie and Hood streets. Cresta Bella will be at Hood and Brown streets.
Cresta Bella will hold only about 60 units in a building designed by Robert Boyd Architects and Wilson Fuqua & Associates Architects. Mr. Boyd worked on The Mansion's restaurant, and Mr. Fuqua is billed as a historic preservationist and architectural historian.
Building details will include a two-story, mahogany-paneled lobby, private elevators to the residences and a lower-level health club.
The tower will have about four condo units per floor, and the penthouses will have 22-foot ceilings.
The wooded grounds surrounding the building will be landscaped to resemble a European estate, with fountains, waterfalls, gardens, swimming pools and a dog park.
These frills are a must to attract buyers moving from large homes in affluent neighborhoods, sales agents say.
And the Cresta Bella isn't shy about appealing to wealthy buyers. Advertisements for the high-rise promise that "your neighbors are few and privileged."
While the luxury condo field is crowded in Dallas, with several buildings on the drawing board, real estate analyst Mike Puls predicts that the Cresta Bella project will be a hit.
"Larry Meyer knows his market, and this should sell well," Mr. Puls said. "There are a lot of guys talking about condos, but there isn't that much really high-end on the market."
He said both the planned Ritz-Carlton and W Hotel condo projects, where starting prices are lower than at Cresta Bella, have done well in preliminary sales.
Mr. Meyer, who finances his own projects, recently began presales and is meeting with potential buyers. "It will take us 6 to 12 months to start this building and 18 to 24 months to build it," he said.
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stevebrown@dallasnews.com
labelled plaza III
CRESTA BELLA’S PRE-SALES EXCEED EXPECTATIONS
Dallas’ newest high-rise succeeds in ultra luxury market niche
Dallas Morning News
Cresta Bella, Dallas’ only new luxury high-rise residence offering customized floor plans, announced today that pre-sales of homes in the planned development have passed initial expectations. Larry Meyer, chairman, Meyer Development Corporation reported that based on the current sales pace, the estimated pre-sale requirement appears to be several months ahead of schedule.
“It’s not surprising to see this level of interest in Cresta Bella,” said Mike Puls, a leading real estate market analyst. “In looking at market studies on more than 450 residential properties throughout the United States, I can say without reservation that Cresta Bella is one of the finest properties we’ve seen. In addition to its unique location and estate grounds, this development has been designed to provide the privacy, amenities and services that the most discriminating homeowner would want in high-rise living.”
Cresta Bella offers homes ranging from 2,600 square feet of living space to more than 13,000 and HOA dues are planned at less than $.40 per square foot. According to Tammy McLaine, director of sales for Cresta Bella, the average home sold to date is slightly over 5,000 feet. “Because the home size has been larger than anticipated, we are now offering less than the 60 originally planned residences. We’re accepting contracts on larger residences and requiring a wait list for smaller homes,” said McLaine.
Situated on estate acreage in the exclusive Turtle Creek neighborhood, Cresta Bella will provide homeowners the option to totally customize their floor plans. “Having the option to work with one of Cresta Bella’s architects or designers, or bring in their own is very appealing to this level of clientele,” commented Puls.
Cresta Bella will be staffed and managed by its renowned neighbor, The Mansion on Turtle Creek. Residents will have access to all of the services and amenities of the hotel including meals served in-residence under the direction of celebrity chef, Dean Fearing, 24-hour concierge services, daily housekeeping and laundry services, pet services and much more.
In addition to the privilege of having The Mansion as an extension on their home, Cresta Bella homeowners will live in a private sanctuary that will include a one-of-a kind nature preserve and dog park, a private spa and treatment center, state-of-the-art fitness centers, beautiful entertaining rooms, expansive pool areas and private-access elevators to all residences. Amenities will not be shared with hotel guests.
“While many projects tout luxury, few properties in the world offer the same level of amenities and personal services as Cresta Bella,” said Meyer. “With the focus on privacy, exclusivity, and service, Cresta Bella will be in a class all its own.”