Condos planned for seniors
12:00 AM CST on Wednesday, November 23, 2005
By STEVE BROWN / The Dallas Morning News
A seniors housing developer has taken the wraps off its latest project in North Texas – a 22-story Turtle Creek high-rise.
Virginia-based Sunrise Senior Living has been working since early this year to complete plans for the residential tower on Hall Street.
Now the developer is moving ahead with the building, which will start construction early next year.
The Sterling at Turtle Creek will have 142 condos.
The units will start at between $375,000 and $400,000.
Unlike some other seniors' complexes that are rental or where the residents don't hold a deed to the property, the Sterling tower will be set up as traditional condominiums, said Nanci G. Wechsler, Sunrise Senior Living's national marketing director.
"It's for seniors who really want the advantages of homeownership, including the investment potential," Ms. Wechsler said. "The folks we believe we will attract are the 70-plus seniors."
Sales in the building will be restricted to buyers 60 and older.
The condos will range in size from around 900 square feet to more than 2,000 square feet.
The contemporary-style building was designed by architects Perkins Eastman of New York and Barry Design Associates of Los Angeles will do the interiors.
Along with the residential units, the tower will contain dining facilities, a fitness center, indoor pool, business center and spa services. A section of the building will also be set aside for residents who require assisted living.
Sunrise Senior Living will open a marketing center for the development in January, and hopes to have the first units ready by late 2007.
Seniors overall account for a significant amount of high-rise residential demand, depending on the neighborhood, said Dallas housing analyst Mike Puls.
"Obviously, Turtle Creek is noted for its appeal to seniors," he said. "The demographics are pretty good for it."
Sunrise Senior Living also has low-rise and midrise communities in North Dallas and Plano.